Insurance as a Capital Product
When risk management becomes a balance-sheet decision.
As premiums spiked, large owners stopped treating insurance as a bill and started treating it as a capital allocation problem — self-insuring layers, forming captives, and underwriting their own risk.
Owning Your Own Risk
Operators with strong loss histories and real maintenance programs can retain risk that the open market overprices. Done well, it converts a runaway expense into a structural cost advantage.
It is not for everyone — it demands scale, data, and discipline — but for those who qualify, insurance is becoming a place to earn return, not just spend it.
Managing director at Meridian Housing Group. 18 years delivering affordable and workforce housing.
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