Sunset Capital Assets is to form and license its first captive insurance company, Sunset Capital Assurance.
The captive is being formed through Sunset Capital’s subsidiary company Alternative Risk Concepts, LLC (ARC). Sunset Capital Assurance will be a segregated portfolio company domiciled in the Cayman Islands for the purpose of developing other segregated portfolios or cell captives within the company.
The first captive cell to be licensed will provide workers' compensation coverage to the staffing industry with premium estimates in excess of $20 million within the first three years. Other captive cells are in various stages of development and represent several different industries and lines of insurance coverage.
Monica Thomason, principal of ARC, stated: "We firmly believe it's time we bring the benefits of captives to small and mid-sized organisations. We are excited to be able to offer affordable and flexible options to companies looking to create better, more cost-effective risk management and insurance programmes.”
“One of the unique advantages of the Sunset Capital captive is the expertise and resources we offer in the development of startup programs and the capacity to partner with our clients and take risk with them. This option allows us to provide real, value-added services to our clients and to distinguish our offerings from others in the alternative risk market."
Bert Watson, chairman of Sunset Capital Assets, commented: “The incremental benefits and expertise this revenue source will bring to our partners, joint ventures, clients and financial platform of services is very appealing. Our projections estimate Sunset Capital Assurance will add $11.5 million in earnings per year to our firm."
