eMaxx Launches Innovative Reciprocal Insurance Exchange in Arkansas
eMaxx Launches Reciprocal Insurance Exchange in Arkansas
eMaxx, a prominent player in the insurance industry as a Specialty Managing General Agent and Attorney-in-Fact, has introduced the eMaxx Reciprocal Insurance Exchange in Arkansas. This innovative entity functions as both an insurer and reinsurer, catering to policyholder-owners through alternative risk insurance frameworks.
Brian McCarthy, CEO and President of eMaxx Assurance Group of Companies, Inc., emphasized the strategic importance of the eMaxx Reciprocal Insurance Exchange. He explained, "By aligning policyholders as Subscribers and Owners, the Reciprocal fosters disciplined underwriting, robust regulatory compliance, and a cost-efficient insurance model to confront social inflation and escalating loss costs."
Through membership in the eCaptiv program, participants gain a Subscriber interest in the Reciprocal Insurance Exchange. Daily operations are managed by an independent Attorney-in-Fact (AIF), ensuring effective regulatory compliance and industry-standard governance.
Michael Penza, President of Samuel Coraluzzo and Chairman of the Subscribers' Advisory Committee for the eMaxx Reciprocal, highlighted the critical nature of this initiative. He remarked, "It offers a structured approach that aligns long-term participation with collective responsibility."
Program participants must adhere to comprehensive loss prevention protocols and safety regulations. These include cloud-based dash cameras, telematics, inward-facing cameras, and cell phone blocking systems. Members participate in monitoring and training programs, maintain driver record checks, implement disciplinary procedures, share safety data through approved technologies, attend the Risk Management Summit, and engage in light-duty return-to-work initiatives.
eMaxx Insurance Services, LLC, acts as the Attorney-in-Fact for the Reciprocal Insurance Exchange while also sponsoring eCaptiv, an Arkansas-based captive reinsurance company supporting protected cell reinsurance structures tailored to comprehensive risk management solutions.
About eMaxx
eMaxx excels in providing technological solutions within the insurance sector, functioning as a Managing General Agent and Attorney-in-Fact. The company innovates within property and casualty insurance, utilizing technological advancements and risk management strategies to address shifts within the traditional insurance landscape. Services offered by eMaxx include underwriting, loss prevention, training, and electronic tracking technology. Additionally, eMaxx provides claims management, legal services, and specialized environmental claims management through its subsidiary, eRisk Solutions, LLC.
For additional information, visit eMaxx.