Boulder Insurance Ltd

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Our History

Boulder Insurance, Ltd. was established in 2003 by business owners seeking a smarter, more affordable way to manage their insurance. Frustrated by the lack of responsiveness in the traditional market, they joined together to form a member-owned captive that offered greater control and stability. With guidance from Captive Resources, LLC, the founding members built a customized insurance alternative designed to strengthen buying power, reduce costs, and give mid-sized companies the same advantages and influence once reserved for the largest organizations.

Performance

As of September 30, 2025

Gross Earned Premium

Shows the total premium written into the captive each year, reflecting the overall size and growth of the program over time.

$123 M

Number of Shareholders

Highlights how many companies participate in the captive each year, illustrating growth, stability, and the strength of the member community. Figures include both active and inactive members.

148

Investment Income

Tracks the income earned from investing captive assets, which can help support long-term financial strength and enhance member returns.

$14M

Distributions

Shows the dollars returned to members over time, demonstrating how strong performance can translate into distributions back to participating companies.

$26 M

Incurred Loss Ratio

Compares the captive’s losses to the premium collected each year, providing a key measure of claims performance and overall program health.

17%

Performance

As of September 30, 2025

2/5

Select Charts

Gross Earned Premium

Shows the total premium written into the captive each year, reflecting the overall size and growth of the program over time.

$123 M

Shareholders

Highlights how many companies participate in the captive each year, illustrating growth, stability, and the strength of the member community.

148

Investment Income

Tracks the income earned from investing captive assets, which can help support long-term financial strength and enhance member returns.

$14 M

Distributions

Shows the dollars returned to members over time, demonstrating how strong performance can translate into distributions back to participating companies.

$26 M

Incurred Loss Ratio

Compares the captive’s losses to the premium collected each year, providing a key measure of claims performance and overall program health.

17%
Becoming a member of Boulder means taking an active, controlling role in a company’s insurance future. This shift in responsibility is precisely how members achieve long-term stability and financial rewards.
The Legal Structure: Control and Security
Boulder is licensed and managed in the Cayman Islands, serving to reinsure risks from our U.S.-licensed policy issuing carrier. This proven structure provides the necessary security and financial efficiency for the core lines of coverage: Workers’ Compensation, General Liability, Automobile Liability and Physical Damage. The company gains the control of a global structure backed by the security of a recognized U.S. carrier.

Each shareholder is entitled to appoint a Director to the Boulder Board. This ensures direct representation and shared control:

  • Equal Vote, Shared Power: Every shareholder holds one equal vote, regardless of premium size. A simple majority governs, ensuring that the captive is managed in the best interest of all members.

  • Active Participation: Primary responsibilities include actively controlling losses and participating in Board meetings and Risk & Claims workshops.

  • Growing the Equity: Members are encouraged to use their expertise to educate other high-quality businesses about the benefits of the captive concept, helping to maintain and enhance the group’s financial strength.
Boulder’s management strength lies in its strong committee structure and the frequent, individual involvement of all Directors. This focused oversight is how owners exercise granular control over the captive’s operations and strategic future.

Executive: Develops and steers the long-range plans and strategic direction for the company.

Finance: Reviews all financial statements, ensures member financial compliance, and advises the Board on the investment policies for the company’s assets.

Underwriting: Advises the Board on acceptable risks, ensuring that all risks assumed are adequately underwritten to protect the group’s financial stability.

Risk Control: Sets loss control goals, reviews performance reports, and actively works with members to achieve the required safety and claims management targets.

Premiums Built For Performance, Not The Market

One-size-fits-all pricing is out. In Boulder, each member company’s annual premium is actuarially tailored to actual results and commitment to safety.

This is not a market rate. It is a performance rate. Premium dollars retain predictable, company-specific risk, while catastrophic events are shared across the group. The model encourages accountability, rewards disciplined management, and makes long-term insurance costs more predictable.

