In this episode of Get a Load of This podcast, Cameron Pechia, and Ryan Young chat with Ian Mayster from Captive Resources to discuss captive insurance programs for fleet owners and the many benefits they provide. We discuss the many incentives, including investment potential, control, and safety - and how to get started. Listen in to learn how captives have benefited trucking companies around the country! Episode Highlights: Ian talks about his academic and professional background and what led him to the trucking insurance industry. (3:55) Ian explains that Captive Resources works as a group captive that team ups with brokers around the country. (6:55) Ian discusses their type of market and talks about how important it is to have enough premiums and workers’ compensation. (12:54) Ian explains that, over the years, they have realized that hauling trucks and restaurants are not always the best group setting and still vary for certain industries. (16:03) Ian shares that they created a mutual fund for all clients in the captive that allows them to invest their last funding portion. (23:53) Ian explains that a unique thing about captives is how they price the risk and have the option to take on control of premiums. (27:33) Ian discusses how captive members have benefited from the program during the pandemic. (31:25) Ian shares what type of client they are ideally looking for, safety wise. (41:33) Ian explains that they are very open to having conversations about getting captive ready and the steps that can be taken in the next several years to become a more suitable captive member. (44:30) Key Quotes: "This day and age in the umbrella market, it's sometimes hard to explain to clients and prospects what's going on, and how it is affecting their entire insurance program." - Ian Mayster "There is risk-sharing involved in the group captive here. But it's nice because that makes it true insurance, right? Otherwise, this would be self-insurance and you start to get into a whole different type of tax program structure." - Ian Mayster “It's often a lot more work upfront, but once they're in the captive, it's a pretty straightforward process. And we've got a lot of systems in place to make sure that they're happy, satisfied and serviced accordingly throughout their time in the program.” - Ian Mayster Resources Mentioned: Ian Mayster LinkedIn Captive Resources Cameron Pechia Thomas Comstock Ryan Young
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