US-based insurance brokerage company Simpson McCrady has formed a new business unit, called Capterra Risk Solutions, which provides captive insurance coverage for medical benefits and property and casualty losses.

The new operation has been introduced to deliver local expertise in alternate risk financing, while benefiting from the growing recognition of captive insurance groups, as reported by

Simpson McCrady managing director and principal Sandra Fenters was quoted by the news portal as saying that the division currently has a team of five employees, which is likely to be increased further.

The company said that the captive plans insure business owner risk by establishing an insurance firm, while help earn tax and dividends benefits from a good claims record, Fenters added.

Additional advantages comprise decreased insurance costs, improved claims handling and creation of a profit center.