Business Moves

Houston-based Capstone Associated Services Ltd. announced it formed its 100th captive insurance company. Capstone formed its first captive in 1998 and has since formed captives for a variety of middle market businesses with headquarters throughout the United States.

Capstone’s clients use alternative risk financing strategies to reduce insurance costs, improve risk management, customize coverages and increase cash flow. Capstone provides captive insurance services to middle market companies, offering turnkey services with its related law firm.

Thousands of businesses representing industries such as manufacturing, fabrication, distribution, medical, finance and construction, now participate in alternative risk planning to better insure the risks of its affiliates, according to Capstone.

Lance McNeel, Capstone’s director of Insurance, said beginning in 2009, the company significantly expanded its “domestic captive formations after becoming a licensed captive manager in Delaware.”

Capstone is also a licensed captive manager in Anguilla.

Distinguished Programs Group LLC (Distinguished), headquartered in New York, acquired a controlling interest in GreenLine Underwriters (GreenLine), a Dallas-based program administrator focused on delivering insurance products through Web-based technology.

Under the terms of the agreement, GreenLine principals Rod Taylor and Kellam Radford will join the executive management team at Distinguished Programs.

The transaction is expected to close in first quarter 2011.

Distinguished Programs primarily focuses on tailored programs for residential and commercial real estate owners and property managers including property, liability, directors and officers’ liability, crime and high limits umbrella insurance. Products are distributed through independent agents and brokers.

Distinguished subsidiary companies include SES Insurance Brokerage Services Inc., an insurance program manager and service provider for bank-managed trust property portfolios, and China-based ReSource Pro, a business process outsourcing company for insurance intermediaries. Distinguished is also a partner in IDP Holdings, a joint venture acquisition vehicle.