Avizent has launched the Restaurant Franchise Captive Program II, a new risk-sharing captive for restaurant franchisees covering all lines of business including workers' compensation, auto liability, general liability and property.
According to Avizent, the new program is backed by an A-rated carrier, which issues the policies and provides reinsurance services. Avizent is also partnering with Concordis Group to share the risk for the new restaurant captive.
Under Avizent’s first restaurant captive program, participants assumed all of the risk. The new program offers two options based on the level of risk. With the ‘Entree’ option, participants assume 100% of the risk, and in return, secure profits returned if the program is well-managed.
The ‘Appetizer’ option gives participants the opportunity to share one-third of the risk, along with Avizent and the broker, and secure the potential of receiving 50% of the profits returned from premiums.
In addition, the company is also partnering with United Alternative Risk Insurance Solutions to bring captive to the marketplace. Unlike the original program, which was offered only through United brokers, the new program will be offered by other brokers who have experience in captive market and restaurant industry.
Rick Stasi, COO of Avizent Alternative Risk, said: “Our newest program highlights the reality that captives today are not just for the hard market. Our program gives brokers the chance to offer their clients more value-added services and gives organizations that are not familiar with captives the opportunity to participate.”