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Great American Insurance’s Alternative Markets Unit Expands Underwriting

The division has established a customer service and the ability to structure captive programs

Great American Insurance Group’s Alternative Markets division has expanded its underwriting to include single entity captives. The division, engaged in the Alternative Risk business, has established a customer service and the ability to structure captive programs to meet the needs.

The crucial features of Great American’s single entity captive model are – target account premiums of $750,000 and higher, multi-line capabilities, including Property, multi-state product filings and enhancement coverages, excess of Loss (XOL) and Quota Share (QS) risk participation options, turn-key service capabilities, as well as unbundled service options for claim administration and loss prevention/risk management services.

Great American’s submission criteria includes ACORD application or equivalent for all lines to be placed within the captive, loss runs for current term and at least four full prior years, valued within the past three months. It also includes a description of each loss greater than $50,000.

The other criteria are premium and exposure history to match the time period for which loss information is provided and other information such as web address, loss prevention reports, and copy of safety manual.