CHARLESTON, S.C. — Alterra Risk Management commenced operations today. Formed to provide a simplified approach to captive insurance for small to middle market companies, Alterra's captive solution allows companies to optimize insurance coverage needs, control risks, reduce insurance costs, and retain underwriting profits and investment income.
Alterra (www.alterracaptive.com) was launched by a group of insurance industry veterans. The firm leverages a team of highly qualified captive risk managers, actuaries, accountants, investment managers, and attorneys to provide clients with captive insurance solutions built on the principles of integrity, performance and valued relationships.
"Through innovative new structures like those provided by Alterra," said Eric Fauerbach, Alterra's Chief Executive Officer and Co-founder, "the captive insurance industry is evolving to offer smaller businesses the same captive insurance cost savings, profit potential and control over risk management enjoyed for years by the vast majority of the Fortune 500."
Alterra offers solutions that enable many more businesses — not just the largest — to partner with commercial insurers and share profits generated from favorable loss experience and cost savings.
"At Alterra, we are committed to offering our clients a streamlined captive solution," said Scott Gorman, Alterra's Executive Vice President of Business Development and Co-founder. "Our programs simplify the entire captive process. We make the transition from commercial insurance to a captive solution seamless for our clients. Our customers can stay focused on their businesses, while we handle their captive risk management platforms and deliver profitable results back to them."
Alterra is an independent captive solutions provider that serves property and casualty insurance needs in the architectural and engineering, construction, defense, healthcare, marine, and transportation industries. Through a turnkey approach, the company delivers a full suite of captive formation and ongoing management services.
Captive insurance is a risk transfer alternative to purchasing insurance in the commercial market. A business can form a captive to insure its own risks or those of its subsidiaries or affiliates. The insured business pays premiums to its captive, rather than a commercial insurance company. The worldwide captive insurance market has experienced significant growth during the last 15 years and total annual premiums paid into captive programs currently exceeds $100 billion.