Valuing a Group Captive Insurance Stake and Rebate Earnings Stream

In the case where a company is part of a group captive, and they are getting a consistent net rebate because of very low losses and good investment returns on their premiums... is there an appropriate way to value that earnings stream from the captive? We've been guided to value that stream of income as part of the broader operating company EBITDA and tag a similar valuation multiple on it. Having a hard time conceptualizing whether that makes sense, and if there is a more precise way to value this asset based on the funded status of the group captive and the company's share of equity within it. Any guidance on how to value this would be appreciated. Thanks!