Bloom Insurance Company has been licensed as a series, enabling businesses and organisations to ‘rent’ out cells rather than create their own captives.
The captive caters for medical stop-loss coverage, according to Spring Consulting, but will be open to insuring other risks.
Karin Landry, managing partner of Spring Consulting, said: “We have found that developing an individual captive can seem complicated or even overwhelming to many businesses.”
“Bloom will streamline this process, helping groups and businesses manage their risk through this innovative funding solution, and eliminating a headache for them.”
Businesses and organisations that rent a cell through Bloom will also have access to Spring Consulting’s employee benefit services, as well as its human capital management system module, which refines and automates HR, payroll and benefits tasks.