Eagle Guard Core Cell Company (EGCCC), a Wilmington-based protected cell captive insurance platform, recently launched.
According to a news release, the company gives businesses a more streamlined, cost-effective way to control their risk and reduce reliance on traditional insurance. It does so through what’s known as segregated, or protected, captive insurance.
Founded by Ryan Legg, Matt Propst and Mike Moran, EGCCC was born after they had success with operating a captive insurance company. This experience gave them the idea of “making alternative risk strategies more accessible, efficient and practical for a broader range of businesses,” according to the release.
In addition to his role as one of EGCCC's founders, Legg is the owner of Wilmington-based firm MegaCorp Logistics.
EGCCC had also worked with local USI broker Jarrett Shearin and his team and had identified a market gap for a segregated cell structure built for business owners, by business owners.
Captive insurance is a way for companies to self-insure and avoid using traditional third-party insurers. With protected cell captive insurance, a business can “rent” its own cell within an existing licensed insurance entity, such as EGCCC.
Other companies can also buy their own cells through the platform, but each business has full ownership of its cell’s insurance program. Plus, the operations of other participants with their own cells don’t influence those of other cell holders.
With this structure, businesses can avoid the time, cost and administrative burdens of forming a standalone or pure, captive insurance entity while still retaining underwriting profits, accessing reinsurance markets and benefiting from investment income, according to the release.
“Captive insurance has historically been a powerful but underutilized tool for mid-market companies due to complexity and cost barriers,” Moran said. “EGCCC changes that by delivering a turnkey structure that allows companies to take control of their risk strategy without the burden of building a captive from scratch.”
EGCCC’s partners include Live Oak Bank, Rockefeller Capital Management (Decision Point Wealth Partners), GuideFire Captive Management, Cherry Bekaert, The Actuarial Advantage and Deaton Law Firm.
According to the release, Live Oak Bank will provide banking infrastructure for all cells and support premium flows, claims payments and capital management.
Decision Point Wealth Partners, a division of Rockefeller Global Family Office, will guide the investment management of surplus funds. Rockefeller Global Family Office is the wealth management division of Rockefeller Capital Management.
Luke Waddell, CEO of Cadence Realty Corp. and former Wilmington City Council member, is also a part of the company’s board.
“With EGCCC, businesses gain control with minimal operational burden,” Propst said. “At the end of the day, this is about giving businesses a better platform to take control of one of their largest and least predictable expenses.”
