BevCap Captive Group has paid out just over $1.8 million in dividends to its founding members and early entry partners.
Founding members Del Papa Distributing and Standard Sales Company started BevCap Captive Group, which is domiciled in Nevada, to allow beer distributors to take control of their workers’ compensation, auto liability and general liability insurance.
Lanny Layman of Standard Sales welcomed the dividend, saying: “Standard Sales is very happy to be receiving our first dividend as a founding member of this elite group of business owners. We look forward to sharing even more savings as a result of better claim management and the sharing of best practices with our fellow distributor members.”
Bill Falkenhagen of Del Papa added: “We knew at some point the icing on the cake would be a return of unused premiums through dividends. That time has arrived. In reality we are saving money and making money all at the same time. And the best part is, we get to do it with some of the finest beer people in the industry.”
BevCap was founded in March 2008 and currently has 25 members.
Falkenhagen said Del Papa’s initial expectations with BevCap were about saving money. “As it turned out, we have more flexibility and control in our coverages and more involvement in our safety programmes. The added benefit is a significant improvement in our safety and loss control performance.”
Layman said: “Standard Sales did not really know what to expect upon joining the BevCap. But we certainly liked the idea of joining with other ‘like-minded’ fellow beer distributors all hoping to do whatever we possibly could to collectively lower our costs while also having the ability to design our coverages to better meet our company’s needs.”
