OUR MISSION HAS ALWAYS BEEN FOCUSED ON ONE THOUGHT: INSURANCE IS A MANAGEABLE COST. THE MYSTIQUE AND MYSTERY OF THE INSURANCE INDUSTRY SHOULD BE UNVEILED. SHAREHOLDERS SHOULD BE IN CONTROL OF THEIR INSURANCE DESTINIES.
REDUCE TOTAL COST OF RISK
Membership in a captive requires a significant commitment to risk management. Rather than a conventional insurance company profiting from the member’s superior financial condition and risk management programs and using those profits to subsidize the premiums of other less attractive companies, members of the captive can reduce their cost of risk when losses are less than projected.
Having members included in the claims process yields a much
better result than dictating claim outcomes.
STABILITY OF THE PRICING CYCLE
With the group captive's buying power, there is less exposure to market pricing, so the captive avoids the disruptive underwriting cycles in the traditional marketplace.
CLICK HERE TO VIEW OUR 2018 SECURITY ANNUAL REPORT
Security Insurance Company of North America (the “Company”) was incorporated in December of 2002 to enable manufacturing, distribution, service and other businesses to obtain adequate insurance coverage at affordable rates and to be treated as a partner in the overall risk management process. The founders of the Company perceived that the commercial insurance industry was not responsive to this basic commercial necessity.
The Company is licensed and managed in the Cayman Islands to reinsure the risks of its shareholder insureds written by a Program Insurer that is licensed and provides insurance coverage in one or more states of the United States. Management endeavors to ensure that such Program Insurer is rated “A” or higher by A.M. Best & Company. The types of coverage currently written by the Company are Workers’ Compensation, Automobile Liability and Physical Damage and Commercial General Liability. The Company is capable of expanding into other types of coverages.
The Company believes that its management strength lies in its strong individual involvement by shareholders during semi-annual board meetings. The Company has established an Executive Committee that can act when the Board is unable to meet. Day-to-day management of the Company is provided by the Company’s licensed offshore Insurance Manager. New shareholders are recommended through the Underwriting Committee. The Company desires participation by well-managed, profitable companies whose management philosophies and personalities are compatible with those of the other shareholders.
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171 Elgin Avenue, PO Box 10233
Willow House, Cricket Square, GeorgeTown
Grand Cayman KY1-1002, Cayman Islands