Safety & Risk Management
Insurance company adds Crane and Rigging captive program
By Don Horne
Skyward Specialty Insurance Group, Inc., a leader in the specialty property and casualty (P&C) market, has expanded its Construction portfolio by adding a Crane and Rigging captive program, in partnership with eMaxx Assurance Group of Companies, Inc., a tech-enabled specialty provider of property and casualty captive solutions.
“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,” said Timothy Kolojay, President of eCaptiv, Vermont Sponsored Captive Insurance Company and operating company of eMaxx.
The company’s new captive program will target a broad range of coverages including commercial auto, general liability and workers’ compensation. In addition, Skyward Specialty offers excess coverage outside of the captive program. Adding this program to Skyward Specialty’s portfolio will deliver solutions to members to reduce operation costs, have more control over insurance costs when they have favourable loss experience and potentially insulate members from large premium swings. In addition, robust claims and risk management services support clients’ efforts to keep losses to a minimum.
By offering a captive solution in its crane and rigging business class in tandem with its traditional insurance customers, Skyward Specialty can serve a wide range of crane and rigging contractors.
“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,” said Rick Childs, Senior Vice President, Construction. “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 program.”
On the heels of several portfolio expansion announcements, the addition of this new program to the construction division demonstrates Skyward Specialty’s strategy to build a strong, sustainable position in specialty markets and rule its niche by identifying underserved markets and delivering impactful risk management solutions.