FERMA member association Airmic is grateful to Chartis for producing this guide to captive insurance companies.
Airmic invited partners to select an area of expertise and produce an introductory to intermediate level guide for the benefit of Airmic members. The intention of this guide is to provide members with an overview of the topic and provide information on the practical considerations when managing this important insurance issue.
This guide has been written with a view to providing members with support when faced with such questions as...
- “What alternatives are available to buying cover in the commercial market?”
- “Can we save on premium spend and can we take more control of our risks?”
- “What do we need to do and what will it cost?”
If you already have a captive you may be asked to explain why and what it provides that the commercial market does not.
This is by no means a definitive guide; however we hope it will go some way to answer these questions and to help in your understanding of the world of captives and how they may work for your organisation.
This guide will take you through the life cycle of a captive from initial concept through to the benefit and uses and finally to exit strategies.
La titrisation: transformer des créances en liquidité. ingénierie financière Soufiane MERROUN OUAHHABI
Exposé sous thème la titrisation réalisé dans le cadre du cours : montage et ingénierie financière, par le etudiants du Master : MANAGEMENT COMPTABLE ET FINANCIER a l'ENCG Fès.
Connaître la réforme de Bâle II - Bâle III dans son ensemble , Maîtriser les différentes approches introduites par la réforme de Bâle II , Savoir appréhender les impacts de la réforme
Bâle III et ses implications
Objectifs et enjeux
Historique des objectifs et de la mise en place de Bâle II
Les raisons de l’évolution Bâle III
3 piliers de Bâle II, vers Bâle III…
Pilier 1 : les exigences de solvabilité et de liquidité face aux risques
Evolution des ratios réglementaires
Zoom sur les différents ratios
Calendrier de mise en place
Pilier 2 : la procédure de surveillance et le contrôle des risques
Exigences et implications pour les banques
Pilier 3 : la discipline de marché et la transparence
Renforcement des Fonds propres
Contrôle des risques (crédit, opérationnels)
Renforcement du reporting réglementaire (SURFI)
Impacts de la réforme
Sur l’organisation interne
Sur les opérations clientèle et les stratégies de la banque
Sur les marchés financiers
Le projet Solvency 2 pour les Compagnies d’Assurance
Après Bâle III, les travaux en cours du Comité de Bâle
Voir notre formation Réforme de Bâle II et ses implications, vers Bale III:
http://formation.actions-finance.com/reforme-de-bale-ii-et-ses-implications-vers-bale-iii/
Plus d'infos sur:
http://www.actions-finance.com/
twitter.com/Actions_finance
Pour tout renseignement, contactez nous au
+ 33 (0)1 47 20 37 30
Marc Fréchette Gestion de risques
TRUCS – analyse de risques Poser les questions suivantes: 1. Que pourrait‐il arriver (de mal, de néfaste, de négatif) ? cause que négatif) ? 2. Si cela arrivait, serait‐ce grave ? cause conséquence Risque 3. Que puis‐je faire pour empêcher que cela ne se produise ? plan d’action produise ? 4. Que puis‐je faire pour corriger la situation même si l’ d d d ê ? plan d action Mesure 25 l’incident se produit quand même ? mesures récupératrices – plan B ‐ plan de contingence
Une présentation du business de l'assurance pour débutant.
Risk assesment, assurance, premium, business model, finance, vous y verrez plus clair!
Visitez mon blog: http://www.cedric-annicette.info/blog
La titrisation: transformer des créances en liquidité. ingénierie financière Soufiane MERROUN OUAHHABI
Exposé sous thème la titrisation réalisé dans le cadre du cours : montage et ingénierie financière, par le etudiants du Master : MANAGEMENT COMPTABLE ET FINANCIER a l'ENCG Fès.
Connaître la réforme de Bâle II - Bâle III dans son ensemble , Maîtriser les différentes approches introduites par la réforme de Bâle II , Savoir appréhender les impacts de la réforme
Bâle III et ses implications
Objectifs et enjeux
Historique des objectifs et de la mise en place de Bâle II
Les raisons de l’évolution Bâle III
3 piliers de Bâle II, vers Bâle III…
Pilier 1 : les exigences de solvabilité et de liquidité face aux risques
Evolution des ratios réglementaires
Zoom sur les différents ratios
Calendrier de mise en place
Pilier 2 : la procédure de surveillance et le contrôle des risques
Exigences et implications pour les banques
Pilier 3 : la discipline de marché et la transparence
Renforcement des Fonds propres
Contrôle des risques (crédit, opérationnels)
Renforcement du reporting réglementaire (SURFI)
Impacts de la réforme
Sur l’organisation interne
Sur les opérations clientèle et les stratégies de la banque
Sur les marchés financiers
Le projet Solvency 2 pour les Compagnies d’Assurance
Après Bâle III, les travaux en cours du Comité de Bâle
Voir notre formation Réforme de Bâle II et ses implications, vers Bale III:
http://formation.actions-finance.com/reforme-de-bale-ii-et-ses-implications-vers-bale-iii/
Plus d'infos sur:
http://www.actions-finance.com/
twitter.com/Actions_finance
Pour tout renseignement, contactez nous au
+ 33 (0)1 47 20 37 30
Marc Fréchette Gestion de risques
TRUCS – analyse de risques Poser les questions suivantes: 1. Que pourrait‐il arriver (de mal, de néfaste, de négatif) ? cause que négatif) ? 2. Si cela arrivait, serait‐ce grave ? cause conséquence Risque 3. Que puis‐je faire pour empêcher que cela ne se produise ? plan d’action produise ? 4. Que puis‐je faire pour corriger la situation même si l’ d d d ê ? plan d action Mesure 25 l’incident se produit quand même ? mesures récupératrices – plan B ‐ plan de contingence
Une présentation du business de l'assurance pour débutant.
