Captive Alternatives (CapAlt) has received permission from the commissioner of insurance in Puerto Rico to increase the client base for its Protected Captive product to 2,000.
CapAlt captive operations are located in Puerto Rico, with a focus on US clients.
The Protective Captive product is intended to work as a participant in the sharing of risk. It does not issue direct coverage to the parent, rather, the parent gains selected risk coverages from an independent insurance carrier, which is reinsured by the Protected Captive.
Mark Jacobs, CEO of CapAlt, said: “We could not have been more pleased with the outcome of our meetings with the commissioner.”
“This increase gives us the opportunity to offer more business owners a unique risk management product designed to protect their business and their assets.”
CapAlt also recently launched a new captive accounting services business unit, CapSure Accounting, as well as a new programme that allows membership associations to provide a fee-based merchant services programmes to members, eliminating merchant services commissions.
