Promethean Risk Solutions has been formed by industry veterans Kirk Watkins and Michael Zuckerman, focusing on building and consulting on voluntary employee benefits and other third party risk programmes.
Promethean’s model does not require its clients to have a captive or to join a group captive programme, with Promethean utilising its own captive, FairShare, to reinsure the risk and return 100% of the net profits to the customer.
“We are excited to introduce Promethean’s fresh take on voluntary benefits, our unique approach not only generates additional profits for organisations but enriches the lives of employees, tenants, students, alumni, customers, and other stakeholders,” said Watkins.
“We work directly with brokers, captive managers, H.R. professionals, or captive owners. Whether or not an organisation owns a captive, they can still participate in this impactful and profitable programme.”
For insureds with an existing captive, Promethean can structure the programme to retrocede the risk.
Zuckerman said: “We believe our offerings will be a game-changer. We are excited to help organisations leverage their resources and generate profits/share risks to benefit their stakeholders. It is a win-win offering.”
Zuckerman and Watkins will be supported by a board of advisors made up of former Vermont captive regulator David Provost, Michael Corbett, of Pinnacle Financial Partners, and Courtney Claflin, a CICA board member and head of insurance at Fluid Truck.
The firm’s regulatory and insurance counsel is provided by Benjamin Whitehouse, partner at Butler Snow and a member of its regulatory and government relations practice.