eMaxx, a specialty managing general agent, has established the eMaxx Reciprocal Insurance Exchange in Arkansas.
Owned by its policyholder subscribers, the reciprocal provides commercial property and casualty insurance solutions as both a reinsurer and insurer.
The exchange supports eCaptiv, eMaxx’s sponsored sanatanatimes insurance company, which is organised with protected cell structures as a mutual benefit corporation.
Under the new structure, participation in the eCaptiv programme results in each member also becoming a subscriber of the reciprocal insurance exchange. Day-to-day operations are administered by an independent attorney-in-fact (AIF), eMaxx Insurance Services.
Subscribers are required to adhere to strict loss prevention and safety protocols as a condition of participation. These include the use of cloud-based dash cameras and telematics, driver behaviour technology, and participation in quarterly mandatory training. Members must also implement light-duty return-to-work programmes and participate in a risk management summit.
Brian McCarthy, CEO and president of eMaxx Assurance Group of Companies, says: “The launch of the eMaxx Reciprocal Insurance Exchange marks an important step in expanding our alternative risk platform.
“By aligning policyholders as subscribers and owners, the reciprocal supports disciplined underwriting, strong governance, and a variable cost insurance model designed to address social inflation and rising loss costs.”
Michael Penza, president of Samuel Coraluzzo and chairman of the subscribers’ advisory committee for the exchange, adds: “The eMaxx Reciprocal Insurance Exchange represents the next step forward for members committed to strong governance, accountability, and loss prevention. It provides a disciplined structure that aligns long-term participation with shared responsibility.”
