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Captive Practices and Procedures

By: Kathryn A. Westover
Captive Practices and Procedures

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Captive Practices and Procedures

By: Kathryn A. Westover

Product type: 1 Year Subscription

Publication Date(s): 2006, 2011

Part of: Books Package

Available Formats: Online, Print

Discount: Prices shown include a 5% discount for choosing the annual payments option

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Summary

Learn what it takes to establish a successful captive insurance company—one that sets the standard and withstands the test of time.

Author Kathryn Westover has set up and managed more than 50 successful captives during her 20-plus years of experience. This book explains how captive insurance is used and outlines the decisions and actions that must be made to structure and operate a captive insurance program that withstands market cycles.

When the first edition was printed, buyers of property and casualty insurance were still dealing with the impact of a hard market. The second edition arrives at what may be the tail end of a prolonged soft market cycle.

  • Which type of captives survived the last few years?
  • What are the new types of captive programs that have been developed since the last hard market?
  • How has the increased focus on board responsibilities for corporate governance and transparency impacted captives?

The book has been expanded to address these questions with an additional "accepted practice" specific to how captives invest their assets and a case study that shows how successful captives adapt to a changing operating environment. For the newcomer to captive insurance, there is also a new introduction that defines captive insurance and its purpose and provides an overview of the different types of captives.

If you are wondering, "Is my captive being operated in such a way as to meet my (or my client's ) business objectives?" this book is for you. Learn what it takes to establish a successful captive insurance company, one that sets the standard and withstands the test of time!

Captive Practices and Procedures covers these topics.

  • The Foundation: Structuring a Captive Insurance Program
  • Ownership and Organization Choices
  • Feasibility Studies
  • Writing the Business Plan
  • Organization
  • The Framework – Building the Captive Service Team
  • Protecting the Captive
  • Establishing Operating Procedures
  • Maintenance – Overseeing Your Captive Insurance Company Operations
  • Developing Financial Savvy
  • Developing Investment Savvy
  • Developing Accounting Savvy
  • Developing Regulatory Savvy
  • Adapting to the Environment
  • The Insurance Response
  • The Dynamic Captive – A Case Study

Download Table of Contents

Agents, Brokers and Account Support Staff

  • Advise clients on captive best practices.
  • Provides third-party authoritative support to your recommendations.
  • Helps evaluate capabilities and governance structure of group and rental captives.

Risk Managers, Financial Executives & Insurance Buyers

  • Helps evaluate the capabilities and governance structure of group and rental captives.
  • Learn how to use the components of a feasibility study to develop a strategic business plan.
  • Gain a better understanding of captive financial reports.
  • Get suggestions for assembling a superior captive management team.
  • Develop a procedures manual that will actually be used.
  • Turn regulatory compliance from a negative into a positive.
  • Use performance analyses to reinforce stakeholder satisfaction.

Underwriters

  • Gain a better understanding of captive financial reports.
  • Insight into best practices will help you evaluate fronting opportunities.

Attorneys

  • Insight into best practices will help you advise clients.
  • Gain a better understanding of captive financial reports.
  • Learn nuances of corporate governance for captives.

Consultants

  • Helps evaluate the capabilities and governance structure of group and rental captives.
  • Help your clients develop strategic business plans for their captives.
  • Gain a better understanding of captive financial reports.
  • Get suggestions for assembling a superior captive management team.
  • Develop a procedures manual that will actually be used.
  • Learn how to turn regulatory compliance from a negative into a positive.
  • Develop and use performance analyses to evaluate captives.
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Your purchase of an IRMI reference product includes a complimentary subscription to The Electronic Owl e-newsletter. You'll receive a monthly update with links to new content and tips on how to get the most from your IRMI resources.

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Your purchase of the online version of Captive Practices and Procedures comes with a digital copy of the Contractor's Guide to CIPs—a handy reference that provides guidance on 38 issues contractors should consider when accepting coverage through a wrap-up or controlled insurance program.