Risk assesment, assurance, premium, business model, finance, vous y verrez plus clair!
Visitez mon blog: http://www.cedric-annicette.info/blog
Captive Insurance Group - A Risk Management Strategycaptiveinsurance
We provide our clients with unique risk management tools & support designed to help them control their costs with private insurance companies.
With extensive experience, our team of dedicated professionals can help deliver the stability and predictability you need in order to lower costs and drive profits.
With creative concepts and an intuitive grasp on our clients’ goals, we design policies that help you strengthen your position in the present and protect you as you head into the future.
November 2017 Reprint - Actively Manage Your Risk with a Captive Insurance Co...CBIZ, Inc.
Captive insurance companies are increasingly being considered as part of insurance and risk management practices. They hold benefits for companies across a range of industries, and may be of particular interest to the Commercial Real Estate sector.
The presentation addresses the following questions: Should an MFI offer microinsurance? If so, through what institutional structure? If they partner with an insurance company, how to manage that relationship effectively? What products should the MFI offer?
Setting Up a Successful Insurance VentureCognizant
Precise business and operating model definitions can help insurers spin off ventures that stay ahead of customer needs and market requirements. Here are some lessons we’ve acquired by helping our clients establish winning ventures.
FERMA contribution to the French Presidency agendaFERMA
FERMA thought paper highlights the links between its work and the priorities of the French Presidency in three key areas :
Economic recovery (systemic risks and risk transfer, including captives)
Digital issues (cyber risks and cyber insurance)
Ecological transition (sustainability and insurability)
For each of these categories, FERMA presents the challenges faced by European businesses, explains how risk management contributes to the ambitions of the French Presidency and asks European policymakers for specific measures during this period.
The role of risk management in corporate resilienceFERMA
The report presents the views of risk and insurance professionals and senior executives about a post-pandemic view of resilience management in their organisations across sectors globally in the summer of 2021.
Webinar: the role of risk management in corporate resilience FERMA
FERMA and McKinsey will present the findings of our survey into resilience and risk management. The objective is to give risk and insurance professionals a richer understanding of resilience in a strategic and practical way. Two leading risk managers will discuss the results of our survey and will reflect more broadly on the link between risk and resilience. By the end of the webinar, you will be well versed in resilience from an enterprise risk management perspective.
People, Planet & Performance: sustainability guide for risk and insurance man...FERMA
On 31 March, FERMA releases the first guide specifically for European risk managers on sustainability risks.
People, planet, performance – The contribution of Enterprise Risk Management to Sustainability provides practical guidance on incorporating sustainability goals into enterprise-wide risk management.
Collaboration of the Year Award winner 2020: Pim Moerman and Rob van den Eijn...FERMA
Philips Global Resilience Platform: Breaking down silo approach of departments by collaborating in multidomain platform making our company more resilient
Argo Group: entry for emerging risk initiative of the year Award 2020FERMA
Adam Seager, Chief Risk Officer of Argo Group demonstrates the context, challenges and solutions he put in place for Agor Group during the time of crisis like the Covid19 pandemic.
George Ong, Chief Risk Officer, Northern Ireland WaterFERMA
Nominations for the Public Sector Risk Manager of the Year for the European Risk Management Awards 2020.
George Ong is the Chief Risk Officer for Northern Ireland Water (NIW), a Government Owned Company (GoCo). George joined the business in 2006 with a clear remit of implementing a risk and insurance management system given that the ‘Government Protection’ was to be removed from 1st April 2007. Since then George has worked to adapt, enhance and embed risk management arrangements within NIW, developed partnerships with businesses, communities and institutions to improve resilience for the Company and the community. #euroriskawards
Webinar: Risk management in a global pandemic - Early lessons learned, EU – U...FERMA
FERMA's joint webinar with RIMS on 1 December provided insights into the way risk managers have experienced and dealt with the global pandemic and its consequences.
