Marsh McLennan Agency (MMA) announces the launch of Secure Harbor, a group captive insurance company specifically designed for skilled nursing, assisted living, and senior living communities. Domiciled in Washington, D.C., the new captive offers general and professional liability coverage to businesses providing senior living services with similar risk profiles. Coverage limits are provided up to US$1 million per occurrence and US$3 million in aggregate. The senior living industry is currently grappling with a challenging traditional insurance market, driven by rising claims costs due to social inflation and shrinking insurer capacity. MMA says it created Secure Harbor as an alternative risk financing solution to provide participating organisations with greater control over coverage terms and conditions, more stable pricing over time, and the potential to share in profits. Participating members gain access to MMA’s third-party administrator (TPA) services team and safety consulting experts. The captive is managed by MMA’s Captive Risk Practice and National Senior Care Practice and is exclusive to MMA clients. J.D. Seymour, vice president of the Captive Risk Practice at MMA, says: “In today’s volatile insurance landscape, our senior living clients are vocal about their need for alternative risk financing solutions. Secure Harbor provides the flexibility, stability and control that industry leaders need in order to remain focused on sustainable growth.” MMA, a business of Marsh, provides business insurance, employee health and benefits, retirement and wealth, and private client insurance solutions across the US and Canada.
