Michigan Municipal Risk Management Authority (MMRMA) has formed a new captive insurance company, Greenstone Insurance Company, LLC. Named for Michigan's state gemstone, the Isle Royal Greenstone, the captive was licensed by the Michigan Department of Insurance and Financial Services in December, 2016.
Formed after a feasibility study, Greenstone is a means to maximize program flexibility and help MMRMA reduce reliance on the traditional marketplace through long-term increased risk retention. "The formation of the captive is a key element of MMRMA's long-term strategic plan. Greenstone will provide new products and services in response to member needs," MMRMA Executive Director Michael Rhyner said.
Capitalized by MMRMA, the captive is a formal risk financing entity that maintains a conservative and stable approach to risk retention. According to Rhyner, "MMRMA is a mature pool, and captive creation is a great way to deploy capital to further benefit the membership."
For more information about Greenstone Insurance Company, contact Michael Rhyner at 734-513-0300.