Companies of all shapes, sizes and industries are evaluating their alternative risk financing strategies in response to the continued hard market conditions, according to a session at the Barbados Risk and Insurance Management (BRIM) conference.
Michael Serricchio, managing director at Marsh Captive Solutions, noted the heightened interest around captives, whether companies are returning to feasibility studies from a few years ago, revisiting dormant captives, or expanding their current active captives.
This was affirmed by Patrick Ferguson, senior vice president at Marsh Captive Solutions, who added that commercial insurance premiums have increased year-on-year while capacity declines.
"The reality is that, at this point in time, a captive provides a higher value proposition to a company than it would have two or three years ago," Ferguson said.
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