Criteria

Because each member of Boulder is an owner, the following criteria has been established to ensure the quality of membership and long-term strength of the company:

  • Management Commitment to Safety
  • Financially Strong Company
  • Loss Experience Better than Average for Industry Group
  • Regular Attendance and Participation in Board Meetings
  • Business Philosophy Compatible with Boulder Group
  • One-time Contribution to Capital of $36,000
  • Minimum Annual Casualty Premium of $450,000

We empower members to be proactive. Each member receives dedicated funds to engage a loss control consultant who acts as a trusted partner, focused solely on preventative strategies to reduce risk exposure and improve long-term performance.

Claims Management with Clarity

While the Third-Party Administrator (TPA) handles claims and has that authority, the company maintains oversight. Partner with our dedicated third-party claims administrator, leveraging leading technology and customized handling instructions that reflect company service expectations and ensure clear visibility and input throughout the process.

Twice a year, Boulder hosts intensive Risk Control Workshops focused specifically on advanced claims management and loss prevention strategies. These customized, unique events allow members to network with fellow owners and leverage collective expertise to refine risk strategies.

Stay ahead of emerging risk trends. As a Boulder member, organizations receive complimentary access to monthly webinars, concise one-hour sessions designed to deliver practical, actionable insights on safety, claims, and risk issues directly to internal teams.

Access a powerful, web-based service filled with tools to bolster the entire risk program. This centralized Risk Platform provides an abundance of resources, from comprehensive safety training modules to up-to-date guidance on employment practices.

The secure Member Portal is a single point of access for all essential captive information. Members can review key documents like annual financial reports, access board meeting summaries, join member-only forum discussions, and retrieve the library of risk control and webinar recordings.

Boulder’s management strength lies in its strong committee structure and the frequent, individual involvement of all Directors.

Insurance Consultant:
Captive Resources, LLC

Claims Administration:
Broadspire

Credit Banks:
Société Générale / Scotiabank

Policy Issuance:
Zurich North America

Loss Control Consultant:
Nationwide Network

Operating Bank: 

Scotiabank & Trust (Cayman) Ltd., / RBC Royal Bank (Cayman) Limited

Reinsurer: 

Zurich North America

Insurance Manager:
Kensington Management Group

Actuary:
Edgewater Actuarial Insights, LLC

Insurance Brokers: 

Nationwide Network

Auditor:
KPMG

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Benefits of Joining Boulder

The Ownership Advantage

Boulder members share a common goal: protecting their people and their businesses. We empower sophisticated business leaders with unmatched control and the opportunity to turn a commitment to business excellence into a financial asset. The model is built on three core pillars: financial stability, a rewarding safety culture, and peer-to-peer trust.

In Boulder, an investment in workplace safety is directly rewarded. Partners are bonded by a shared commitment to minimal losses and are provided with actionable steps and proven recommendations to elevate their safety culture. This focus on loss control translates into fewer claims and a safer workforce, which is the necessary foundation for long-term financial stability within the captive. The selection process is stringent. We partner only with industry leaders who demonstrate managerial commitment to safety and financial stability. This selective, transparent process ensures a foundation of trust that protects every owner’s investment and upholds the group’s financial strength.

We transform insurance premiums into a source of stability and equity. The concept is simple: by joining a captive for a true sharing of risk, owners earn the financial rewards previously retained by traditional carriers. Member success is our success. This collective strength allows partners to achieve long-term premium stabilization and the opportunity to generate dividends, which are a direct return of underwriting profit to members. This financial advantage, coupled with expert risk coaching, makes a disciplined approach to risk a clear profit center.

A key differentiator of Boulder is the active participation and collective input of its shareholders. This is not a passive investment. It is an executive-level peer network where shareholders actively govern the company. This shared interest creates a constructive network of national business leaders eager to improve their own companies while contributing to the overall success and direction of the group. Collective input shapes the company’s future, ensuring the captive always operates in the best interest of the membership.

For Executives

Boulder empowers business leaders to turn insurance into a strategic advantage, giving them control over costs, culture, and outcomes while connecting them with a powerful network of like-minded executives.

