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Target Markets Program Administrators Association Carriers CastlePoint Management CastlePoint Management offers comprehensive program solutions to program underwriting agencies, and insurance risk sharing solutions to small insurance companies to access underwriting capacity, higher rating, and licensing. CastlePoint Management provides a broad array of products and services to program underwriting agents who often have developed products in response to market demand and, consequently, have developed significant books of business but require innovative support to manage this business efficiently. CastlePoint Management also works with other insurance companies that seek to manage their capital more effectively, or desire to expand their capacity to write more in a specific geographic area. CastlePoint’s risk-sharing alternatives assist these companies by reducing their gross or net premiums, while generating commission and fee income for these client companies. Program underwriting and support to program underwriting agencies. CastlePoint provides comprehensive solutions to managing general agents (program underwriting agencies) and large retailers with existing program portfolios. CastlePoint offers a broad product line platform comprised of commercial lines products including property, general liability, professional liability, workers compensation and commercial auto as well as personal lines products such as homeowners and personal auto. To support program underwriting agents that desire to assume risk on their programs, CastlePoint also offers an alternative risk transfer capacity. Finally, the company provides all insurance company services on an unbundled basis to program underwriting agents that require these services to facilitate program transactions. Their unbundled approach includes the availability of technology, claims administration, and program support in order to perpetuate the continued success of the program administrator. They provide A- rated admitted paper and have licenses in most states. CastlePoint’s underwriting appetite includes low to moderate hazard risks. They look for experienced program underwriting agencies that emphasize strong underwriting, targeted specialization, and the ability to grow their books of business. Generally, their minimum premiums for programs vary from as low as $5 million for programs with limited authority to $10 million for programs with a high level of independence and MGA functionality. Risk sharing solutions to insurance companies. CastlePoint provides access to its insurance companies, and risk sharing capability to other insurance companies through pooling arrangements or appointing them as its program underwriting agent. As an alternative to reinsurance, the insurance risk-sharing arrangement—such as pooling that CastlePoint offers—allows an insurance company to better manage its surplus, rating, and licensing limitations, and to improve its ability to expand its premium writings. Small insurance companies will be able to overcome their limitations by accessing insurance companies with A- rating and broad licensing managed by CastlePoint. If a pooling agreement is utilized, the underwriting risk will be shared based on the risk-sharing partner’s respective percentage of participation. If CastlePoint appoints these insurance companies as our program underwriting agent, they will be required to assume risk by reinsuring a part of the business they produce on a quota share of excess of loss basis. CastlePoint Management is a wholly owned subsidiary of CastlePoint Holdings, Ltd., a Bermuda corporation that also owns CastlePoint Re, rated A- by A.M. Best. * For more information contact: |
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