CIC Services, LLC (CISC), a risk management and consulting firm, has announced the establishment of Knox Reinsurance Company Inc. (Knox Re), a new reinsurance pool for property and casualty (P&C) coverages.
Knox Re is licensed and regulated by the North Carolina Department of Insurance and is designed for small and mid-market businesses.
CIC Services describes the P&C reinsurance pool as homogenous, stating that it provides more predictable underwriting results with features that are designed to stabilise costs over the long-term, simplify administrative burdens, and help participating businesses gain greater control of their insurance programs.
Knox Re is open to insureds from the majority of industries and trade classes, and CICS says that it helps ensure smooth losses and predictable results for participants.
Nate Reznicek, Director of Operations at CICS, said: “Access to appropriate risk distribution and collateral has long been a sticking point for captives looking to write more traditional lines of coverage. With the formation of Knox Re our best in class clients are now able to easily access A+ carrier programs and take risk and retain underwriting profit in their property and casualty coverages.
“Knox Re also provides great benefit to our carrier and broker partners. Our strict underwriting methodology helps ensure that our carrier partners and client advisors can have great comfort in the quality of the captive participants, their underlying risk management practices, and repeatable underwriting results.”
CICS explains that the reinsurance pool’s approach allows for small and mid-market businesses to enter the captive market while replacing commercial insurance coverage with A+ rated carriers at only $250,000 of combined premium.