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Single Parent (parent-only or pure captive)
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A wholly owned or controlled company,
which is formed to primarily insure the risks of its non-insurance parent
or affiliated companies which are related.
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Association or Industry captive.
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An Insurance company owned by a trade,
industry or profession for the benefit of its members. It includes industry pools where the
risks of all members are pooled and then ceded back to participants on a
shared basis, and Risk Retention Groups (RRG).
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Agency Captive.
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An insurance company owned by
insurance brokers or agents to reinsure a portion of the insurance they
sell.
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Group captive (Stock or Mutual).
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A company owned by a group of
companies created to meet a common insurance need.
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Quasi profit center or open market captive.
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A subsidiary whose primary business is
that of a single parent captive but which also insures the risks of
unrelated parties or assumes open market reinsurance business.
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Rent – a – captive.
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This is where a captive offers its
services to others, usually those too small to justify incorporating their
own captive insurance company.
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Rent – a – captive segregated portfolio companies.
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This format allows an insurance company
to segregate its assets and liabilities of different participating
shareholders and have the segregated cells protected from the liabilities
of other such cells within the same company.
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