Artex Risk Solutions (Artex), a global leader in alternative risk management and insurance solutions, today announced the launch of a new group captive designed to address risks for transportation, trucking for hire, convenience store operators and petroleum marketers. The group captive is a homogenous insurance company that will provide coverage for Workers' Compensation, Auto Liability and Auto Physical Damage.
"The US transportation industry has experienced pockets of reduced insurance and risk management options in recent years due to labor shortages, supply chain challenges and a distressed insurance market," said Martin Hughes, executive vice president, Specialty Risk Transfer for Artex in North America. "The new group captive addresses a need for alternative risk solutions in the space."
Primary service partners.
- Captive consultant and manager: Artex Risk Solutions
- Insurance provider: Midwest Employers Casualty/Carolina Casualty, member companies of Berkley
- Claims administration and loss control: Gallagher Bassett and Carolina Casualty
- Claims advocacy: Artex Risk Solutions
Benefits of a group captive.
As with all group captive solutions, the objectives of this program are to provide the participant owners with the ability to take control of their insurance program through quality claims and loss control services, to retain underwriting profits and investment income and reduce the cost of insurance. By joining together to create true sharing of risk, group captive participants have the ability to control and stabilize the cost of insurance over time.
About Artex.
Artex, Gallagher's wholly owned subsidiary for alternative risk and capital, including fund administration, is a trusted leader and provider of diverse alternative risk and capital solutions. Established in more than 35 domiciles internationally, our global team provides creative thinking and deep expertise for our clients in the (re)insurance and alternative capital marketplace. We're here to help you find a better way to reduce your total cost of risk and improve your return on capital.