Broker Resources Insurance Services, LLC is a wholesale broker dedicated to placing Umbrella/Excess/Buffer placements for group captive members that work with Captive Resources (CRI). A joint venture between CRI and The McGowan Companies, Broker Resources is a privately-owned managing general underwriter (MGU), program administrator, and wholesale broker.
CRI formed Broker Resources in 2016 to differentiate group captive members as higher-quality insureds to the Umbrella/Excess marketplace. As the market better understands the quality of our group captive members, we anticipate member-insureds will benefit from additional expanded terms, differentiated pricing, and increased premium stability.
Broker Resources Placements
Broker Resources (BR) has proven to be a valuable resource for CRI broker partners, placing mono-line excess. Often the final piece of the captive placement puzzle, BR leverages its mono-line excess experience to solve the myriad problems posed by an ever-changing marketplace. In its first five years, BR helped more than 360 group captive members find competitive solutions for their excess/umbrella placements. The outstanding support from CRI’s broker network resulted in approximately $40 million in written premium.
Broker Resources Advantages and Differentiators
There are myriad advantages for retail brokers to work with Broker Resources, including:
- Revenue neutral to retail broker.
- The ability to access both Standard and E&S carriers.
- The capacity of $300 million or more.
- Financially strong carriers.
- Competitive pricing and broadened terms and conditions.
- Simplified submission process — captive program application, plus minor additional information.
- Focus on group captive member-insureds.
- Panel markets offer increased crisis management limits of $500,000.
Broker Resources Cyber Product
In 2018, BR partnered with Arch Insurance Company to launch a cyber product — E-Suite 24/7 — to help captive members manage online risks. The program uses social engineering coverage to protect executives of captive member-companies and their families from cyber attacks.
Here are a few highlights of the BR cyber program:
Commercial Cyber Policy
Covers executives and their families personally for full limits with additional personal social engineering coverage for $50,000.
DefendMyID
Offers the option to cover personal identity theft for employees.
Broad Standard Coverage Template
Coverage includes:
- Cyber extortion, business interruption
- Dependent business interruption
- System interruption
- Social engineering
- Privacy and media liability
- Data incident response
Broker Resources FAQs
Are you able to offer quotes for potential new members to a group captive?
Yes. A captive program submission and BR application is needed.
Will you offer quotes for buyers in the traditional market?
No. BR is focused solely on member-insureds or potential member-insureds of captives working with Captive Resources.
Are you placing mostly surplus lines business?
No. Eighty-five percent of our current placements are with standard admitted insurers.