A Privately Owned Reinsurance Company (PORC) is an insurance company that reinsures the risks of its owner, affiliated businesses, or a group of companies.
This practice, which originated in the 1600s, became a strategic business approach during the Industrial Revolution in the 1900s. In recent years, the reinsurance industry has seen significant growth, driven by businesses seeking to more effectively manage insurance dynamics, including risk mitigation, premium costs, cash flow, claims, asset protection, service, and capacity.
- Loss Damage Waiver
- In House Club Program
PORCs can address uninsured and under-insured risk exposures that are not covered by traditional commercial Property and Casualty insurance. The most effective risk mitigation strategies involve licensed, third-party actuaries who assess and categorize clients' risk profiles using comprehensive actuarial data. These risks may include business interruption, legal liabilities, reputational damage, key person risks, loss of key customers or vendors, and more.
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