A group of insurance industry veterans have launched a new captive insurance risk manager that will target small and middle market companies.
Alterra Risk Management commenced operations on October 8, 2013. It was founded by a group of experienced executives including Eric Fauerbach, its chief executive, and Scott Gorman, the start-up’s executive vice president of business development.
Fauerbach has more than 20 years of experience in the captive insurance, banking, and investment management arenas. Before launching Alterra Risk Management, he co-founded and served as chief financial officer of Bluestone Surety, a Cayman-domiciled, captive reinsurance company specialising in commercial and contract surety insurance.
Gorman has spent the majority of his career in the health insurance industry and has in-depth knowledge of federal regulations and legislative issues surrounding healthcare. He launched his first successful brokerage while attending college at The Ohio State University and has since served as a strategic consultant to multiple insurance brokerages looking to expand their firms.
He also played a leadership role in positioning two separate, privately-held insurance carriers for acquisition by Cigna and UnitedHealth Group, and was instrumental in the integration of distribution teams.
The company said it will help companies to optimise insurance coverage needs, control risks, reduce insurance costs and retain underwriting profits and investment income.
“Through innovative new structures like those provided by Alterra the captive insurance industry is evolving to offer smaller businesses the same captive insurance cost savings, profit potential and control over risk management enjoyed for years by the vast majority of the Fortune 500,” said Fauerbach.
Gorman added: “At Alterra, we are committed to offering our clients a streamlined captive solution. Our programmes simplify the entire captive process. We make the transition from commercial insurance to a captive solution seamless for our clients. Our customers can stay focused on their businesses, while we handle their captive risk management platforms and deliver profitable results back to them.”
The business will serve the property and casualty insurance needs in the architectural and engineering, construction, defence, healthcare, marine and transportation industries.
Captive Insurance Risk Manager, Insurance, Alterra Risk Management, Scott Gorman, Eric Fauerbach, US