Innovative Captive Strategies (ICS) has partnered with Innovative Program Solutions (IPS) to launch CaptiveXS, a specialised excess umbrella insurance programme.
The new product aims to help ICS captive clients manage soaring insurance costs and navigate the challenges of the volatile excess and umbrella market.
CaptiveXS leverages the risk management practices of ICS captive members to provide a cost-effective alternative to traditional coverage.
IPS will serve as the full-service programme administrator, bringing its industry expertise to the initiative. SiriusPoint, a Bermuda-based global specialty (re)insurer, will act as the carrier partner for CaptiveXS.
Creative Risk Solutions (CRS), a long-term ICS partner, has been appointed as the programme’s third-party administrator.
Stephani Manning, president of ICS, comments: “The excess/umbrella market has posed significant challenges for our broker partners and group captive clients.
“ICS captive members continue to outperform the traditional market due to their commitment to proactive risk management. This has allowed our partner IPS to create a valuable solution to compete with existing programme limits and offer competitive pricing.”
Tim Anders, president of IPS, adds: “We are excited to launch this programme with SiriusPoint as they bring a wealth of expertise, a proven track-record, and a talented team into this partnership.
“The collaboration between IPS, SiriusPoint, and ICS will deliver solutions for our best-in-class brokerage partners and high-quality, risk-aware insureds.”
