Applebee's Forms Captive for Work Comp

Restaurant chain Applebee's International Inc. (Nasdaq: APPB) has formed a captive insurance company domiciled in Vermont to provide the company and its franchisees with workers' compensation and general liability insurance. The new company is called Neighborhood Insurance Inc. It will receive premium payments from Applebee's and its franchisees according to an SEC filing the company made on Friday. Neighborhood Insurance will pay administrative fees and insurance claims, subject to maximum claim limits set by the company's reinsurance policies. Acknowledging the current hard market and spir...