World goes self-insurance route

World goes self-insurance route    World Airways, a provider of charter passenger and cargo service, said Monday it had formed a captive insurance company that would allow the company to save money by self-insuring.
   Peachtree City, Ga.-based World said it had formed a holding company, World Air Holdings Inc., with two subsidiaries, World Airways and World Risk Solutions.
   A spokesman, Steve Forsythe, said the move was made because fewer insurance companies are willing to insure airlines. Insuring its own operations and assets provides the company certain financial and tax advantages while allowing it more control of its costs and risk management, he said.
   World already insured itself in large measure through high deductibles, but now gains some benefits through its own company.