CIC Services has launched a new reinsurance pool for property and casualty coverages.
The new pool, Knox Reinsurance Company, is licensed and regulated by the North Carolina Department of Insurance. It is designed to cater to small- and mid-market businesses by offering more stable underwriting results.
Knox Re will provide stabilised long term costs, simpler administrative processes and greater control over insurance programmes as a whole.
It is available to a wide variety of industries and trade classes to allow a range of portfolios to enter the captive space.
Nate Reznicek, director of operations at CIC Services, commented: “Access to appropriate risk distribution and collateral has long been a sticking point for captives looking to write more traditional lines of coverage.”
He added: “With the formation of Knox Re, our best in class clients are now able to easily access A+ carrier programmes, take risks, and retain underwriting profit in their property and casualty coverages.”
Reznicek concluded: “Knox Re also provides great benefit to our carrier and broker partners. Our strict underwriting methodology helps ensure that our carrier partners and client advisors can have great comfort in the quality of the captive participants, their underlying risk management practices, and repeatable underwriting results.”
