In this Power Producers Podcast episode, David Carothers is joined by Jason Duby, Captive Manager at Garnet Captive, to dive deep into the concept of captives and how they can provide valuable opportunities for businesses, particularly as the market continues to harden. Jason breaks down the intricacies of captive insurance, explaining how they work, who benefits, and what sets Garnet Captive apart from other options in the industry.
David and Jason explore the different types of captives, the benefits of participating in one, and the financial implications for businesses that choose this route. The conversation also touches on the importance of risk management and the steps businesses need to take to set up and benefit from a captive insurance program.
Jason explains how businesses can form their own insurance group to manage risk, reduce costs, and potentially recoup unused premiums—highlighting the efficiency of group captives.
They break down single-parent, group, homogeneous, and protected cell captives, explaining their structures and benefits for different business types.
Jason outlines Garnet’s faster distributions, lower upfront costs, and risk management support that help businesses see quicker returns.
They discuss the cost of joining a captive, including collateral and underwriting requirements for businesses with strong risk profiles.
Captives allow businesses to customize claims handling and implement tailored risk management strategies.
David and Jason advise producers on spotting good captive candidates and warning signs like poor loss history or price-focused buyers.
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