Artex Risk Solutions has launched a new group captive to address risks associated with transportation, trucking for hire, convenience store operators and petroleum marketers in the United States.
The group captive is a homogenous insurance company that will provide coverage for workers’ compensation, auto liability and auto physical damage.
Artex are the captive consultant and manager for the captive, while claims administration and loss control will be handled by Gallagher Bassett and Carolina Casualty.
“The U.S. transportation industry has experienced pockets of reduced insurance and risk management options in recent years due to labour shortages, supply chain challenges and a distressed insurance market,” said Martin Hughes, executive vice president, specialty risk transfer for Artex in North America.
“The new group captive addresses a need for alternative risk solutions in the space.”
Artex sad the objectives of the captive are to provide participants with the ability to take control of their insurance program through quality claims and loss control services, retain underwriting profits and investment income, and reduce the cost of insurance.