Driving 37% Cost Savings and $1.2M in Equity: How an Automotive Leader Gained Control and Flexibility Through Haven Re

Challenge

An automotive group had been with a traditional insurance provider for more than 25 years. Though happy with the relationship, the company was missing out on enhanced savings given its favorable loss experience and lack of control over insurance costs.

Solution

Hylant began the education process with the company, illustrating the advantages of joining Haven Re and creating long-term stability over annual insurance expenditure.

Though initially skeptical of the program's ability to be a long-term solution, the company engaged with the captive team to understand Haven Re's structure, discuss the submission timing, and develop an overall strategy to determine viability. The fronting carrier and excess provider made an in-person visit to the automotive group's facility to better understand the business and take a deeper dive with the company's stakeholders.

It was clear the company's operations were best-in-class and had strong controls in place to ensure a captive solution would be a feasible long-term strategy. The company was invited to attend the captive board meeting and to connect with existing members to gather further clarity on the program's benefits.

Given the 25% initial premium savings against their conventional market pricing and the interaction with the other Haven Re members, the company severed a 25-year relationship with their traditional carrier and elected to join Haven Re. Captive utilization has also afforded ease and flexibility of coverage inclusion unique to the company.