Ride-sharing giants Lyft Inc. and Uber Technologies Inc. seem tohave found the same solution for dealing with the risks of managingmillions of drivers on the road: Creating their own insurers inHawaii.
On Friday, Lyft told potential investors in its initial publicoffering (IPO) about its insurance unit, Pacific Valley InsuranceCo. Hawaiian public records show another captive company calledAleka Insurance Inc., whose directors include Uber executive GusFuldner and former chief legal officer Salle Yoo.
Captives are a large but murky part of the insurance world.Hawaii pitches itself to the captive industry on its website,boasting about low taxes and corporate-friendly laws. Lyft hastapped Marsh & McLennan Cos. to help manage Pacific Valley,while Aon Plc oversees Aleka, the filings show.
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