Berkley Accident and Health, a W.R. Berkley Company®, and ProSential Group have announced the launch of ProSential Cap, a Stop Loss Group Captive designed to give employers transparency, stability, and control over their rising employee health care costs. ProSential Cap allows employers to move from buyers to owners of their health plans, and gain the opportunity to benefit from good health risk management.
ProSential Group is a national alliance of independently owned employee benefit brokers who have joined forces to offer expanded capabilities and expertise, and a broader range of products and services. Starting January 1, 2017, ProSential Group’s brokerage firms will gain access to ProSential Cap, a turnkey solution that combines the full support of ProSential Group with the risk expertise of Berkley Accident and Health.
“Stop Loss Group Captives have become an important risk-management tool for small and mid-size companies. This agreement gives our brokers a Group Captive solution developed specifically for their clients and supported by Berkley Accident and Health, one of the largest and most experienced providers in the market,” said Dean Rowe, Vice President, Carrier Relations, ProSential Group.
“We are excited about our agreement with ProSential Group,” explained Christopher Brown, President and CEO, Berkley Accident and Health. “The scale and quality of its network, combined with its health risk management capabilities, creates tremendous opportunity for its clients to benefit from this solution.”
ProSential Cap seeks to enable small- to mid-size companies to replicate the size and stability of a large employer’s health plan. Rather than purchasing traditional health insurance, ProSential Cap’s members self-fund their health benefits, buy Stop Loss insurance to protect themselves from high-dollar claims, and then join ProSential Cap to share risk. ProSential Cap reinsures the Stop Loss policies of multiple employers, in an effort to create a more diverse, balanced risk profile than that of a single employer.
Best of all, ProSential Cap serves as an incubator for innovative ideas. When several employers come together in a Group Captive, they can create a more stable risk and buy less Stop Loss insurance. They also are incented to manage health care costs, because they can benefit financially if the Captive’s claims are lower than expected. As a result, Captive members share best practices and data as they put positive health initiatives in place, whether it is biometric screenings or onsite health clinics. These changes can improve the health and wellness of employees, while keeping costs down for everyone.
For more information about ProSential Cap, contact Dean Rowe at [email protected]
About Berkley Accident and Health
Berkley Accident and Health is a member company of W. R. Berkley Corporation, a Fortune 500 company. Berkley Accident and Health provides an innovative portfolio of accident and health insurance products. It offers four categories of products: Employer Stop Loss, Group Captive, Managed Care (including HMO Reinsurance and Provider Excess), and Specialty Accident. The company underwrites Stop Loss coverage through Berkley Life and Health Insurance Company, rated A+ (Superior) by A.M. Best. For more information, please visit BerkleyAH.com or BenefitsCaptives.com.
About ProSential Group
ProSential Group, one of the country’s largest benefit brokerage organizations, is transforming the marketplace with innovative HR, benefits, and payroll solutions for small- to mid-sized companies. It brings clients a unique combination of best-in-class technology, employee engagement, HR, compliance, and population health management resources partnered with localized service and support via the ProSential network of benefits brokers. Headquartered in Marblehead, MA, ProSential Group has a growing base of expert brokers and satisfied customers throughout the U.S. For more information, visit ProSentialGroup.com.
This information is illustrative only and not indicative of actual past or future results. Stop Loss is underwritten by Berkley Life and Health Insurance Company, a member company of W. R. Berkley Corporation and rated A+ (Superior) by A.M. Best, and involves the formation of a group captive insurance program that involves other employers and requires other legal entities. Berkley and its affiliates do not provide tax, legal, or regulatory advice concerning ProSential Cap. You should seek appropriate tax, legal, regulatory, or other counsel regarding the ProSential Cap program, including, but not limited to, counsel in the areas of ERISA, multiple employer welfare arrangements (MEWAs), taxation, and captives. ProSential Cap is not available to all employers or in all states.