BevCap Management has formed a cell captive in Hawaii, in order to provide health benefits solutions for employers.
The cell captive is called BevCap Sponsored Captive Insurance. Its first cell is BevCap Health, a heterogeneous group captive.
BevCap Health is a member-driven strategy to provide a health benefits solution for employers based on the desire to gain better control and reduce the costs associated with employee healthcare benefits.
“BevCap Health is an opportunity for employers to aggregate, share best practices, mitigate risk and bend the trend to reduce the long-term cost of healthcare benefits,” said a release from the firm.
BevCap Health is a self-funded health plan with group risk sharing. Members implement separate and distinct health plan designs, yet administer the plans as a group—leveraging the buying power of economies of scale. BevCap’s strategy is designed to correct the deficiencies driving dramatic year-over-year cost increases in the fully-insured market and help optimise current self-funded plans, added the statement.
BevCap Health was founded in February 2013 with a standard sales company out of Odessa, Texas. Today BevCap Health is comprised of five additional participants: Krey Distributing in St. Peters, Missouri, L&F Distributors in McAllen, Texas, Jordano’s in Santa Barbara, California, Andrews Distributing in Dallas, Texas, and TriEagle Sales in Tallahassee, Florida.
Together BevCap Health covers over 3,000 employees.
John Coy of Andrews Distributing said: “The BevCap Group Health programme provides Andrews with a toolbox of individual benefits that will not only allow us to actively manage claims costs but also provide the highest degree of wellness for our employees.”
Partners of BevCap Health include: USA Risk, Berkley Accident & Health, LLC, Ameriben, Envision Rx, Healthcare Strategies, and Cornerstone Risk Solutions.
