Concordis Group, a financial holding company that provides business insurance solutions, has become a member of the Captive Insurance Companies Association (CICA).
CICA is a domicile-neutral captive insurance association, free from jurisdictional or commercial ties since it is not linked with a domicile or government entity.
CICA members have an average of 2.5 captives per member. These captives most commonly write workers’ compensation and property/casualty lines, but have also diversified into areas such as product liability and employee benefits. Others have diversified into a substantial amount of related outside business and view their captives as important cost-savings mechanisms.
Trent Sommerville, CEO of Concordis Group, said: After attending a recent CICA conference in Orlando, we saw the value of being part of an industry leading organization. The benefits to the company and our clients will only increase as we expand our business.
Concordis Group provides business insurance solutions through its two wholly own subsidiaries – Concordis Insurance SPC (CISPC) and Concordis Capital (CCI).
CISPC, a Cayman Island corporation, is a captive insurance company that is involved in structuring and managing alternative risk management solutions for mid-market companies, while Florida-based provides captive cell funding for CISPC and other businesses and organizations.