Announcing the Launch of New Captive Insurance Cells (Programs)
Jun 24, 2024
Today, June 24, 2024, The Boston Consortium for Higher Education released this press release about edRISK, which includes edHEALTH and two new captive insurance cells or programs launched on June 1, edLIABILITY and edPROPERTY.
FOR IMMEDIATE RELEASE
The Boston Consortium for Higher Education, Inc., Newton, MA. Announces the Launch of New Captive Insurance Cells
[June 20, 2024] —
The Boston Consortium for Higher Education, Inc. (TBC) partnered with edHEALTH, a medical stop loss captive for educational institutions, to explore opportunities for cost containment in other lines of insurance coverage. Thanks to a grant from the Davis Educational Foundation, established by Stanton and Elisabeth Davis after Mr. Davis’s retirement as chairman of Shaw’s Supermarkets, Inc., TBC and edHEALTH members spent more than two years reviewing the risks, rewards, actuarial analysis and captive insurance structures. The collaboration led to the creation of edRISK, a sponsored cell captive insurance company domiciled in Vermont, and new captive insurance cells edLIABILITY and edPROPERTY. edRISK, which now includes the edHEALTH, edLIABILITY, and edPROPERTY cells, is a member-owned and governed organization.
edLIABILITY launched with seven members. The cell offers retention reimbursement agreements for general liability and educators legal liability insurance.
edPROPERTY launched with eight members. The cell offers deductible reimbursement agreements for property insurance.
As higher education navigates an increasingly complex risk landscape, TBC and edRISK stand ready to facilitate and develop innovative solutions to better manage the total cost of risk for their member institutions. The launch of these cells positions its members to take a strategic approach to risk management and risk transfer, making its members less reliant on traditional insurance risk transfer. Membership in these Cells is expected to grow significantly in the early years and generate long-term savings for its member-owners.
For more information about TBC or edRISK and its three insurance cells, please contact Kitty Kennedy, Executive Director of TBC at kkennedy@boston-consortium.org or Tracy Hassett, President of edRISK at athassett@edrisk.org.
About The Boston Consortium for Higher Education:
The Boston Consortium for Higher Education (TBC) was established in 1995 by the chief financial officers at 11 Boston-area colleges and universities. Today, the consortium is comprised of 24 institutions, governed by the CFOs at: Amherst College, Babson College, Bentley University, Berklee College of Music, Boston College, Boston University, Brandeis University, Brown University, Bryant University, College of the Holy Cross, Curry College, Emerson College, Harvard University, Lasell University, Massachusetts Institute of Technology, Northeastern University, Olin College of Engineering, Rhode Island School of Design, Simmons University, Suffolk University, Tufts University, University of New England, Wellesley College, and Wheaton College.
The mission of TBC is to empower its member institutions to thrive in a dynamic and challenging environment. Through innovative programs, initiatives, and thought leadership, TBC enables members to improve their financial and operational performance as well as the quality of their offerings.
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