BankInsure – Comprehensive Insurance Specifically for Small to Mid-Sized Banks
Traditional Insurance vs. BankInsure Captive Insurance:
A Smarter Approach to Risk Management
Small to mid-sized banks face a unique challenge when it comes to insurance. Traditional options often fall short, leaving banks exposed to risks with caps and limitations. Enter BankInsure by CIC Services, LLC, a trusted name in captive insurance management since 2005, awarded the 2023 Captive Insurance Manager of the Year by Captive Review.
BankInsure is tailored to address the distinct risks banks encounter, such as cybersecurity threats, regulatory changes, and economic fluctuations. What sets BankInsure apart is its captive insurance approach, allowing banks to retain premiums as profit. This profit accumulation serves as a financial buffer, ensuring stability during times of uncertainty and when risks materialize.
With BankInsure, your bank gains a strategic advantage, securing the financial future while thriving in an ever-evolving industry. Explore our client testimonials and case studies, demonstrating our commitment to excellence. Choose BankInsure today, and safeguard your institution’s success, one tailored solution at a time.
** Inc. Cap & Ded” refers to “Including Cap and Deductible” in the context of these insurance policies. This indicates that the coverage specified in the policy includes both a cap (maximum limit) on the amount the insurer will pay for covered losses and a deductible (out-of-pocket amount) that the insured must pay before the insurance coverage takes effect. The cap and deductible terms help define the financial parameters and responsibilities for both the insurer and the insured in the event of a covered claim.
Meet Your BankInsure Experts
Christopher Gallo spent his career in risk management as a regulator with the Connecticut Insurance Department. He has taken the lessons learned from over three decades to apply them to improving risk-mitigating strategies for businesses. Chris graduated from Central Connecticut State University with a Bachelor of Science degree in Administrative Science and obtained his Certified Financial Examiner Designation from the Society of Financial Examiners. After retiring from his regulatory career, he joined CIC Services in 2020, and consults directly with business owners, CEOs and CFOs in the formation, and as a regulatory liaison, of captive insurance programs for their respective businesses.
Randy Sadler started his career in risk management as an officer in the U.S. Army, where he was responsible for the training and safety of hundreds of soldiers and over 150 wheeled and tracked vehicles. He graduated from the U.S. Military Academy at West Point with a Bachelor of Science degree in International and Strategic History with a focus on U.S. – Chinese Relations in the 20th century. He has been a Principal with CIC Services, LLC for 7 years and consults directly with business owners, CEOs, and CFOs in the formation of captive insurance programs for their respective businesses. CIC Services, LLC manages over 100 captives.
Bank Client Captive Insurance Case Study
A prominent financial institution faced challenges securing comprehensive insurance through traditional means. The leadership recognized the need for a more customized solution. They aimed to leverage the captive insurance for enhanced risk mitigation and profitability.
Challenge: Traditional insurance options for the bank’s cyber liability fell short due to numerous exclusions, particularly related to cyber breaches originating from foreign states. Recognizing the limitations of conventional coverage, the bank leadership sought a tailored approach to safeguard the bank’s interests.
Solution: The bank partnered with CIC Services to establish a captive insurance company, a strategic move to address their cyber liability concerns. By creating a captive insurance structure, the bank aimed to assume a portion of the risk associated with cybersecurity incidents. This approach not only provided tailored coverage but also served as a catalyst for the implementation of stronger risk mitigation measures.
Outcome: The bank’s adoption of captive insurance not only addressed its specific risk profile but also provided a range of benefits:
- Customized Coverage: The captive insurance model allowed the Bank to design coverage specifically tailored to their unique cyber risk profile, overcoming the limitations of traditional policies.
- Incentivized Risk Mitigation: By assuming a share of the risk, the Bank was motivated to invest in robust cybersecurity infrastructure and implement best practices. This proactive stance on risk management contributed to strengthening the overall cybersecurity posture.
- Underwriting Gains and Profitability: The captive insurance structure incentivized a proactive approach to risk management, with underwriting gains directly impacting the bank’s bottom line, enhancing overall profitability.
“Currently our investment portfolio makes $2 million a year, when we started our captive, all our assets added together didn’t make $2 million, now our captive alone makes that amount.”
Is BankInsure the Right Fit for My Bank?
Ask These Questions…
- Is my bank financially stable?
- Do I face unique or off-balance sheet risks that traditional insurance doesn’t adequately cover?
- In evaluating my insurance policies, do I have pressing risks that are uninsured or under-insured?
- Can I benefit from having greater control of my insurance program?
- Could I be paying too much in insurance premiums that continue to rise?
If you answered “yes” to these questions, contact us to learn more about how to turn risk into wealth with BankInsure.
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