MICA Specialty Protected Cell Captive (PCC)
Captive insurance can be a valuable mechanism for sophisticated groups who want to assume a portion of their liability exposure. This is especially true for low frequency, high severity lines of insurance like medical professional liability (MPL). With this in mind, MICA created MICA Specialty PCC.
What is MICA Specialty PCC?
MICA Specialty PCC Inc. (MICA Specialty) is a protected cell captive organization and is a wholly owned stock company subsidiary of the Mutual Insurance Company of Arizona (MICA). MICA is the sponsoring organization. MICA Specialty, established in 2014, adds an additional option to the medical professional liability insurance offerings at MICA. MICA Specialty was formed with MICA’s larger medical practice members in mind - to offer alternative risk financing opportunities through a protected cell captive concept.
Unlike a costly, traditional, stand-alone captive, MICA assists in the formation and management of protected cell operations by handling underwriting, regulatory requirements, pricing, claims management and financial reporting on behalf of the cell. MICA also provides the “core” capital to meet the regulatory thresholds set by the District of Columbia Department of Insurance, MICA Specialty’s domicile.
How does this affect current MICA members?
Large medical practices who are interested in retaining more of their medical professional liability exposure should contact MICA or their MICA broker to help determine if a protected cell within MICA Specialty is right for their practice goals. For more information, please contact Robin Charles, Vice President of Marketing & Corporate Communications at 602.956.5276 or via email at MICACaptive@mica-insurance.com.
Learn more about captives from Captive International
Click here to read "A beginner's guide to physician group captives".
Click here to read "Changes in healthcare bring captive solutions to the forefront".
* The information on this page is not intended to be legal or financial advice. For more information on the risks and benefits of a protected cell captive, consult your attorney and/or accountant.