A group captive is an insurance company jointly owned and controlled by multiple businesses that come together to insure their own risks. Unlike traditional insurance, where premiums are paid to a commercial carrier, group captive members retain certain risks collectively—typically those that are predictable and manageable—while still purchasing protection for large or catastrophic losses. This model allows small- to mid-size companies to access the cost savings and control benefits of captive insurance, which are usually only available to large corporations through single-parent captives. Group captives only insure their member-owners and can be homogeneous (members from the same industry) or heterogeneous (members from various industries).