Ride-sharing giants Lyft Inc. and Uber Technologies Inc. seem to have found the same solution for dealing with the risks of managing millions of drivers on the road: Creating their own insurers in Hawaii.
On Friday, Lyft told potential investors in its initial public offering (IPO) about its insurance unit, Pacific Valley Insurance Co. Hawaiian public records show another captive company called Aleka Insurance Inc., whose directors include Uber executive Gus Fuldner 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 has tapped Marsh & McLennan Cos. to help manage Pacific Valley, while Aon Plc oversees Aleka, the filings show.
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