Promethean Risk Solutions has launched a new voluntary benefits initiative to generate profit and share risks for its clients.
Promethean was set up in 2022, by industry leaders Kirk Watkins and Michael Zuckerman, for voluntary employee benefits and other third-party programmes.
Promethean’s new model does not require the organisation being served to have its own captive insurance company or to join a group captive programme.
Instead, Promethean utilises its own captive, FairShare, to reinsure the risks. It returns 100 per cent of the net profits to the client.
For those clients with an existing captive insurance company, Promethean can retrocede
the risk to the client’s captive.
Watkins and Zuckerman’s team consists of David Provost, former deputy commissioner of Vermont’s Captive Insurance Division, Michael Corbett, former chief regulator of captive insurance for Tennessee’s Department of Commerce and Insurance, and Courtney Claflin, member of the board of directors of CICA.
Commenting on the initiative, Watkins says: “We are excited to introduce Promethean’s fresh take on voluntary benefits. Our unique approach not only generates additional profits for organisations, but enriches the lives of employees, tenants, students, alumni, customers and other stakeholders.
“We work directly with brokers, captive managers, HR professionals, or captive owners. Whether or not an organisation owns a captive, they can still participate in this impactful and profitable programme.”
Zuckerman adds: “We believe our offerings will be a game-changer. We are excited to help organisations leverage their resources and generate profits and share risks to benefit their stakeholders. It is a win-win offering.”
