There are many types of captive insurances companies. A Group captive insurance, also known as an association captive,is a captive thatis formed by a group of individuals or entities sharing homogeneous or heterogeneous risks that agree to jointly own the captive to insure the risks of the member-owners. In some instances, an association may act as the sponsor of the captive to facilitate its formation.Various companies often prefer group captives to lower the start-up cost, when they do not have a large amount of premium to form their own captive insurance company and when they want responsible and talented managers to handle their captives which would be a little costly to employ alone.