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I-Care Captive

What is a captive?

Captive insurance is an alternative to self-insurance in which a parent group or groups create a licensed insurance company to provide coverage for itself. The main purpose of doing so is to avoid using traditional commercial insurance companies, which have volatile pricing and may not meet the specific needs of the company. By creating their own insurance company, the parent company can reduce their costs, insure difficult risks, have direct access to reinsurance markets, and increase cash flow. When a company creates a captive, they are indirectly able to evaluate the risks of subsidiaries, write policies, set premiums and ultimately either return unused funds in the form of profits, or invest them for future claim payouts.

What is the I-Care captive?

The I-Care captive is an exclusive group of large credit unions banding together to purchase insurance more efficiently. Throughout the last five years credit unions under the I-Care captive have saved hundreds of thousands of dollars while reducing the risk of traditional fully-insured or self-insured funding models. Pooling together with a group of peers also reduces the volatility of those “blow up” years. Stop-loss insurance costs are also lowered when credit unions have the negotiating power of a larger group. The I-Care captive is a win-win for credit unions.

InterLutions
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