Part of a captive insurance manager's responsibilities involves overseeing claims handling protocols for its clients. Since claims are typically the largest cost of running a captive insurer, it is important that the captive insurance manager encourage clients to consider this aspect of the captive's operations early in the formation process.
Independent insurance company manager Strategic Risk Solutions (SRS) has announced that SRS Luxembourg has been appointed the dedicated captive manager for DEME Group's captive insurance company. SRS began providing all-inclusive captive management services and consulting services to the DEME captive on July 1, 2023.
Global insurance broking company and insurance broking network owner and manager Brokerslink has added captive and insurance management consultancy Robus Group to its network. Founded more than a decade ago and now based in Guernsey and Gibraltar, Robus offers a variety of captive management consulting services.
Skyward Specialty Insurance Group Inc. has named Robert Nizzi as senior vice president to lead the company's Captive division. Mr. Nizzi's 30-year career has included identifying captive insurance opportunities, fostering strong partnerships in the captive insurance market, and leading organizations to significant growth and increased market presence.
An ever-growing share of organization leaders are learning about the potential advantages of establishing a captive insurer to cover some or most of their risks. For companies that already have a solid understanding of their risks, captives can provide a remarkable degree of flexibility and significant financial advantages.
The US captive insurance segment continued to generate profits and increase surplus during 2021 while outperforming commercial market peers, according to A.M. Best. Best said that US captives that it rates reported a strong year, with pretax operating income of $1.0 billion, down slightly from $1.1 billion in 2021.
A recently published article suggests using a health insurance analogy to explain the workings of captive insurance to those unfamiliar with the concept. In their article, "Captive Insurance: The Health Insurance Analogy," Joel S. Chansky and Michael C. Meehan of Milliman, Inc., acknowledge that captive insurance is a narrow niche.