Husson University in Bangor, Maine and The Lawrenceville School in Lawrenceville, New Jersey have joined edHEALTH, taking the total number of members to 27 schools.
EdHEALTH is a group medical stop loss captive for higher education and secondary schools, which recently converted to a cell structure.
The edHEALTH programme is a part of edRISK, a sponsored captive domiciled in Vermont.
“Husson University and The Lawrenceville School are two excellent educational institutions we are honoured to have as edHEALTH member-owners,” said Tracy Hassett, edHEALTH president and CEO.
“We look forward to helping them to control healthcare costs while collaborating with their team to continue to create opportunities that support their employee health-related needs.”
Husson University is edHEALTH’s second higher educational institution in Maine, while The Lawrenceville School is the first private secondary school to join.
The captive has more than $325m of annual funding and more than $18m of capital reserves.
“edHEALTH’s purchasing power and our own school savings were two important reasons for Husson University becoming a member,” said Janet Kelle, chief human resources officer at Husson University.
“My priority was to ensure our faculty and staff continued to receive top-quality healthcare coverage with minimal disruption.
“Since edHEALTH offered our existing health plan carrier, the transition has been surprisingly simple,” she added.
In November, former AIG captive specialist David White was appointed as the new chief financial and operating officer for EdRISK and edHEALTH.
Hassett was interviewed for episode 38 of the Global Captive Podcast in September 2020. Listen to the episode here.