Captive insurance manager launches workers comp risk exchange
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Charlotte, North Carolina-based captive insurance management firm, Atlas Insurance Management said Monday that it has launched Vortex, a workers compensation risk exchange.
The exchange is operated by North Carolina-licensed reinsurer Vortex Re. Vortex is available statewide, according to an Atlas spokeswoman.
Vortex provides reinsurance coverage for workers compensation exposurers. It allows “participating captives to pool their workers compensation risks in order to achieve risk distribution, a requirement for insurance company tax treatment,” Atlas said in a statement. Companies buy reinsurance for their own risk from Vortex Re, and the reinsurer shares its assumed risk from the pool of participants, Atlas said in the statement.
Businesses that qualify for the Vortex exchange have a high-deductible or self-insured workers compensation program, according to the statement.
“Financing retained risk in a captive insurance company can not only lower your annual premiums but can also create a new stream of profit revenue. Vortex allows participating companies to retain the risk and reap the reward of their workers compensation programs,” Martin Eveleigh, Atlas chairman, said in the statement.
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