ACIG is a Bermuda-based insurance company group originally formed in 1981 by three construction companies that had “had it” with the unpredictable cost and coverage swings from the traditional property and casualty insurance markets available to contractors. ACIG’s Membership has since grown into a nationwide network of quality contractors.
We have a Financial Size Category of “VIII” ($100-$250 million of policyholders’ surplus) and an outlook of “Stable.”
MAY 1981 – Doug Pitcock, Richard Pepper, Don Love, and Bill McIntyre join together as stakeholders and commence business as American Risk Transfer Insurance Co. Ltd. ("ARTIC") with Bill McIntyre as CEO. St. Paul Fire and Marine Insurance Company ("St. Paul") fronts all policies.
AUGUST 1982 – ARTIC grows to 11 Members and "moves offshore" to Bermuda as a non-controlled foreign corporation.
DECEMBER 1986 – ARTIC activates American Contractors Insurance Company Risk Retention Group ("ACICRRG"), the first risk retention group formed in the US following the federal government’s passage of the Liability Risk Retention Act of 1986.
APRIL 1987 – ARTIC forms American Contractors Risk Purchasing Group, Inc. ("ACRPG") and places excess liability coverage on a group basis.
JANUARY 1988 – "Project Independence" is initiated. The goal is to license ACIG Insurance Company ("ACIGIC") as an admitted carrier in all states, thereby reducing its reliance on fronting companies for its day-to-day operations.
APRIL 1988 – ARTIC adopts an innovative methodology to allocate shareholders' equity among its Members, based on individual underwriting profit and investment income contributions to the group.
JUNE 1989 – Another dimension of Project Independence is commenced with ARTIC increasing its retained risk level to $1 million per loss occurrence for workers compensation and liability risks to begin lessening the degree of reliance on the outside insurance markets.
JANUARY 1990 – ACIGIC begins writing workers compensation risks in Texas. Additional states are written in subsequent years.
MAY 1991 – ACIG celebrates its 10th anniversary.
JANUARY 1992 – ACIGIC begins using a high deductible policy form and a companion deductible reimbursement policy for workers compensation in order to be more tax efficient.
DECEMBER 1992 – ARTIC reports inception-to-date profits of $50 million.
MARCH 1993 – ACIGIC begins writing contractor-controlled insurance programs (CCIP).
DECEMBER 1996 – ARTIC reports inception-to-date profits of $100 million.
JANUARY 1997 – ACIGIC and ACICRRG receive a rating of "A-", Financial Size Category ("FSC") "V" ($10 million - $25 million of policyholders' surplus) from A.M. Best Company.
JUNE 1997 – ARTIC concludes its fronting relationship with Continental and engages Discover to provide limited fronting and reinsurance support. ACICRRG increases its policy limit to $1 million per loss occurrence for liability risks. ACIGIC is now writing the workers compensation risks for substantially all states.
JANUARY 1998 – ARTIC "moves onshore" and reorganizes as a U.S. company for federal income tax purposes.
FEBRUARY 1998 – ARTIC's name is changed to American Contractors Insurance Group Ltd. (ACIG).
MAY 1998 – FSC was increased by A.M. Best Company to "VII" ($50 million - $100 million of policyholders' surplus) and the rating was extended to ACIG.
JUNE 2000 – ACIG increases its retained risk level to $1.5 million per loss occurrence for workers compensation risks. It continues to retain $1 million per loss occurrence for liability risks.
MAY 2001 – ACIG celebrates its 20th anniversary.
JUNE 2002 – Continuing to follow its Project Independence philosophy, ACIG increases its workers compensation retained risk level to $2 million per loss occurrence. Its retention remains $1 million per loss occurrence for liability risks.
OCTOBER 2003 – ACIG initiates Phase One of Project Lifesaver with a goal of reducing incurred losses by 40%, or $20 million.
JUNE 2004 – ACIG increases its retained risk level to $2 million per loss occurrence for liability risks.
