Caitlin Morgan To Manage the Kona Ice Franchise Cell Captive Program

Caitlin Morgan Captive Management will act as the captive manager for the Kona Ice franchise captive insurance program. Announced in June, the national program is offered by Great American Insurance Group's alternative markets division in cooperation with Cornerstone Insurance.

The arrangement focuses on providing a primary admitted property and casualty policy and workers compensation coverage for Kona Ice franchise owners across the United States.

Based out of Hebron, Kentucky, the program was awarded to Great American effective May 1, 2019.

Dustin Partlow, head of Caitlin Morgan's captive management business, said the Kona Ice captive was formed as a cell within the captive management firm's Tennessee-domiciled cell captive facility. Caitlin Morgan will perform full-service captive management for the program, including financial statements preparation, regulatory compliance, and other servicing.

Mr. Partlow said Caitlin Morgan also worked with the company through the feasibility and setup process.

Rich Suter, divisional president for Great American Alternative Markets, said, "The captive risk-sharing approach will be a great benefit to the Kona franchisees."

Mike Roaden, Cornerstone Insurance owner/principal, said, "We knew Kona Ice was a more appealing risk than other similar types of business. So, over the last five years we worked to gather information to start our own captive insurance program. We felt this was the best way to stabilize rates, improve coverage, and get the best value for the franchisees."