Axle Casualty Group
Captive Options for Transportation Companies
Sequoia Risk Partners has formed a Group Captive in Utah to satisfy the needs of transportation companies in order to obtain liability insurance at a predictable cost that is measured by performance. Axle Casualty was established to provide affordable and stable insurance alternative for trucking companies. The mission will be to provide the highest quality insurance protection for its shareholders.
Axle Casualty Group is licensed in Utah to reinsure risks from the policy issuing company, the group is fronted by an “A" rated A.M. Best carrier. The fronting carrier is a licensed and admitted, providing coverage to the membership in the United States. The types of coverage reinsured will be Workers’ Compensation, General Liability, Automobile Liability and Physical Damage.
Membership Criteria
Because each member will be an owner, the following criteria has been established to ensure the quality of membership and long-term strength of the group:
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Management Commitment to Safety and Claims Management
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Financially Strong Company
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Loss Experience Better Than Average
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Business Philosophy Compatible with .
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Minimum Annual Casualty Premium of $300,000
What is a Group Captive?
A group captive is a type of insurance arrangement in which a group of companies join together to form an insurance company. The members of the group captive share the risk of losses among themselves and collectively own the insurance company. This type of insurance arrangement can provide many benefits to trucking companies.
Trucking companies face unique risks that are specific to their industry. Accidents, cargo theft, and damage to vehicles are all common risks that trucking companies face. These risks can be very expensive to insure, which can put a strain on the finances of smaller trucking companies. This is where a group captive can be very useful.
By joining a group captive, trucking companies can pool their resources together to form their own insurance company. This allows them to share the risk of losses among themselves and reduce their overall insurance costs. Members of the group captive also have more control over their insurance policies and can tailor them to meet the specific needs of their businesses.
Another benefit of a group captive is that members can earn dividends based on the overall profitability of the insurance company. This can provide a financial incentive for members to maintain safe operations and reduce losses.
Joining a group captive does require a significant upfront investment, as members must contribute capital to form the insurance company. However, this investment can pay off in the long run by providing lower insurance costs and greater control over insurance policies.
It's important to note that not all trucking companies may be eligible to join a group captive. There may be minimum size requirements, and companies must also have a good safety record and be willing to commit to loss control and safety measures.
In conclusion, a group captive can be a beneficial insurance arrangement for trucking companies. By pooling resources together, members can share the risk of losses, reduce their insurance costs, and have greater control over their insurance policies. While there may be some upfront costs involved, the long-term benefits can make it a worthwhile investment for many trucking companies.
Underwriting Appetite
Transportation classes:
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Long haul trucking
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Short haul trucking
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Energy Trucking
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Limited or no freight brokering
Group Underwriting Criteria
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Loss History Report
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Revenue breakdown by class code
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Auto Fleet list
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Payroll history by class code
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Premium history for the actuary report
Service Partners
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Policy Issuance: “A" rated A.M. Best carrier
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Captive Manager: Sequoia Risk Partners
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Insurance Broker: Moreton & Company
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Claims Administrator: CorVel
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Loss Control Consultant: Moreton & Company
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Actuary: Taylor Walker
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Auditor: Larson Certified Public Accountants
