eMaxx, a specialty managing general agent (MGA) and de facto attorney providing policyholder-owned alternative risk insurance solutions, announced the launch of eMaxx Reciprocal Insurance Exchange, a commercial property and casualty (P&C) reinsurer.
The Reciprocal, an Arkansas-based policyholder-owned entity, will provide commercial property and casualty (P&C) insurance solutions supporting eMaxx-sponsored captive insurance company eCaptiv, a mutual benefit corporation with a protected cellular structure.
“The launch of the eMaxx Reciprocal Insurance Exchange marks an important step in expanding our alternative risk platform,” said Brian McCarthy, CEO and President of the eMaxx Assurance Group of Companies, Inc. “By connecting policyholders with subscribers and owners, Reciprocal supports rigorous underwriting, strong governance and a variable cost insurance model designed to combat inflation and rising loss costs in society.”
By participating in the eCaptiv program, each member will also become a subscriber to the reciprocal insurance exchange.
The day-to-day operations of the mutual association are managed by independent attorneys-in-fact (AIFs).
“The eMaxx Mutual Insurance Exchange represents the next step forward for members committed to strong governance, accountability and loss prevention,” said Samuel Coraluzzo, president of the eMaxx Mutual Insurance Exchange and chairman of the Subscriber Advisory Committee, Michael Penza. “It provides a disciplined structure that combines long-term engagement with shared responsibility.”
According to the announcement, to participate in reciprocity, subscribers and members must adhere to prescribed loss prevention and safety protocols as a condition of participation in the program.
These requirements include the use of telematics, dash cam and driver behavior technology, including cloud-based inbound cameras and/or cell phone interception; participation in monitoring programs and quarterly mandatory training; ongoing monitoring of motor vehicle records; maintaining a written progressive discipline policy; and agreeing to share telematics and safety incident data through approved technology platforms.
Additionally, members must attend risk management summits, implement return-to-work plans, and provide timely notification of claims.
eMaxx Insurance Services, LLC serves as de facto counsel for the mutual insurance exchange and serves as the sponsor of eCaptiv, an Arkansas-based captive reinsurer established to provide protected unit reinsurance support.
