CIC Services LLC and the Ragnar Group Inc. have launched a captive domiciled in Utah focused on the hospitality sector.
The companies say the captive is intended to solve the challenge of being misclassified. The new group captive applies underwriting guidelines that take a nuanced approach. Factors such as hours of operation, type of alcohol served, entertainment options and management practices will determine placement into appropriate categories, ensuring members are aligned with similar risk profiles, according to the companies.
Community underwriting incorporates feedback from existing policyholders into the review process for new applicants, and applications are evaluated over a 30- to 45-day period.
The captive is open to establishments, including bars, pubs, nightclubs, and fine dining restaurants. Certain high-risk characteristics such as “cash only” businesses, wedding and special event venues, or establishments with mechanical riding devices will not be covered.
CIC Services is a captive insurance manager serving the middle-market. The Ragnar Group Inc. is a locally owned, independent firm dedicated.
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