COLUMBUS — Lieutenant Governor Mary Taylor announced that Imprise Financial PCC, Inc., (“Imprise Financial”) is now licensed as Ohio’s first ‘protected cell’ captive insurance company. Through its protected cells, Imprise Financial will allow businesses to insure some of their own commercial risks, realize greater control of their risk-management programs, and achieve long-term financial stability.
In June, 2014, Governor Kasich signed into law legislation allowing businesses to form captive insurance companies domiciled in Ohio for their own commercial insurance needs and granting the Ohio Department of Insurance the authority to regulate such captive insurance programs. The protected cell captive insurance structure eliminates market-entry barriers that companies typically face when considering a self-insurance program.
“This is a momentous occasion for Ohio and more specifically, for Ohio businesses,” said Taylor, also Director of the Ohio Department of Insurance. “Giving businesses the option to form a captive is another tool designed to help them thrive in Ohio.”
Imprise Financial’s first protected cell will insure certain contractual liability risks of NWAN, Inc., a third-party administrator of service contracts and warranties for automobiles, recreational vehicles, and motorcycles.
“Establishing a captive insurance program with Imprise Financial allows us to be more flexible in the services we offer our clients and makes our operation more efficient,” said David Neuenschwander, Vice President and shareholder of NWAN, Inc. “We are already realizing the benefits of our captive insurance program and it has become an integral part of achieving our long-term goals.”
Captives have become a popular risk-management tool for businesses. Rates charged are based upon the businesses specific loss history instead of a risk pool that may or may not be representative of the actual loss history.
“We are very excited about the opportunity to help businesses add certainty to their risk-management programs and maximize their financial potential,” said Kelly Price, President of Imprise Financial. “Staff at the Ohio Department of Insurance have been extremely professional and diligent throughout the licensing process and we are pleased to bring this innovative insurance solution to our clients.”
For more about captive insurance in Ohio, visit the Ohio Department of Insurance website at www.insurance.ohio.gov. Information about Imprise Financial is available at www.imprisefinancial.com.