FERMA and RIMS teamed up to bring you content from both sides of the Atlantic Ocean. The webinar began with a presentation of the results from FERMA’s COVID-19 survey, and then took a Transatlantic view on commonalities and differences.
Speakers:
Athina Pehrman, Group Risk Manager at Electrolux Professional Group, a sustainability leader in the appliance industry
Melanie Steiner, Board Member, US Ecology, Inc. a leading provider of environmental services to commercial and government entities. Former CRO
Typhaine Beaupérin, CEO of FERMA, moderator.
European Risk managers have helped maintain the continuity of their organisations during the pandemic crisis. They have participated in task forces and crisis units, promoted communication, supported new working practices, pursued insurance recoveries where possible and begun work on recovery, according to a survey published by the Federation of European Risk Management Associations (FERMA): https://www.ferma.eu/publication/covid-19-ferma-survey-shows-risk-managers-contributions-to-response-and-resilience/
GDPR & corporate Governance, Evaluation after 2 years implementationFERMA
FERMA’s live joint webinar with ECIIA on Monday 28 September gathered more than 300 participants
The objective of this joint webinar was to take stock of where we stand after 2 years of GDPR implementation and the practical consequences on businesses. For this, FERMA and ECIIA (European Confederation of Institutes of Internal Auditing) invited the following speakers:
- Olivier Micol, Head of Data Protection Unit at the European Commission, Directorate-General for Justice. He highlighted key elements of the recent GDPR evaluation report of the European Commission, shared the latest data and feedback from companies and civil society. He also gave an overview of future planned initiatives.
- Jérôme Avot, Group Risk Officer and Data Protection Officer at Faurecia, a global leader in automotive technology.”The GDPR served as a common thread from the start to the end of the project. We feel we have turned what might have been perceived as a constraint into an opportunity. “
- Ralf Herold, Senior Vice President, Corporate Audit BASF, a leading chemical company. He is an expert in GDPR as Germany was a pioneer in this piece of legislation.
Jérôme Avot and Ralf Herold shared their experience as a Risk Manager and DPO and as an Internal Auditor by exchanging on the changes that the GDPR involved within their companies.
https://www.ferma.eu/webinar-replay-gdpr-corporate-governance-evaluation-after-2-years-implementation/
The European risk manager report 2020: webinar presentationFERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
Our live webinar was scheduled on Monday 29 June 2020: risk managers from different backgrounds shared their experiences on the below themes and reacted to the results of the survey, in particular before and after the Covid-19 crisis.
The speakers were:
Adriana Cavaliere : Corporate Risk Manager at Skeyes, Belgium
Oliver Wild: Group Chief Risk, Insurance and Internal Control Coordination Officer at Veolia, France
Charlotte Hedemark: Chairman of the 2020 FERMA Survey Committee and Board Member of FERMA
Françoise Bergé: PwC Partner
FERMA European Risk Manager Report 2020: full set of results FERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
Webinar: Why risk managers should look at Artificial Intelligence now?FERMA
Risk Managers can be key actors in highlighting to the organisation leadership the opportunities and challenges of AI technologies
On 19 May, the objective of this webinar was to discuss:
How AI can be implemented into the risk management practices?
Which opportunities is AI creating for better risk management?
What are the highlights of the European Commission’s risk-based approach to Artificial Intelligence?
Speakers were:
Philippe Cotelle, Head of Insurance Risk Management at Airbus Defence and Space and FERMA Board member, will highlight the key findings from FERMA’s report on “AI applied to Risk Management”.
Irina Orssich and Eric Badiqué are both working for the European Commission as Team leader and Adviser for Artificial Intelligence in the Unit for Technologies and Systems for Digitising Industry. They will present the Commission’s White Paper on AI and the other EU initiatives which aim at strengthening the EU legal framework regarding AI applications, especially in the field of privacy.
GDPR & corporate governance: the role of risk management and internal audit o...FERMA
The webinar discussed the full results and recommendations of a joint project between FERMA and the European Confederation of Institutes of Internal Auditing (ECIIA), to assess how the EU General Data Protection Regulation (GDPR) impacted our professions, one year after its enforcement. This webinar helped to know:
- To which extent the risk manager and the internal auditor are involved in the GDPR corporate implementation
- How GDPR has affected the interactions between risk management, internal audit and Data Protection Officer (DPO)
- What are the best practices and recommendations to embed personal data protection in the risk and audit governance of your organisation
After one year of GDPR implementation, FERMA and ECIIA sent in May a common basis of five questions to their risk and internal audit members.
The objectives were to:
- Evaluate the roles of the risk management and internal audit functions regarding the GDPR and personal data related risks
- Provide a unique insight into the implementation of the GDPR by companies to the European policymakers
GDPR & corporate governance: The Role of Internal Audit and Risk Management O...FERMA
This paper is a collaboration between FERMA and the European Confederation of Internal Audit Institutes ECIIA and focuses on the impacts of the GDPR on corporate governance practices in the year following its implementation. Most specifically, it looks at the roles played by internal audit departments and risk management functions.