Control Corporate Destiny

Leaders navigate complex challenges, balancing ambitious financial milestones with the critical task of leading organizational culture. Boulder was founded by business owners who wanted more control over costs and outcomes. That same entrepreneurial spirit drives Boulder today, empowering member companies to set the strategic course for their risk management future.

In the traditional market, excellent claims performance rarely translates into financial benefits. The annual premium is often a sunk, fixed cost with little control over the rate.

With Boulder, that dynamic fundamentally changes. The premium becomes a strategic spend and not simply an expense. Member companies have the opportunity to earn dividends that directly reflect superior loss performance and the collective success of the group. This model works: since inception, Boulder has returned over $25.5 million in dividends to its partners, proving that excellent risk management pays tangible financial rewards.
Every effective CEO understands that culture is king for team performance.A strong safety culture is perhaps the most critical component, ensuring employees return home safely and minimizing business disruption. Upon joining the Boulder community, members benefit from the collective experience and insight of other successful leaders. Access includes direct safety coaching and proven strategies from fellow executives on cultivating a culture of safety and implementing safer, more efficient operations.

As a Boulder partner, organizations are not just buying insurance; they are joining over 138 elite companies united in a commitment to controlling costs, improving safety, and growing the group’s financial strength. Partners frequently cite this deep sense of camaraderie as a key benefit, often leading to valuable new business opportunities and extensive, practical peer-to-peer business training that goes far beyond insurance.

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For Financial Managers And Directors

Boulder gives financial leaders greater control, predictability, and return on their insurance spend, transforming premiums into an investment that delivers stability, savings, and measurable ROI.

Stability, ROI, and Control
Finance directors and CFOs know an insurance program’s financial implications extend far beyond the initial premium. Leaders must assess long-term cost trends, volatility, and how claims activity impacts a company’s fiscal health. Boulder was created by business leaders to solve these exact challenges, transforming insurance from a volatile expense into a controllable, financially rewarding asset. For successful companies, Boulder is a direct and valuable contributor to sustained financial success.

Traditional insurance markets rise and fall with industry trends, often ignoring a company’s actual performance. Boulder replaces that uncertainty with stability. Members benefit from more predictable premiums that reflect their safety record and the group’s collective results, not external market swings. This consistency supports accurate, data-driven budgeting and long-term financial planning, helping finance teams project costs with confidence year after year.

Boulder provides the tools and expertise to implement safer company-wide practices, turning operational improvements into measurable financial savings. Members receive guidance and coaching on creating robust cultures of safety, with specific strategies for risk reduction across a range of industries. By implementing these practices across the organization, companies directly and proactively reduce claims costs, securing a lower financial outcome year after year.

In Boulder, the premium does not disappear, it works for the company. By sharing risk and practicing proactive loss control, members transform insurance from a fixed expense into a strategic spend. When the group performs well, members earn dividends that reflect both company-specific and collective results. Since inception, Boulder has returned more than $25.5 million in dividends to its partners. It is insurance with accountability, with the potential for measurable return.  

For
Executives

Boulder empowers business leaders to turn insurance into a strategic advantage, giving them control over costs, culture, and outcomes while connecting them with a powerful network of like-minded executives.

For Financial Managers And Directors

For Financial Managers And Directors

Boulder gives financial leaders greater control, predictability, and return on their insurance spend, transforming premiums into an investment that delivers stability, savings, and measurable ROI
For Executives
Control Corporate Destiny

Leaders navigate complex challenges, balancing ambitious financial milestones with the critical task of leading organizational culture. Boulder was founded by business owners who wanted more control over costs and outcomes. That same entrepreneurial spirit drives Boulder today, empowering member companies to set the strategic course for their risk management future.

Transform Premium into a Strategic Spend
In the traditional market, excellent claims performance rarely translates into financial benefits. The annual premium is often a sunk, fixed cost with little control over the rate.

