Genie Energy Forms Captive Insurance Company

Energy, Ltd., announced it has formed a wholly owned captive insurance company in a move to expand its consumer product portfolio as a retail energy and renewable energy solutions provider.

"Building on our strong financial performance over the past 2 years, we've identified potential opportunities to create incremental shareholder value," said Michael Stein, Genie's CEO. "We have built a large retail customer base through our traditional energy supply and solar sales organizations while, on a more modest level, cross-marketing other consumer products and services to this loyal base for enhanced returns. We are now expanding on this strategy by creating insurance-related businesses, including internally generated and third-party offerings, to distribute through our retail channels."

Genie announced that in the fourth quarter of 2023, it paid its captive insurance subsidiary $51 million in premiums to insure various risks.