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04/27/2017

Captive Insurance Saves Trucking Company More Than $1 Million


Client Profile

Industry: Distribution
Entity Type: C Corporation
Geographic Footprint: Multiple States
Annual Revenue: $300 Million
Number of Employees: 1,500+

CBIZ assists with information technology audit outsourcing.Problem

 

A logistics and trucking company was introduced to several captive options by its insurance broker but had no frame of reference to determine how the captive insurance structures would benefit the company. 

Solution

 

We analyzed the client’s current insurance programs, loss information, risk exposures, operating structure and ownership to determine whether the company’s risk profile would fit into a captive approach. We then identified what alternative risk financing structures would be advantageous from both a strategic and financial perspective. CBIZ identified several potential captive applications that would allow the company to assume and effectively manage additional risk. We engaged with multiple captive managers for formal presentations.

Outcome

Through a comprehensive restructuring of their entire insurance program, the client achieved enhanced coverage and $300,000 in annual savings. This savings allowed the client to deploy capital in other areas of their business, enabling for further company growth. Over the past three years of working with CBIZ, the client has saved over $900,000 in premiums with revenue growth from $130 million in 2013, to $180 million in 2015.

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