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 PCCSM.
What is MICA Specialty PCCSM?
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 PCCSM adds an additional option to the medical professional liability insurance offerings at MICA. MICA Specialty PCCSM is offered 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 Specialty PCCSM provides professional liability insurance services by assisting 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 Specialty PCCSM 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 MICA Specialty PCC SM is right for their practice goals. For more information and to form a protected cell, please contact Timothy Friers, Vice President & Chief Underwriting Officer 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.