As we close the books on 2024, our captive insurance program continues to demonstrate exceptional value for our members. The numbers tell a compelling story of financial returns, operational efficiency, and strategic risk management that sets our program apart from others in the trucking industry.
The past year has delivered outstanding results for our trucking captive members. We’ve maintained an impressive 99.7% voluntary retention rate across all trucking captive members – a testament to the program's enduring value and member satisfaction.
Our commitment to proactive renewal management has paid off. We released renewal terms on average 50 days prior to their renewal date across all seven trucking captives. This early notification gives members an abundance of time for strategic planning and decision-making.
The financial benefits have been particularly impressive. We're pleased to report that 40% of trucking captive members received an Auto Liability rate decrease this renewal, while an even more substantial 76% of members saw a decrease in their Workers' Compensation rates. Additionally, our program returned $19M in dividends to trucking captive members in 2024, demonstrating the significant financial advantages of participation.
Our strong 2024 performance demonstrates the success of our captive insurance program. For companies seeking greater control and financial returns from their insurance programs, Cottingham & Butler's captives continue to deliver proven results and member satisfaction.