CapAlt’s premiums under management increased by 40 percent in Q4 2016, CEO Mark Jacobs has revealed.
Jacobs said: “In 2016, a wide range of business owners discovered the benefits of owning a captive insurance company, and we are honoured to report that premiums under management jumped significantly during Q4.”
He suggested that centralising its captive operations in Puerto Rico was one of the driving forces behind the increase.
He said: “Puerto Rico’s efficient, business-friendly environment makes it an ideal domicile for US-based captives.”
CapAlt recently received permission in Puerto Rico to increase the client base for its Protected Captive product to 2,000 captive members.
The Protective Captive works as a participant in the sharing of risk.
It does not issue direct coverage to the parent, rather, the parent gains selected risk coverages from an independent insurance carrier, which is reinsured by the Protected Captive.