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Press Release

IRMI Releases Third Edition of Captives and the Management of Risk

Dallas, TX, August 1, 2014International Risk Management Institute, Inc. (IRMI), has released the third edition of Captives and the Management of Risk, an insightful guide to the captive insurance alternative that provides a foundation of captive insurance expertise.

Captives and the Management of Risk is designed to help newcomers and risk finance veterans alike understand the pros and cons of captives and apply proven concepts for strategic success. This comprehensive resource breaks down the complex topic of captives, revealing the types of risk that can be handled by captives, why captives can be effective, tax and accounting considerations, how to determine if a captive is feasible, how to choose a domicile, and how to manage and operate a captive.

"I wrote this book to capture everything that I wish someone would have told me when I first entered the captive industry," says the author, Kathryn A. Westover.

The third edition of Captives and the Management of Risk provides captive owners and users information on a range of developments in the operating environment of captives over the last 10 years. An important focus is how the regulatory environment for captives has changed since the issuance of the Government Accountability Office (GAO) report on the regulation of risk retention groups in 2005 and the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. Equally important are developments in accounting standards and the perennial question of how tax authorities treat captive insurance, in particular, the income earned in captive cells, and captive pools.

There is an expanded section to help explain the ways in which the Affordable Care Act (ACA) can impact the value of captive insurance as a way of financing employee benefits. Lastly, there is an update on the market for insurance linked securities, with a discussion about whether there is a potential role for captive insurance in this ever-growing area.

If you subscribe to Captives and the Management of Risk online, you now have access to the third edition. If you do not subscribe, IRMI Online access for Captives and the Management of Risk is $39.50 for individuals or $79 for small businesses. Print copies are available at $79 each. For more information, please visit, or call (800) 827–4242.

About the Author

Kathryn A. Westover is a captive consultant providing services to prospective captive owners or users and existing captives. In her long careers as a captive manager and consultant, Ms. Westover has worked with captive insurance companies in Vermont, Bermuda, the Cayman Islands, and other captive jurisdictions around the world. She has also served as captive adviser to the District of Columbia Captive Insurance Division and as International Business Representative for the government of Barbados.

About IRMI

For more than 40 years, IRMI has helped our customers save lives and livelihoods as the premier provider of risk management and insurance information, tools, education, and training. IRMI helps risk management, insurance, and legal professionals make better decisions for their companies and clients with unbiased expertise and balanced, comprehensive content. 

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