Ferma report: Artificial Intelligence applied to Risk Management FERMA
FERMA brought together a group of experts from within and beyond the risk management community to develop the first thought paper about AI applied to risk management.
Their aim was to perform an initial assessment of the potential value of AI to improve enterprise risk management (ERM), and second, to understand how risk managers can be key actors in highlighting to the organisation leadership the opportunities and challenges of AI technologies.
The working group expects that corporate risk management will benefit from AI in several areas. “From its ability to process large amounts of data to the automation of certain risk management repetitive and burdensome steps, AI could allow risk managers to respond faster to new and emerging exposures. By acting in real time and with some predictive capabilities, risk management could reach a new level in supporting better decision making for senior management.”
This paper aims to guide risk managers on applying AI from a basic understanding to developing their own strategy on the implementation of AI. It includes an action guide and a template for risk managers to develop their own AI risk management roadmap.
Webinar: how risk management can contribute to sustainable growth?FERMA
This webinar will help risk management and sustainability practitioners apply enterprise risk management (ERM) concepts and processes to environmental, social and governance-related risks (ESG)
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
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What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
2. EXECUTIVE SUMMARY
Airmic is grateful to Chartis for producing this guide to captive insurance
companies. Airmic invited partners to select an area of expertise and produce
an introductory to intermediate level guide for the benefit of Airmic members.
The intention of this guide is to provide Airmic members with an overview of
the topic and provide information on the practical considerations when
managing this important insurance issue.
This guide has been written with a view to providing members of AIRMIC
with support when faced with such questions as...
“What alternatives are available to buying cover in the commercial market?”
“Can we save on premium spend and can we take more control of our risks?”
“What do we need to do and what will it cost?”
If you already have a captive you may be asked to explain why and what it
provides that the commercial market does not.
This is by no means a definitive guide; however we hope it will go some way
to answer these questions and to help in your understanding of the world of
captives and how they may work for your organisation.
This guide will take you through the life cycle of a captive from initial
concept through to the benefit and uses and finally to exit strategies.
The following topics will be covered:
1. What is a captive? 10. What would it cost to set up
2. Is it a legitimate insurance and manage?
company? 11. Who would manage it?
3. Why set up a captive? 12. How much would they charge?
4. What types of companies 13. Where to set up your captive?
consider captives? 14. Set up insurer or reinsurer?
5. How do you know if it is right for 15. Typical examples of
your organisation? captive structures
6. What risks can it insure? 16. What exit strategies
7. Advantages and disadvantages are available?
8. Types of captive 17. Case studies
9. When is a good time to set up
a captive?
2
3. 1
WHAT IS A CAPTIVE?
The name “Captive” was coined in the 1950’s Captives can operate as either insurance or
when the concept was being brought into reinsurance companies and as such issue:
practice for a mining company. A mine producing
• insurance/reinsurance polices
output which was being kept solely for the
corporations own use was referred to as a • bill and collect premium
“captive” mine. When the mining company
Generally they have no employees so all typical
incorporated its own insurance company, it was
“insurance company” functions are outsourced to
referred to as “captive” insurance as it wrote
third parties.
insurance exclusively for the captive mines.
Today, a “captive” insurance company is
effectively an “in house” insurance provider
formed primarily to insure its owner and affiliated
companies and can be viewed as a form of
formalised self-insurance. They can write some
third party business but this is dependant on the
jurisdiction and its definition of a captive.
2
IS A CAPTIVE A LEGITIMATE INSURANCE COMPANY?
Yes, a captive insurance company is a risk • There are over 5,000 captives worldwide
management and financing vehicle that offers an
• Estimated annual premium flowing into
alternative to conventional insurance and also the
captives is US$55bn-US$60bn per annum
opportunity to combine with an existing risk
financing (insurance) programme. Captives are • Captive (re)insurance companies have been
regulated entities within the domicile in which established in over 70 jurisdictions worldwide
they operate. Captive insurance has become an
• Typically non rated
integral part of the global insurance market;
Switzerland 4% Malta 1%
Sweden 6%
Ireland 9%
Isle of Man 16%
Guernsey 41%
Luxembourg 23%
Active captives by European Domicile
Source: Crain Communications Inc Sept 2010
A GUIDE TO CAPTIVES 3
4. 3
WHY SET UP A CAPTIVE?
Captives are set up for 4 main reasons:
Cost gear premium levels to own Capacity hard and soft market cycles dictate
group claims experience price and capacity
Cover uninsurable or difficult to insure risks Control long term company strategy
4
WHAT COMPANIES CONSIDER CREATING A
CAPTIVE TO MANAGE THEIR RISKS?
