Alcoa Inc. is the 2006 gold AHA winner in insurance.
By Staff Writer|November 01, 2006 at 07:00 PM
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GOLD INSURANCE WINNER………Faced with the choice of paying significantly higher post-Katrina property insurance premiums or having its captive insurance company assume a much higher level of risk, Alcoa Inc.’s insurance risk management staff found a better option by looking beyond the usual suspects. The solution came from a class of insurers that weren’t even considered for this coverage in the past: a handful of overseas carriers that the company had established relationships with through a series of acquisitions and unique transactions. Not only did these carriers help the $26.2 billion aluminum producer avoid spending $1.5 million in higher-than-expected premiums this year, but Alcoa expects to save more in years ahead by continuing to use these new partners for future insurance needs.
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