Nonprofit Hospital Approved to Own New Jersey’s 21st Captive InsurerJanuary 22, 2016 – In The News
Carl Anthony Maio was featured in the A.M. Best News article, "Nonprofit Hospital Approved to Own New Jersey’s 21st Captive Insurer." Full text can be found in the January 22, 2016, issue, but a synopsis is below.
The Deborah Heart and Lung Center became the first entity that involves both healthcare and nonprofit to start a captive insurance company in the state of New Jersey. The newly formed captive will operate under Deborah Medical Associates Insurance Co. LLC and will provide comprehensive general liability coverage for Deborah, along with coverage for staff and physician groups as well.
According to Fox Rothschild's Carl Maio, when Deborah officials first went to the firm, “they wanted to form an offshore captive in Bermuda or the Caymans. They weren’t aware that they could form a pure single-parent onshore captive in New Jersey.”
“This was a way for Deborah to take control over its destiny. Control over the management of the risks was very important to Deborah,” added Maio.
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