Skyward Speciality Insurance Group has expanded its construction portfolio to include a crane and rigging captive programme as part of its ongoing partnership with eMaxx Assurance Group.
As a specialty property and casualty market leader, Skyward Specialty’s new captive programme will comprise a range of coverages, including commercial auto, general liability and workers’ compensation.
Skyward Speciality will also offer excess coverage outside of the captive programme.
In partnering with eMaxx, a technology-enabled specialty provider of property and casualty captive solutions, the captive programme will allow Skyward Speciality to help members reduce operational costs and exercise greater control over insurance costs.
Offering a captive solution, as well as the associated claims and risk management services, for its crane and rigging business class alongside its traditional insurance customers will allow Skyward Speciality to serve a wider range of contractors in this space.
Commenting on the expanded portfolio, Timothy Kolojay, president of eCaptiv, a Vermont-domiciled captive and the operating company of eMaxx, explains: “With inflation impacting the cost of claims and ultimately influencing premiums, group captives provide an alternative mechanism where businesses with good experience can offset the impact.”
Rick Childs, senior vice president of construction at Skyward Specialty, adds: “The addition of captive capabilities in crane and rigging adds an important tool to our product arsenal and enhances the company's position in this unique niche.
“We can provide clients and agents with capabilities not readily available in the marketplace, enabling us to grow with existing clients and establish new relationships with larger clients we may not have been able to support under a guaranteed cost programme.”
