MIAMI, June 28, 2022 (Newswire.com) - I-RE, the specialist captive insurance and reinsurance MGU, is today announcing the addition of commercial property, effective July 1, 2022, as a new line of business to its innovative RE-PAID product.
Having successfully launched a strategic capacity partnership with Fortegra for general liability, the addition of commercial property is another exciting step forward for I-RE, which sits alongside its workers' compensation and commercial auto offering.
Commercial property is another genuine world-first for the RE-PAID product, which is unique in its ability to allow high-performing mid-market business owners to take a share of their own risks in their own stand-alone captive insurance company.
Until now, for the commercial property line of business, there has been no viable A rated mid-market captive solution available. Not even group captives have been able to provide property as an option. Working with Fortegra, I-RE has now made it possible.
Andy Jeckells, co-chief exec I-RE said:
"The RE-PAID product continues to break new ground. I-RE has committed itself to providing solutions that give high-performing, mid-market businesses more control over their risks and a share in the underwriting profits of the kind that only large captives currently enjoy."
We are seeing exceptional demand for RE-PAID from brokers, who see the benefit of offering their clients across the United States the solution they've been looking for whilst improving their own revenues and increasing client retention."
Kyle Selvig, Director Commercial Underwriting, Fortegra said:
"We are excited to extend our partnership with I-RE to further support its truly innovative RE-PAID product and help fulfill the long-underserved need of mid-market businesses for a captive property insurance solution."
Notes to editors
I-RE is a specialist captive insurance and reinsurance MGU, Lloyd's coverholder, and reinsurer.
In a completely integrated turnkey solution, the RE-PAID product offers under-served high-performing, mid-market business owners the opportunity to insure their own commercial property and casualty risks in their own stand-alone captives, something that has up to now only been available to large corporations or via a group captive arrangement.
Working with P&C brokers throughout the US, as well as independent captive managers, with RE-PAID I-RE empowers clients to take control of their own commercial property, general liability, workers' compensation and commercial auto insurance requirements.
Now, in an innovative and truly unique world-first, they can take on risk, take back up to 50% of their insurance premiums, take control of their own claims, reinvest their underwriting profit and get out in front.
The Fortegra Group, Inc.
The Fortegra Group, Inc. is a global specialty insurer. Fortegra and its subsidiaries underwrite and administer a comprehensive and diverse set of admitted and surplus insurance products and warranty solutions across the United States and around the world. For over 40 years, Fortegra's collaborative approach, experienced team and innovative products have fueled consistent growth and increasing demand from both domestic and international partners. The Company holds an A.M. Best Financial Strength Rating of A- (Excellent). For more information on Fortegra visit: https://www.fortegra.com