With Boulder, that dynamic fundamentally changes. The premium becomes a strategic spend and not simply an expense. Member companies have the opportunity to earn dividends that directly reflect superior loss performance and the collective success of the group. This model works: since inception, Boulder has returned over $25.5 million in dividends to its partners, proving that excellent risk management pays tangible financial rewards.
Safety Culture as a Performance Lever

Every effective CEO understands that culture is king for team performance. A strong safety culture is perhaps the most critical component, ensuring employees return home safely and minimizing business disruption. Upon joining the Boulder community, members benefit from the collective experience and insight of other successful leaders. Access includes direct safety coaching and proven strategies from fellow executives on cultivating a culture of safety and implementing safer, more efficient operations.

Network with Proven Business Leaders

As an Boulder partner, organizations are not just buying insurance; they are joining over 138 elite companies united in a commitment to controlling costs, improving safety, and growing the group’s financial strength. Partners frequently cite this deep sense of camaraderie as a key benefit, often leading to valuable new business opportunities and extensive, practical peer-to-peer business training that goes far beyond insurance.

Stability, ROI, and Control

Finance directors and CFOs know an insurance program’s financial implications extend far beyond the initial premium. Leaders must assess long-term cost trends, volatility, and how claims activity impacts a company’s fiscal health. Boulder was created by business leaders to solve these exact challenges, transforming insurance from a volatile expense into a controllable, financially rewarding asset. For successful companies, Boulder is a direct and valuable contributor to sustained financial success.

Long-Term Cost Predictability

Traditional insurance markets rise and fall with industry trends, often ignoring a company’s actual performance. Boulder replaces that uncertainty with stability. Members benefit from more predictable premiums that reflect their safety record and the group’s collective results, not external market swings. This consistency supports accurate, data-driven budgeting and long-term financial planning, helping finance teams project costs with confidence year after year.

Reduce Claims, Realize Savings

Boulder provides the tools and expertise to implement safer company-wide practices, turning operational improvements into measurable financial savings. Members receive guidance and coaching on creating robust cultures of safety, with specific strategies for risk reduction across a range of industries. By implementing these practices across the organization, companies directly and proactively reduce claims costs, securing a lower financial outcome year after year.

Turning Premium into a Strategic Spend

In Boulder, the premium does not disappear, it works for the company. By sharing risk and practicing proactive loss control, members transform insurance from a fixed expense into a strategic spend.

When the group performs well, members earn dividends that reflect both company-specific and collective results. Since inception, Boulder has returned more than $25.5 million in dividends to its partners. It is insurance with accountability, with the potential for measurable return.

“After years of evaluating the captive market, joining Boulder three years ago has been one of our best risk-management decisions. The transition was seamless, and the collaborative support, claims involvement, and shared safety ideas have been invaluable, we only wish we’d done it sooner”

CEO

Joined 2023

“Nearly 20 years ago, joining Boulder Insurance Ltd. transformed our approach to risk and safety, helping us build a safer workplace while delivering meaningful financial benefits. The collaboration with safety-focused peers has been invaluable, and we’d recommend Boulder to companies with a strong safety culture looking for shared expertise and long-term strength.”

President

Joined 2008

“Joining Boulder Captive has been one of our smartest decisions, giving us the support, expertise, and control over risk that traditional insurance never did. The relationships we’ve built have added lasting value through insights and connections that strengthen our business well beyond premiums and policies”

Controller

Joined 2020

About Captive Resources

For more than four decades, Captive Resources has helped mid-market companies become insurance company owners rather than insurance buyers—reducing total cost of risk through the creation, development, and oversight of member-owned group captive insurance companies. Today, Captive Resources advises more than 50 group captives across a range of industries.

Captive Resources supports Casualty and Medical Stop Loss group captives, as well as a Property group captive available to members of the Casualty programs.

Additional offerings include group captive premium financing and umbrella support services.

Comprehensive support is provided across all aspects of captive operations, including claims advocacy, risk management, financial services, regulatory compliance, investment services, operational oversight, and more. Learn More