Companies that in the main want to control their They have been commonly established by the
own destiny with regard to their insurance Fortune 500 companies, large professional service
programme and have a strong commitment to loss firms, and other large organisations. However, with
control. They will also: the introduction of PCC’s and Rent-a-captives it is
quite possible for small to medium sized
1. Be willing to invest time and money to create a
enterprises to economically establish their own
captive i.e. have the financial ability to pay
captive programme.
captive premium and provide initial capitalisation
2. Have premium large enough to justify the
annual operating costs
3. Have a claims history that is better than other
companies in their class of business or have
improved risk management processes that are
expected to improve its risk profile
5
HOW DO YOU KNOW IF A CAPTIVE IS
RIGHT FOR YOUR ORGANISATION?
If a company can answer “yes” to points 1 - 3 above • Source of business e.g. country, subsidiary or
then the next step would be to have a feasibility third party
study undertaken. The study is one of the more
• The risk and circumstances of the client
important steps in determining the value of a
captive to its owners and provides a roadmap as • Identification of classes of business to
to how a captive can be specifically used to meet be written
the insurance needs of its owners and related • Details of existing reinsurance programme
parties. The study will evaluate whether the
captive is an optimal tool for business and will • Policy limits
therefore likely include: • Advice on the most suitable structure for
• Financial projections – estimated capital the captive
required to meet legal and cost requirements • Where relevant actuarial reports –
of the captive estimated loss experience
• Premium volume that will make the captive • Underwriting guidelines
financially viable, for example this should be in
• Domicile review
the region of £500,000
• Claims handling procedures
4
5. 6
WHAT RISKS CAN IT INSURE?
In principal any risk can be covered through a • Operating risks, such as product recall
captive structure.
• Credit default
Popular types of risk covered within a captive
• Loss of key customers and suppliers
structure include professional indemnity and
other commercial insurance – property, • Exclusions in disability insurance policies e.g.
business interruption, employer’s liability pre-existing conditions
and environmental liability.
• Types of insurance unavailable in
Instead of looking at the usual business risks, commercial markets
potential captive owners could consider risks not
• Natural disaster
covered by their conventional insurance policies.
This raises the question of why a business would • Construction defects
want to insure additional risks that it wouldn’t Generally the cost of self-insurance outside of a
otherwise have to. Consider however, that those valid and qualifying captive structure is not tax-
additional risks were always there; they were deductible. A properly formed and operated
simply risks that were self-insured. In reality, most captive may, however, deduct insurance premiums
businesses knowingly or unknowingly self-insure a that are paid into a privately owned insurance
large amount of risk, including the following: company. Also claims are paid with pre-tax funds.
• Policy exclusions, such as mould and pollution If no claims are made, the captive retains the
premiums for future business risks or distributes
• High deductibles and self-insured retentions
as profits.
A GUIDE TO CAPTIVES 5
6. 7
WHAT ARE THE ADVANTAGES AND
DISADVANTAGES OF OWNING A CAPTIVE?
ADVANTAGES: DISADVANTAGES:
• Cover for risks that are unavailable or expensive • Formation can be costly
in the commercial market
• Capitalisation is required creating an
• Ability to set aside separate fund for risks in a opportunity cost for the business
more tax efficient vehicle
• Ongoing expenses incurred for operation of
• Smooth insurance prices over time the captive i.e. governmental fees, legal fees,
accounting fees (audits) etc.
• Premium based on own experience
• Increased management involvement required.
• Incentive for loss control
Captive is not for the short term, there will be
• Increases senior management’s awareness of an ongoing time commitment from the
cost of risk and control management of the owner
• Can be a negotiation tool during renewal • Exposure to underwriting loss
discussions with the commercial market
• Insurance premium tax when insuring a
• Direct access to the reinsurance market previously uninsured risk
• Underwriting profits and investment
income retained
6
7. 8
ARE THERE DIFFERENT TYPES OF CAPTIVE?
Yes, captives can take the following forms:
PURE CAPTIVE Is a wholly owned subsidiary of its parent company and insures primarily the risk of the
(also known as parent and its affiliates. In some circumstances it can extend cover to non owned third
single parent) parties. Least costly type of captive to operate, outside of a cell in a PCC and provides
most flexibility in terms of programme design, operating structure and lines of cover.
GROUP CAPTIVE Has many owners and insures the risks of these owners, and usually cannot extend
to third parties. These enable similar or diverse businesses to band together to share
the risk, cost and benefits of providing commercial insurance to their members.
TRADITIONAL This is set up by a sponsoring organisation such as an insurance company or a
RENT-A-CAPTIVE broker. This organisation provides the capital for the facility and then “rents” this
capital to participants who seek to establish their captive programmes as individual
“cells” within the Rent-a-captive facility. It has all the benefits of captive ownership
without the initial capital contribution and therefore can be more suitable for the
SMEs. Traditional Rent-a-captive operates on the same basis as a PCC (see below)
but risks are segregated on a contractual as opposed to a statutory basis.
