Group captive for US transportation industry launched by Artex

Artex Risk Solutions has launched a new group captive designed to address risks for transportation, trucking for hire, convenience store operators and petroleum marketers in the US.

According to Artex, the group captive is a homogenous insurance company that will provide coverage for workers’ compensation, auto liability and auto physical damage.

“The US transportation industry has experienced pockets of reduced insurance and risk management options in recent years due to labour shortages, supply chain challenges and a distressed insurance market,” said Martin Hughes, executive vice-president, specialty risk transfer for Artex in North America. “The new group captive addresses a need for alternative risk solutions in the space.”

Artex Risk Solutions will act as captive consultant and manager, with insurance provided by Midwest Employers Casualty, a workers compensation insurer, and Carolina Casualty, and insurer focused on the trucking and public transportation industries. Both are member companies of Berkley.

Artex said: “As with all group captive solutions, the objectives of this programme are to provide the participant owners with the ability to take control of their insurance programme through quality claims and loss control services, to retain underwriting profits and investment income and reduce the cost of insurance. By joining together to create true sharing of risk, group captive participants have the ability to control and stabilise the cost of insurance over time.”