A new captive insurance risk management company has launched in South Carolina.
Alterra Risk Management launched on 8 October and aims to help small to middle market companies to optimise insurance coverage needs, control risks, reduce insurance costs and retain underwriting profits and investment income.
It will serve property and casualty insurance needs in the architectural and engineering, construction, defence, healthcare, marine and transportation industries.
Eric Fauerbach, Alterra co-founder and CEO, said: "Through innovative new structures like those provided by Alterra, the captive insurance industry is evolving to offer smaller businesses the same captive insurance cost savings, profit potential and control over risk management enjoyed for years by the vast majority of the Fortune 500."
"At Alterra, we are committed to offering our clients a streamlined captive solution," said Scott Gorman, co-founder and executive vice president of business development at Alterra.
"Our programmes simplify the entire captive process. We make the transition from commercial insurance to a captive solution seamless for our clients. Our customers can stay focused on their businesses, while we handle their captive risk management platforms and deliver profitable results back to them."
Before launching Alterra, Fauerbach co-founded and served as CFO of Bluestone Surety, a Cayman Islands-domiciled, captive reinsurance company specialising in commercial and contract surety insurance.
He developed and managed all financial strategy, reinsurance, risk management, and investment functions for the captive. Fauerbach and his partners sold Bluestone to American Safety Insurance Corp in 2012.
Alterrra co-founder Gorman launched his first successful brokerage while at Ohio State University and has since served as a strategic consultant to multiple insurance brokerages looking to expand their firms.
Gorman helped to position two separate, privately-held insurance carriers for acquisition by Cigna and UnitedHealth Group, and most recently served as regional director at UnitedHealth Group.
