As Insurance Costs Climb, Law Firms Seek To Self-Insure

Law360 (October 26, 2020, 5:06 PM EDT) -- Soaring insurance premiums in recent months have prompted Linklaters LLP and an increasing number of law firms to consider an alternative to handing over money to commercial insurers: forming their own insurance companies.

Known as captive insurance, this variation of self-insurance involves creating a subsidiary company tasked with handling the law firm's risks. The firm pays premiums to the captive, effectively shifting risk from its books to that of the subsidiary.

Where a premium paid to a commercial insurer is money that goes out the door, a premium paid to a captive is money that remains beneath the law firm's umbrella,...

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