Transforming Businesses Through Safety
Flexibility of Control with Financial Transparency
Raffles was conceived as a response to the frustrating lack of control, unpredictable premium costs, and inconsistent coverage afforded by the traditional commercial insurance industry. In 1983, following years of witnessing the challenges traditional insurance posed for a typical business leader, Karl von Heimburg, a founder and President of a captive insurance company, and George Rusu, CPCU, an insurance professional, developed the framework and located the nine initial companies that would pilot the program. This intrepid group of successful, safety-oriented companies quickly recognized the potential value of captive collaboration and set out to develop a new model – one built upon the concepts of shared risk, safety-focused operations, and long-term financial stability. When it came time to name this ground-breaking venture, the initial shareholders chose to honor Sir Thomas Raffles, a visionary British statesman who pioneered trade between Great Britain and Singapore and exemplified the entrepreneurial vision for the Company’s future. As an insurance company licensed and managed in the Cayman Islands, Raffles enjoys the security of policy issuance by Zurich North America with the flexibility of an independent company. The culture of entrepreneurial vision, practical innovation, and proven results that inspired Raffles’ origins continue to this day, creating more opportunities than ever for businesses to take control of their insurance needs.
A Vision For Transforming Businesses
A Tradition of Innovation
Since our inception in 1984, Raffles has tirelessly focused on addressing the most significant pain points of the traditional insurance industry. This effort of rethinking the commercial insurance model continues to attract world-class companies seeking to control losses and manage claims.
Measured Performance
Raffles partners are truly shareholders of an insurance company. This partnership includes transparency to the financial performance of the Company and a voice in its future direction.
Anchored in Deep Industry Knowledge
In the complex world of insurance, Raffles partners benefit from the leadership, guidance, and insight from Industry leaders including Captive Resources, Zurich, and Gallagher-Bassett.
Resources to Set Your Course
Raffles was created to give businesses greater control over the safety of their employees and ultimately, their insurance costs. Partners receive tools and resources to help their company operate more safely, manage claims, and leverage their partnership for the benefit of their organization.
A Culture of Shared Success
As partners, Raffles companies share in the successes and improvement of the group. This spirit of teamwork empowers partners to reach new performance and safety milestones, and enjoy the resulting individual and partner benefits.
Stability, Control, and Safety
Aggressive loss control and claims management are cornerstones of Raffles’ impressive loss ratio performance.
Positive growth through quality recruiting: As a referral-only group captive, we rely on the participation and discernment of our partners to expand our partnership base.