PEIC
Public Energy Insurance Company, LLCAbout PEIC
With PURMA’s $950,000,000 property program being significantly impacted by the “hard” commercial insurance market conditions, our members faced a common problem. Rising premiums and shrinking capacity brought our membership to the drawing board with a sense of urgency to develop a solution. Under the leadership of PURMA’s Executive Director our property members formed a Sponsored Captive domiciled in the State of Vermont. A sponsored captive structure is appealing for its flexible design which could provide additional benefits to PURMA members in the future. As of 2022, the sponsored captive, Public Energy Insurance Company, LLC holds one protected cell, PEIC Property Insurance IC (PEIC) which acts as the first layer of coverage for PURMA’s property program. As members equity in PEIC grows, PURMA will look to expand the capacity of the protected cell. PEIC has offered an alternative insurance solution for the first layer of our property program where rates and coverages are determined by our members rather than dictated to us by the commercial marketplace. PEIC is managed by a Board of Directors representing its utility members
Property Insurance
An Individual Captive Cell sponsored by PURMA for property exposures. PEIC provides the primary layer of insurance to PURMA’s group Property Program.
