Rick Da Costa has been quoted in an article titled “Interest Picking Up for Captives in Alberta,” published by Thompson’s World Insurance News.
Writes Thompson’s: “Alberta is now home to four captive insurance companies and more are in the works. The province introduced regulatory changes last July to become the second jurisdiction in Canada to allow the formation of captives, which are essentially a form of self-insurance where the insurer is wholly owned by the insured.”
Interest in captives continues to pick-up. Says Rick: “I have new conversations every week with would-be captive owners interested in Alberta.”
Rick goes on to explain that a captive can be valuable in situations where owners encounter problems securing coverage in traditional commercial markets and notes that others “may establish a captive to insure themselves and indirectly pay themselves the premiums they would otherwise pay to a traditional insurance company for the same insurance coverage.”
Cassels is proud to have been the first firm to redomesticate a captive insurance company in Alberta.