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File #: 24-1103    Version: 1 Name:
Type: Recommendation Status: Discussion Item
File created: 7/13/2024 In control: County Administrator
On agenda: 7/30/2024 Final action:
Title: Approval of formation of Orange County Captive Insurance Company. The captive will be domiciled in Vermont and will be structured to maximize the County's ability to retain earnings and underwriting profits to make the County's risk transfer program more sustainable in the future. (Risk Management Division)
Attachments: 1. Staff Report
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Interoffice Memorandum

DATE: July 12, 2024

TO: Mayor Jerry L. Demings and County Commissioners

THROUGH: Lisa Snead, Assistant County Administrator

FROM: John Petrelli, Director of Risk Management and OPS

CONTACT: Susan Martin, Risk Management Administrator

PHONE: 407-836-9639

DIVISION: Risk Management Division

ACTION REQUESTED:
title
Approval of formation of Orange County Captive Insurance Company. The captive will be domiciled in Vermont and will be structured to maximize the County's ability to retain earnings and underwriting profits to make the County's risk transfer program more sustainable in the future. (Risk Management Division)
body

PROJECT: Orange County Captive Insurance Program

Since its inception in the early 1980's, the Risk Management Division has collaborated with its contracted commercial insurance brokers to develop a risk transfer program that includes aspects of self-insurance as well as commercial insurance policies.
The self-insurance portion of the program includes the self-insured retentions of our workers' compensation, liability and property policies. Since April 1, 2014, the County has been totally self-insured for workers' compensation claims. The self-insurance program is well capitalized in that separate loss reserves have been established and are adjusted on an annual basis based on the findings of a certified actuary. In FY 2023-2024 the County is maintaining loss reserves of approximately $81.3 million dollars. These loss reserves are currently funded at a 75% confidence level and assume a 3% investment rate.
For those exposures that are catastrophic in nature the County purchases commercial insurance policies. These policies include various deductibles or retentions and limits based on conservative risk management practices and approved by the Risk Management Committee.
Over the past 20 years the County has paid out approximately $104.6 million in premium dollars for all commercial insurance policies combined. ...

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