Real Property Captive (RPC) prepares to launch a group captive insurance programme for middle-market commercial real estate owners, with 13 committed members representing roughly US$6 billion in total insured value. The pool spans habitational, multifamily, retail, light industrial, office and self-storage properties. RPC says it is one of the first group captives built specifically for middle-market real estate owners. The programme is designed to take the working layer of property and property-related general liability claims and place it in a captive structure. Members benefit from the captive’s retention and from RPC’s scale in buying reinsurance, which the group purchases collectively rather than as individual owners. It launches with a branded, AM Best-rated fronting carrier providing full lender compliance on member policies. RPC targets owners with between US$100 million and US$3 billion in total insured value that have low demonstrated loss ratios and a commitment to risk mitigation. The programme aims to give those owners the pricing efficiency institutional owners have had for decades through their own single parent captives. Angad Guglani, founder of Real Property Captive, says: "Institutional owners have been running their own captives for decades. They keep the working layer, buy reinsurance above it, and get rewarded for running good buildings. A single owner with a few hundred million in property can't justify that structure alone. A group of them can, and that's what RPC is." RPC says it aims to become one of the largest property programmes in the market, pointing to the fragmentation of real estate ownership, where no individual owner holds more than one per cent of the US housing stock and most ownership sits with middle-market owners and smaller operators. Guglani is the founder of Cooper Square Acquisitions, a value-add real estate firm with more than 200 properties in the Philadelphia metropolitan area, and has invested in real estate for more than 10 years. He started RPC after identifying gaps in the market and growing frustrated with the insurance programme his own portfolio was on. The idea took shape in the University of Pennsylvania Wharton School alumni real estate network, which also produced RPC’s first members. Guglani adds: "I built RPC because I was the customer. I kept running into the same problems on the program I was in, and when I talked to industry friends, they had the same complaints. Our first members came out of those conversations." RPC is expected to be domiciled in Bermuda and is targeting a launch on 1 January 2027. It is accepting submissions.
