Commercial Auto Insurance

Property & Casualty insurers writing commercial auto regularly face underwriting losses greater than the premiums collected.

Fleet managers who train and select their drivers, generating profits often suffer the same rate increases despite their relative performance.

Talk to SSIB about a structured solution where you self-insure a portion of your risk and in return enjoy rate stability and reward for your underwriting effort.

Construction Insurance

Most corporate insurance program includes General Liability, Contractors’ Pollution Liability and Professional Indemnity policies and in many instances Subcontractor Default insurance. Each of these, as well as equivalent project coverages that are part of a COC “Wrap Up” in which the Insured is either a leader or a participant, contain coverage limitations or outright exclusions with respect to the cost of making good errors in design, or rectifying faulty workmanship or defective materials as well as potentially participating when subcontractors default.

Captives can enable the insured to underwrite an insurance policy that is focused on providing the corporation with a comprehensive indemnity for these costs and expenses.
Insurance Company accounting and financial reporting privileges.

All bona fide insurance companies have specific financial and tax reporting privileges that are denied the ordinary business corporation. Set up a captive to access these privileges.

Avoid having to deal with a range of potential liabilities, not noted in the consolidated financial statements of the corporation, which can only be expensed in the year in which they are actually paid.

Insurance companies are wholly concerned with managing risk contingencies. Accordingly, they are allowed to deduct reserves from their premium income for (a) claims that year that have been incurred but not yet paid, (case reserves); and (b) for claims that have been incurred but not yet reported, (IBNR). IBNR calculations are done by casualty actuaries who provide support for the appropriate deductions. In the result, insurers establish substantial assets that are equal to their contingent liabilities. These liabilities, and the assets that have been put aside to deal with them, are made a formal part of their financial statements.

Talk to SSIB about a structured solution for your firm.

General Liability Insurance

Are you an MGA searching for underwriting authority to write different types of GL. SSIB has access to issuing carriers in the US and reinsurance in Bermuda to structure a competitive program for you. Sample of program we have assembled are: liquor liability, hospitality, tenant’s liability. Reach out to an SSIB representative today to find out more.

Legal Expense Insurance

Need a program to insure adverse costs and own disbursements, SSIB has you covered. Our structured programs offer affordable pricing, flexibility in limit and protection for a firm’s entire inventory of files. Reach out to an SSIB representative to find out more.

Other lines of business where SSIB can assist

• Medical Malpractice
• Personal Accident
• Professional Lines
• Renewable energy