Corporate Services

Not all enterprise risks are addressed by commercially available insurance. Emerging risks such as cyber security and reputation risk create significant exposures for companies of all sizes. At the same time, commercial insurance carriers are pushing organizations to higher deductibles and there remain significant gaps in coverage and exclusions in commercial insurance policies. This creates unfunded risks, which must be evaluated as a part of any company’s enterprise risk management process.

A growing number of businesses across the United States are forming captive insurance companies – also known as “captives” –  to cover these unfunded risks. A captive is a legally licensed limited purpose entity and casualty insurance company which can both write insurance that commercial carriers will not as well as write broader policy forms than commercial insurers. A captive structure is not meant to replace a company’s current commercial policies. Instead the captive augments the commercial policies by covering commercial deductible layers, increasing coverage levels on existing policies (excess layers), and identifying other currently unfunded risks to insure where commercial insurance is not available.


• Independent assessment of a company’s commercial insurance coverage, which provides a detailed peer comparison for each commercial policy
• Identification and selection of coverages that can be placed inside the captive
• Assist with the feasibility and implementation of a captive
• Ongoing Captive management



• KeyState Captive Management has been endorsed by 26 state banking associations or their for-profit subsidiaries. Learn more about these endorsements here
• KeyState acts as a Captive Manager for over 80 banks from 23 states
• KeyState provides banks with independent captive and risk management solutions, regardless of a bank’s existing insurance carriers
• KeyState is not an insurance brokerage. When implementing a captive, we offer banks perspective on commercial insurance program adjustments that can benefit their bank 


David Guerino, SVP & Managing Director - Captive Insurance • [email protected] • 802.316.4333