First Cornerstone set up in Cayman Islands
Insulate America has formed First Cornerstone, a captive insurance company. The group captive is made up of Insulate America member contractors. The insurance program will provide workers compensation and general liability coverage and is open to all Insulate America contractor members.
First Cornerstone will operate independently from Insulate America. Its initial Executive Committee includes Daniel Austin, Desiree Miller, Gina Sullenberger, Thomas Turner and Vic Verma.
Insulate America President David Beam said “We are thrilled to offer this great business opportunity to our member companies.” Beam said that the formation was “the result of putting the right team together after working toward a common goal for a couple of years.”
The company has selected the Cayman Islands for its domicile and Innovative Risk Management of Irving, Texas as the program administrator. The Broker will be HUB International of Albuquerque, New Mexico. Arch Insurance Company will be the insurer for the program. Innovative Risk Management will also be the Claims Administrator.
Beam commented that “Stuart Stagner’s team at Innovative Risk Management is highly regarded in the industry and has had great success in the alternative markets. Paired with Bruce Slapper and HUB International I know we have the best team possible to address our needs and specific challenges.”