In 2006, an industrial supply distribution company was looking for greater control over the cost of its casualty insurance. To accomplish this, the company decided to leave the traditional insurance market and join one of the member-owned group captives supported by Captive Resources.
A decade and a half later, the results have been impressive: The company has lowered its net premium by 45 percent even as it nearly doubled its payroll. And on top of the reduction in costs, group captive membership has helped the company build and sustain a safer workplace culture.
Being a member has been the catalyst for developing the culture of safety that now exists within our company. The biannual workshops and monthly webinars give the HR and safety people ideas and measurable goals to further build and sustain that culture. The annual board meeting allows us to participate in running the captive and provides our management team with the information needed to support existing programs and build new initiatives.