NOVEMBER 2004 – ACIG begins writing subcontractor default insurance (SDI) policies.
APRIL 2005 – ACIG begins a strategic alliance with Zurich to support contractor-controlled insurance programs (AZ Program) for ACIG's general contractor Members.
JUNE 2005 – ACIG increases its retained risk level to $3 million per loss occurrence for workers compensation risks. Its retention remains at $2 million per loss occurrence for liability risks.
MAY 2007 – ACIG completes Phase One of Project Lifesaver. Loss rates were reduced 41.8% for workers compensation exposures and 66.7% for general liability exposures, for savings of $46.8 million as of May 2007.
JUNE 2007 – Phase Two of Project Lifesaver begins with a goal of reducing loss rates by an additional 40% over four years.
JUNE 2007 – The A.M. Best Company awards ACIG a rating of A, FSC VIII ($100 million - $250 million of policyholders' surplus).
JUNE 2007 – Teaming with Greyling (EPIC) and Zurich, ACIG launches a group purchasing program for contractor’s pollution and professional liability (CPPI) with limits of $50M per occurrence and $100M aggregate using its ACIGRPG company.
MAY 2011 – ACIG celebrates its 30th anniversary.
JUNE 2011 – The Project Independence march continues, and ACIG increases its retained risk level to $5 million (core program) per loss occurrence for workers compensation risks. Its retained risk level remains $2 million per loss occurrence for liability risks.
JUNE 2011 – Phase Three of Project Lifesaver begins with a goal of reducing loss rates by an additional 40% over four years.
JANUARY 2012 – Mike O’Neill steps into the role of CEO. Bill McIntyre continues to serve as Chairman.
JUNE 2012 – ACIG increases its retained risk level to up to $5 million per loss occurrence for liability risks.
JUNE 2015 – ACIG increases its general liability policy limit to $10 million. ACIG places multi-year reinsurance with Swiss Re.
JUNE 2015 – ACIG increases its retained risk level to up to $6 million per loss occurrence for workers compensation and general liability risks ($5 million for automobile liability risks).
JUNE 2015 – ACIG, teaming with Greyling (EPIC), commences a group cyber liability program with limits of $10 million per event and $25 million aggregate using its ACIGRPG company. Most ACIG Members choose to participate in this inaugural year.
JUNE 2015 – Phase Four of Project Lifesaver begins with a goal of reducing loss rates by an additional 20% over four years.
OCTOBER 2015 – ACIG launches a surety reinsurance program with Markel (SureTec).
JUNE 2018 – ACIG increases its retained risk level to up to $7 million per loss occurrence for workers compensation and general liability risks ($5 million for automobile liability risks).
MARCH 2019 – ACIG wins the captive industry’s highest honor, the Outstanding Captive Award from the Captive Insurance Companies Association (CICA).
JUNE 2020 – ACIG concludes its alliance with Zurich. CNA begins reinsuring excess workers compensation and providing fronting services.
JANUARY 2021 – Richard Pepper, co-founder of ACIG, , passes away.
MAY 2021 – ACIG celebrates its 40th anniversary.
JUNE 2021 – Furthering Project Independence, ACIG increases its retained risk level to up to $8 million per loss occurrence for general liability risks.
JUNE 2021 – ACIG initiates a program with CNA providing $10 million in excess limits above its primary $10 million general liability and $5 million automobile liability policies - referred to as the “10x Program.”
JUNE 2021 – ACIG teams with CNA to provide Members with small fleets an efficient market option: the “Light Fleet Program,” with limits of $5 million of automobile liability coverage.
JULY 2021 – Mike O’Neill retires as CEO, and James Shay assumes the role of CEO. Bill McIntyre continues as Chairman.
DECEMBER 2021 – ACIG posts total shareholders’ equity of $236,254,000 and insures 95,200,000 manhours and $3,285,000,000 of construction payroll during the 2021 policy year for 39 active Members.
SEPTEMBER 2022 – ACIG is inducted into the Bermuda Captive Hall of Fame.