PROTECTED CELL Similar to a Rent-a-captive but unlike a traditional Rent-a-captive it has
COMPANY (PCC) segregated cells for each user. The assets and liabilities of each user are
legally separated ("ring-fenced") from those of the other users.
INCORPORATED CELL Similar to a PCC, however each cell is a legal entity in its own right. Unlike
COMPANY (ICC) with a PCC cells can transact with each other. Allows greater flexibility in the
way segregated accounts are operated.
Captives can operate as insurers, providing insurance The drivers behind the decision whether to set up
directly to the captive parent or reinsurers providing an insurance captive or a reinsurance captive will
reinsurance to a direct writing insurer which in turn be discussed later under “Examples of captive
provides cover to the captive parent. structures”.
9
WHEN IS A GOOD TIME TO SETUP?
Generally captives are set up in what is known as Usually market conditions will not be the only
a “hard” market i.e. when the premium rates are factor which would dictate the point at which a
so high that they are unaffordable and do not company should/might consider setting up a
make economic sense for the purchasing captive. The parent company would need to be of
company. Alternatively, cover may not be a sufficient size and at a point in its development
available in the market for particular risks, this that makes sense to establish a captive.
may be because of bad loss experience in the For example, as mentioned earlier its premium
past or the risks to be covered are new or spend should be in the region of £500,000 to be
speciality risks. able to justify the additional operating costs and
capitalisation of the captive. Most importantly it
will need to be willing to assume risk.
A GUIDE TO CAPTIVES 7
8. 10
WHAT WOULD IT COST TO SET UP AND MANAGE?
These will vary from a standalone captive to a cell feasibility study, consulting fees, regulators and
within a PCC or Rent-a-captive. These costs are legal fees, and on-going costs such as auditors
split between initial start up costs such as; and directors fees and captive management fees.
11 12
WHO WOULD MANAGE IT? HOW MUCH WOULD THEY CHARGE?
The parent company itself could take the decision Captive Managers normally charge their fees on
to manage the captive if it has the time, resources a time and expense basis based on the number
and expertise to do so. More usually a Captive of hours to be spent on managing the captive.
Manager is employed. The company can benefit This will normally be estimated in advance and a
from the managers knowledge and expertise and fixed annual fee proposed to the client.
they will likely have an existing relationship with
Fees will therefore vary based on the complexity
the regulator, often crucial when setting up a
of the captive and the requirements of the
captive. In nearly all jurisdictions or domiciles the
captive sponsor.
local regulatory authorities require that captive
insurance companies are managed by experienced
and qualified insurance professionals.
8
9. 13
WHERE TO SET UP YOUR CAPTIVE?
Captive insurance companies are typically formed When making this decision the factors to be
in countries that have laws allowing for the considered are numerous, these include:
establishment of a captive insurance company.
• Whether the captive is to write direct or
These locations are known as domiciles.
provide reinsurance
The choice of domicile for the incorporation of
• The regulatory environment including the
the captive insurance company will depend on
sophistication and reputation of the regulators
many practical considerations affecting the
for example – Solvency II, regulators
business concerned.
response time
Domiciles in the EU such as Ireland, Luxembourg,
• Costs of creating and running the captive
Gibraltar, Sweden and Malta or in the US such as
Vermont, South Carolina and Hawaii can have • Minimum capitalisation requirements –
very different benefits and drawbacks to “off- can vary widely from £100,000 to £3m
shore” domiciles such as Guernsey, Isle of Man,
• Taxes (local premium tax, federal excise tax,
Switzerland, Bermuda, Cayman and Barbados.
double tax treaties)
• Investment restrictions on the captive’s surplus
• Type of cover to be offered (whether a
particular domicile offers unique advantages
regarding a particular type of cover)
• Convenience – ease of travel, time zone
The ultimate decision should be based on the
parent company’s overall risk management
objectives and the direction it wishes the captive
to take and also how comfortable a parent feels
with respect to the overall regulatory approach of
a particular domicile.
A GUIDE TO CAPTIVES 9
10. 14
WHAT INFLUENCES WHETHER A CAPTIVE
OPERATES AS AN INSURER OR A REINSURER?
We spoke about captives operating as either This is where a “Fronting” insurer is needed.
insurers or reinsurers earlier. What influences A fronting insurer is a licensed carrier that issues
this decision? the policies that a captive cannot issue with the
intent of passing all or most of the risk to the
Generally, a company must be licensed to do
captive by way of reinsurance. In that case the
business in the jurisdiction in which a policy is
captive will operate as a reinsurer.
issued. A captive licensed as such will most likely
therefore write insurance directly. In some cases
however, captives lack the required licenses to do
business and, therefore often must use a fronting
arrangement in order to do business in a country
in which its parent's risks are located.
