Ohio Captive Insurance Association
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The Ohio legislation authorizes three types of captive insurance companies, in addition to risk retention groups:
  • A pure captive that insures only the risks of its parent or affiliated companies of its parent.
  • An incorporated protected cell captive insurance company that is a part of another captive insurance company and has a separate legal identity from the captive insurance company of which it is a part.
  • A special purpose financial captive insurance company that assumes life insurance risks pursuant to a special purpose financial captive insurance contract with its parent or affiliated entity that is an insurer domiciled in the state of Ohio.  
The following entities are good candidates for a captive insurance program:
  • financial stability
  • good spread of risk with predictable losses
  • good loss history
  • good risk management practices
  • the ability to finance its own exposure
  • long-term commitment from senior management
  • unusual or hard to place risks
  • primary purpose must be for insurance
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