Conceived as a response to the cyclical volatility of the conventional insurance marketplace, founders Bill McIntyre, Doug Pitcock, Richard Pepper, and Don Love envisioned an insurance organization focused on loss reduction with Member CEO leadership and accountability. From there, ACIG has grown from its 1981 roots into five distinct insurance entities serving its 40 Members, licensed in 49 states, and awarded an “A VIII” rating by AM Best.
From the beginning, ACIG’s strategic goal was to control the pricing, coverage grant, and claims handling of our Members’ risks. ACIG implemented Project Independence in 1988 to reduce its reliance on fronting companies by licensing its admitted carrier in all its states of operation. ACIG has accumulated capital to support its underwriting commitments and increase its risk retention in a deliberate manner. A second phase of Project Independence began in 2015, when ACIG began issuing general liability policies with limits of up to $10 million per loss occurrence. ACIG currently retains up to $7 million per loss occurrence for workers compensation and general liability risks, and up to $5 million per loss occurrence for automobile liability risks.
The 40 Members, arrayed across the US, are privately-held, US-based construction firms all committed to saving lives, preventing injuries, and reducing the overall cost of risk. Since 2002, ACIG’s Members have reduced workers’ compensation losses by 65%, general liability losses by 79%, and auto liability losses by 52%. Fully committed to quality, performance excellence, and safety, ACIG Members focus on risks which have the highest potential adverse impact on projects and people. A sharp focus on Serious Incident and Fatality (SIF), Life Saving Commitments, Good Catch/Near Miss analysis, Best Practices, and Performance Excellence is sustained by the Members through ongoing collaboration on industry-leading loss prevention and loss reduction initiatives.
Today, ACIG annually insures over $3 billion in payrolls with premiums exceeding $245 million across 15 different innovative insurance services/lines of business with a disciplined underwriting approach. From humble beginnings, ACIG recently reported $584.8 million of assets and $230.0 million of capital as of December 31, 2020. Since inception, ACIG has earned $289.5 million of profits and returned net retro premiums to our Members of $1.8 billion, for a total economic benefit to our Members of over $2 billion. Having been awarded the CICA Captive of the Year Award in 2019, ACIG is looking forward to its upcoming induction into the Bermuda Captive Hall of Fame in 2022.
So thank you to our loyal employees, service providers, reinsurers, and Members as we begin a new chapter in our journey of continuous improvement, setting a new standard for insurance services, and furthering our commitment to building better builders.
