The Housing Partnership Insurance Exchange operates through partnerships and contractual relationships with a team of highly regarded insurance professionals. As general manager of HPIEx, the Network negotiates these business arrangements to provide the best value and service to its member subscribers. One of the principal benefits of a captive insurance company is its ability to "unbundle" functions so they can be provided in a cost-effective and performance-based manner.
HPIEx has engaged IMA Financial Group, an innovative leader in the insurance brokerage and risk management business, to underwrite program applicants on behalf of Lexington Insurance and HPIEx. IMA served as a consultant to the Housing Partnership Network in the creation of the captive insurance program and in the negotiation of the fronting carrier and reinsurance contracts. IMA issues policies on behalf of Lexington, and oversees claims management, premium collections, and customer service. Risk control assessments, safety training and related services are provided to HPIEx-insured parties by IMA's Risk Control Services.
HPIEx has engaged a nationally known and highly regarded claims administrator, Broadspire, to provide claims service to participants. Members contact Broadspire and the program administrator, IMA, to report claims and receive 24-hour customer service.
Strategic Risk Solutions in Burlington, Vermont, serves as captive manager. It is responsible for financial management and compliance with the captive insurance regulations of the State of Vermont, the legal domicile for Housing Partnership Insurance Exchange.
Downs Rachlin Martin, the premier law firm in Vermont focused on the captive insurance industry, serves as legal counsel.