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Article: Teaming up: Major League Baseball and its 30 clubs used to be solo players. By banding together and forming a captive in 2003, Major League Baseball was able to achieve big savings for its organization and beef up its loss-control efforts as well.(Cover story)
- Article from:
- Risk & Insurance
- Article date:
- March 1, 2006
- Author:
CopyrightCOPYRIGHT 2006 Axon Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Major League Baseball found that it pays to take a team approach to purchasing insurance.
Instead of continuing to purchase insurance separately, Major League Baseball and the organization's 30 clubs decided to band together, set up a captive and develop a collective risk management strategy.
The results? Big cost savings, improved loss control and greater sharing of risk management best practices.
Major League Baseball has saved $40 million over the last three years after forming a captive known as MLB BASES, which stands for MLB Burlington Assurance Exchange Society. The captive is domiciled in Vermont and was launched in January 2003.
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