Gemini forming a captive insurance company to underwrite its own risks is a wise move given the difficulties in getting the desired coverage from the traditional insurance market.
Since Gemini's risk management is par excellent compared with their competitors, it is all the more appropriate for Gemini to have formed a captive insurance company to underwrite its own risks.
Captive insurance companies are basically insurance companies formed by the insureds themselves to insure their own business risks. It is a way of managing risks in difficult insurance market conditions.
For a detailed explanation of captive insurance company, we refer our readers to: https://www.captive.com/news/2018/08/08/what-is-captive-insurance
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