Catholic, Nonprofit, Member-Owned, Broad Portfolio of Coverages
Group Member-owned Captive, Domiciled in Vermont
“Laying the foundation for a customized, risk financing program for each diocesan member owner.”
BPIC, as a group reinsurance company owned by 31 dioceses and archdioceses in the US, is a long-term venture now in its 19th year of operation. The Company will always need contractual protection, and the exposures will extend out over time. And BPIC will always need partners, in terms of markets, carriers and solutions to complement BPIC’s platform for self-insurance.
The Board and the respective Committees (Executive, Administration, Finance, Risk Control and Underwriting) act as stewards of the Company and use both a conservative approach and a collaborative effort in all decision-making.
BPIC’s Board is focused on creating a legacy by which its members are provided with a company that is properly and prudently funded, aligned with its risk-taking partners and is able to reclaim dollars for ministry versus losing those dollars through risk transfer and the “expense” of insurance.
BPIC requires all members to make a three-year commitment upon joining the captive. At this point in its history, the Board – with the support of the Membership – has been committed to growing the surplus for use in collateralizing increased risk taking opportunities versus returning the original capital to the members.