Imprise Financial PCC Inc. is now licensed as Ohio’s first “protected cell” captive insurance company, according to the Ohio Department of Insurance.
Through its protected cells, Imprise Financial will allow businesses to insure some of their own commercial risks, realize greater control of their risk-management programs, and achieve long-term financial stability.
In June, 2014, Governor Kasich signed into law legislation allowing businesses to form captive insurance companies domiciled in Ohio for their own commercial insurance needs and granting the ODI the authority to regulate such captive insurance programs.
Imprise Financial’s first protected cell will insure certain contractual liability risks of NWAN Inc., a third-party administrator of service contracts and warranties for automobiles, recreational vehicles and motorcycles.
Was this article valuable?
Here are more articles you may enjoy.
Flood Insurance Gap Will Squeeze Local Governments and Homeowners, Moody’s Says 
Space Startups Seek Insurance for Orbital AI Data Centers 
Older, Wealthier Renters Drive Changes in Insurance Needs 
Appetite for Insurance M&A Remains as AI Enters the Chat, Says PwC From This Issue