A typical fronting arrangement
Fronting Carrier Retains:
CAPTIVE PARENT FRONTER Fronting Fee
(Insured) (Insurer) Taxes
XOL Cover Premium (optional)
REINSURANCE
Dividend payments CAPTIVE
CAPTIVE MANAGER
Captive retains: (Reinsurer)
Underwriting Profit
Inverstment Income
RETROCESSION
Premium
XOL Cover Claims
RETROCESSIONAIRE e.g. cat cover Collateral
e.g. LOC, Trust
The decision to operate as an insurer or reinsurer is not solely driven by licensing requirements but
can be driven by other factors such as administration requirements, readiness of the parent company
to be hands on and cost of fronting etc.
10
11. 15
WHAT ARE SOME TYPICAL EXAMPLES
OF CAPTIVE STRUCTURES?
The most typical and simplest example of a GROSS LINE PROGRAMME
captive structure is that of insuring with the We have discussed how a captive generally
captive the deductible or self-insured retention would reinsure 100% of the risk of the fronting
(SIR) of the parent company. The insured parent insurer. The captive may decide that it will retain
company transfers the liabilities related to the only part of this risk and therefore it will cede
deductible layer from itself to the captive insurer the “excess” to a reinsurer - this is known as
up to the limits of the deductible or SIR. “Gross line”.
This ensures that funds are built up evenly over The benefit of a Gross Line programme is that
time and are available to pay claims when needed. the captive has more flexibility in its insurance
Also claims within the deductible may not be tax programme and it controls the primary rates and
deductible, from a parent company perspective, reinsurance rates it pays.
until actually paid. However, the disadvantage is that it is more
If the deductible claims are “transferred” to a labour intensive. Also the fronting fees and
captive, the captive will be able to deduct both security requirements may increase as the
the paid claims and the accrued unpaid claims for Fronter has no control over the reinsurance
tax purposes. bought by the captive and therefore may view
this as an additional risk. This would be more
suitable for a captive that has been running for
many years and has built up the expertise to take
more control over the captive programme.
An example of a Gross Line programme
CAPTIVE PARENT
(Insured)
Pays premium Issues policy for £50m
in the aggregate
FRONTER
(Insurer)
Premium less fronting fee
(e.g. between 4% - 10% of Issues policy for £50m in the
premium) and taxes aggregate and indemnifies for
all loss payments and provides
collateral (LOC, Trusts)
Issues policy
£30m xs £20m
RETROCESSIONAIRE CAPTIVE
Pays reinsurance
(Reinsurer)
premium
A GUIDE TO CAPTIVES 11
12. NET LINE PROGRAMME
An alternative to the Gross Line programme is a It has the benefit of being much less labour
“Net Line” programme which is more suitable for intensive then the Gross line programme with
a company in a start up situation. fewer security issues. However the captives
control of the programme is reduced and the cost
In this case the captive only insures that portion
of reinsurance is often higher as the captive, in
of the risk it wishes to keep net. The fronter will
this scenario, does not have the option to
determine with the captive the level of risk the
approach the market itself.
fronter itself will retain, if any, and what is to be
reinsured in the commercial market. Cessions to
the captive are net of all costs and expenses to
the fronting company i.e. fronting fees, taxes,
any other overrides and cost of cover above the
captive layer.
An example of a Net Line programme
CAPTIVE PARENT
(Insured)
Pays premium Issues policy for £50m
in the aggregate
Issues policy excess of
£800k up to £50m limit
REINSURER
FRONTER
(Insurer)
Pays reinsurance
premium
Issues policy for £800k in the
aggregate and indemnifies for
Pays premium less fronting fee, all loss payments and provides
reinsurance costs and all collateral (LOC, Trusts)
other costs
CAPTIVE
(Reinsurer)
12
13. 16
WHAT EXIT STRATEGIES ARE AVAILABLE?
Captives are typically long term vehicles and The options available to owners seeking to exit
many are around for decades. However for a captives are:
variety of reasons, including merger & acquisition
• Commutation (with the fronting insurer)
activity or changes in risk management
philosophy, some owners may wish to close down • Portfolio transfer or novation
or sell their captive vehicles. (with another insurer)
• Restructuring of liabilities (through a PCC)
• Selling the captive to a third party
(as a going concern or as a run-off vehicle)
All of the above options require consultation with
and/or approval from claimants, regulators,
auditors and actuaries in order to achieve a
satisfactory exit solution.
COMMUTATION On fronted policies, fronting insurers are often happy to commute captive
reinsurance reserves for a reasonable margin that should compare favourably
with the full costs of run-off to expiry of all liabilities where the captive is to
close down completely.
NOVATION This involves replacing the captive with another organisation as party to the
insurance contracts. Typically this would be another insurance company. The
main drawback to such arrangements is the need to obtain full agreement of any
fronting insurers. However, where the fronting insurer is unwilling or unable to
commute, this can be an effective solution.
