There are a variety of types of captive insurance companies to meet the insurance and risk management needs of organizations, including:
Pure – This type of captive insurance only provides coverage to the risks of its parent company and the associates.
Group–This type is owned by various numbers of parent companies belonging from same industry.
Association– This type is similar to Group captive insurance companies but these companies are sponsored or owned by an organization of same kind.
Agency–This category enables an agent or agents to share in the profits produced by their own business. Because of this advantage the agents can control the placed businesses in the captives to make sure more profits from the captives.
Protected Cell – This type of captive insurance helps those companies which choose not to create their own captives by providing them non-owned captive facility.
Special Purpose – This type of captive is only for those who does not find Protected Cell type of captive unfit for them. But these types of captives are not permitted by every domicile.
Series – This category is mostly like the Protected Cell captives but it has more variability in it.
Industry Captive– This type is established by associations of same industry for solving a particular insurance problem.
Micro Captive– This type is a legally licensed, limited-purpose property and casualty insurance company that is owned by its members under Internal Revenue Code (IRC) Section 831(b) operating with an annual net written premium of up to USD 2.2 million.
Diversified– This type accepts business from other companies than its parent company too.