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In a PORC, the producer (the insurance agent, broker, or producer) shares in the underwriting profits and investment income generated by the reinsurance company. This unique structure enables a PORC to offer several advantages to both the producer and the businesses they serve.
This type of structure is more commonly known as a Producer Owned Reinsurance Company or Cell (PORC), and requires a partnership with an authorised insurer to provide the necessary fronting for the regulated aspects of policy issue and claims.
A producer-owned reinsurance company (PORC) is a captive or a rent-a-captive cell owned or used by a broker or managing general agent (MGA) for reinsurance of selected risks that it produces for the purposes of retaining the underwriting income.
22 sty 2024 · The main benefit of reinsurance is to protect a business leader's company or group of LLCs and C-Corps. Consider that traditional P&C insurance companies are currently a) raising premiums in vulnerable areas from cyber-crime to extreme weather conditions; 'de-listing' risk from their policies (fire, flood, etc.).
30 wrz 2016 · The vehicles, sometimes referred to as producer owned reinsurance companies (PORCs) or producer owned insurance companies (POICs), are seen as an alternative form of capital used by promoters to support their client’s niche insurance needs.
PORC insurance and alternative risk transfer planning involves sophisticated insurance and risk management issues, regulatory and corporate legal issues, federal, state and usually international tax issues, and a wide range of accounting and financial issues.