PORTFOLIO In cases where a fronting insurer is not amenable to a novation of the subject
TRANSFER business to another insurer, the captive can reinsure its liabilities with an insurer
through a portfolio transfer. The captive will retain credit risk against the insurer
providing the portfolio transfer reinsurance, and collateral supporting the
liabilities to the fronting insurer may not be released. However, this mechanism
will largely achieve the objective of removing the insurance liabilities from a
captive and will potentially enable a release of any excess capital.
RESTRUCTURING Typically this involves the novation of liabilities into a PCC cell, financed through
OF LIABILITIES a combination of reinsurance and non-cash capital. This has the advantage of
segregating the captive liabilities in another vehicle and has reduced operational
costs and management commitment. Again it will need the agreement of
fronting insurers.
SALE OF CAPTIVE An alternative to closing down a captive is to sell it to an insurer or a third party
which can either continue to use the captive as an ongoing vehicle or can put it
into run-off.
A GUIDE TO CAPTIVES 13
14. CASE STUDIES
Property Cover in
an Irish Captive
PROBLEM:
Deductible too large for individual affiliates
ABC Company, a large global manufacturing The captive was set up in Ireland based primarily
company insured its property and business on its proximity to Europe and US, its ability to
interruption risks in the commercial market. access the EU on a direct basis and the favourable
However, the policy has a deductible feature for corporate tax rate of 12.5%. Minimum capital
the first £500k for each claim. The affiliates were required under the EU Insurance Directive
too small to absorb a single large claim so the is €2.3m.
company established an insurance captive to
indemnify and reimburse the affiliates for any
losses within the deductible. Premium of £5m
was paid based on actuarial analysis of the
exposure; this cost was spread over
approx. 40 affiliates according to turnover.
Liability risks
PROBLEM:
Premium rate increase
A large drinks company set up a reinsurance Following a bad loss year the fronting company
captive in a soft market cycle to retain a portion sought a sizable increase in premium and higher
of its own risk. A fronting company was used to attachment point for the excess layers.
provide cover from ground up to £550m. The Quotations from alternative insurers also
primary layer £800k per occurrence and £4m in indicated a general hardening of the market.
the aggregate was ceded 100% to the captive.
Due to the surplus built up in the captive it was in
Layers in excess of the captive’s layer were
a position to take on this greater risk by increasing
retained net by the fronting company.
the captives aggregate and per occurrence limits -
The captive loss experience over a number of allowing the fronting company to attach higher in
years was good with loss ratios in the low 40’s the programme with a resultant reduction in
leading to profits which were retained within the premium for the excess layers.
captive. As a result a large surplus above the
required solvency margin was built up.
14
15. Motor Collision
Damage Waiver (CDW)
PROBLEM:
Take over of another car hire company meant fee income
from CDW cover was substantially increased.
Following the take over of another hire company By establishing the cell the company now has the
the owner of the company recognised that it was advantage of not paying VAT on the CDW fee
an appropriate point in time to formalise the fees income, fees are now converted to premium and
received in relation to CDW using an insurance therefore tax deductible, any claims paid would
structure. In doing so the company would have therefore be funded from pre-taxed funds and
various tax advantages and would be able to build there is no requirement to release the surplus
up a fund to finance future losses. funds as profit each year.
The structure utilised had to be as simple and low
cost as possible and be set up swiftly to meet
other company commitments. The structure
chosen was that of a cell in an existing PCC in
Guernsey. This meant no capital had to be
deposited above that required to meet the cell
solvency requirement. Cost of running the cell
is lower than a standalone captive and the
timeframe to set up the cell was a matter
of weeks.
A GUIDE TO CAPTIVES 15
16. ce.com
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ROBERT M. GAGLIARDI
Senior Vice President & Worldwide Director
Tel: +001 802 419 1234
robert.gagliardi@chartisinsurance.com
IVY JERMYN-BUCKLEY
Insurance/Underwriting Manager – Europe
Tel: +353 1 802 8791
ivy.jermyn-buckley@chartisinsurance.com
Chartis is a world leading property-casualty and general insurance organisation serving more than 70 million clients
around the world. With one of the industry’s most extensive ranges of products and services, deep claims expertise
and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage risk
with confidence.
Chartis Europe Limited is authorised and regulated by the Financial Services Authority (FSA number 202628).
This information can be checked by visiting the FSA website www.fsa.gov.uk/Pages/register. Registered in England:
company number 1486260. Registered address: The Chartis Building, 58 Fenchurch Street, London, EC3M 4AB.
Chartis Europe Limited (“Chartis”) disclaims all warranties, expressed or implied, relating to the information
provided. Chartis does not warrant or make any representations regarding the information provided in terms of
its correctness, accuracy, usefulness, completeness, reliability, or otherwise. Neither Chartis nor any member
companies of American International Group, Inc. accept any liability of any kind for any direct or indirect
loss arising from the use of this information.
This brochure is intended as general information only and is not intended to provide specific professional advice.
It is strongly recommended that you seek your own professional advice from suitably qualified professional advisers.
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