Expanded Captive Capabilities
Charter Partners Announces Expanded Captive Capabilities
Charter Partners is pleased to announce additional flexibility with their captive product. In addition to Charter Partner’s existing group captive, this change allows individual companies or a group of companies to efficiently create their own captive environment utilizing a segregated cell. For many years, Charter Partners has specialized in developing groups of homogeneous business owners to gain control and influence over their insurance purchasing, among other benefits. In 2005 Charter Partners helped transition their clients by forming a group association captive, Charter Partners Insurance Company (CPIC), which is domiciled in the State of Vermont*.
Taking advantage of Vermont’s captive law which now allows for sponsored cell captives to be formed, CPIC’s board of directors approved migrating to a sponsored cell captive structure called Cooperative Partnership Insurance Company.
Cooperative Partnership Insurance Company’s sponsored cell captive success will be built on the foundation of:
- existing good relationships
- existing critical mass and experience with multi-member programs (especially for entrepreneurs and family businesses)
- efficient cost sharing of service providers and in general, is less expense to organize and can offer a more rapid implementation
- Insured’s assets and liabilities are segregated from other insured’s’ cells
In addition to facilitating this turnkey solution for companies looking for a captive product, the Charter Partners team’s experience in group captives is unique and is a great asset for this type of insurance program which is available in all 50 states.
With uncertainty in the current insurance market, now is a good time to review and consider alternative options. Charter Partners is currently seeking companies interested in a long-term solution for their insurance needs. For more information, please contact Patricia Cowley at 610-438-3535 x 105 or via email email@example.com.
*Vermont is the leading onshore captive insurance domicile with 30 years of experience working with the captive insurance industry. With over 1,000 captives, Vermont has licensed more than 4 times the number of captives than any other domestic competitor.