At its outset, Energi assumed risk through a group-captive mechanism, purchasing two segregated cells in a Bermuda-based rent-a-captive, Hurst Home Insurance Co.
But in September 2010, Energi capitalized a series captive in Delaware to create an industrial reinsurer that maintained the company's risk-bearing capabilities but provided clients guaranteed-cost coverage through the facility's fronting insurer.
Rather than move the Hurst cell business onshore, Energi conceded to Delaware regulators' request to run off the Bermuda business and start afresh onshore to avoid any accounting problems, explains Tim Kolojay, Energi's senior vice president of underwriting operations.
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