The University of California will launch its fifth captive insurance company, Sequoia, Incorporated Cell, this coming autumn.
The new captive is subject to regulatory approval from the Department of Insurance, Securities and Banking (DISB) in Washington DC.
The university’s first captive insurance platform was the Fiat Lux Risk and Insurance Company, which was formed in 2012.
The university expanded its captive insurance company portfolio to include: Eureka Insurance Company, Protected Cell Company; Eureka One Insurance Company, Incorporated Cell Company and UC Health Risk Retention Group (RRG), a reciprocal RRG.
Courtney Claflin, University of California executive director of captive programmes, said: “The university is committed to utilising our captive insurance platform to more efficiently finance the myriad of risks emanating from the university, as well as to provide new and efficient insurance offerings to our faculty, staff, students and employees.”
