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Captive Insurance Company First To Be Licensed in Ohio

Ohio Flag
August 27, 2015

Imprise Financial PCC, Inc., is now licensed as Ohio’s first "protected cell" captive insurance company, the Ohio Department of Insurance has announced. 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, the department's press release stated.

In June 2014, Ohio Gov. John Kasich signed into law legislation allowing businesses to form captive insurance companies domiciled in Ohio for their own commercial insurance needs and granting the Ohio Department of Insurance the authority to regulate such captive insurance programs, according to the press release. The protected cell captive insurance structure eliminates market­-entry barriers that companies typically face when considering a self­-insurance program, it went on to explain.

“This is a momentous occasion for Ohio and more specifically, for Ohio businesses,” said Lt. Gov. Mary Taylor, who also serves as director of the Ohio Department of Insurance, as she made the announcement. “Giving businesses the option to form a captive is another tool designed to help them thrive in Ohio.”

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, according to the press release.

“Establishing a captive insurance program with Imprise Financial allows us to be more flexible in the services we offer our clients and makes our operation more efficient,” said David Neuenschwander, vice president and shareholder of NWAN, Inc., in the Ohio Department of Insurance press release. “We are already realizing the benefits of our captive insurance program and it has become an integral part of achieving our long-­term goals.”

Also quoted in the press release is Kelly Price, president of Imprise Financial.

“We are very excited about the opportunity to help businesses add certainty to their risk-­management programs and maximize their financial potential,” said Ms. Price. “Staff at the Ohio Department of Insurance have been extremely professional and diligent throughout the licensing process and we are pleased to bring this innovative insurance solution to our clients.”

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