Ohio Licenses First Captive Insurance Company

Imprise Financial PCC Inc. is now licensed as Ohio’s first “protected cell” captive insurance company, according to the Ohio Department of Insurance.

Through its protected cells, Imprise Financial will allow businesses to insure some of their own commercial risks, realize greater control of their risk-management programs, and achieve long-term financial stability.

In June, 2014, Governor Kasich signed into law legislation allowing businesses to form captive insurance companies domiciled in Ohio for their own commercial insurance needs and granting the ODI the authority to regulate such captive insurance programs.

Imprise Financial’s first protected cell will insure certain contractual liability risks of NWAN Inc., a third-party administrator of service contracts and warranties for automobiles, recreational vehicles and motorcycles.