Identifying and choosing the right service providers is a crucial step in developing a captive and a requisite of success.
Build the team of elite professionals you need and learn about the specialized service providers that will assist you in the success of your captive.
Tips for Hiring a Captive Manager
Choosing the right captive manager is one of the most critical decisions a captive owner or board of directors will make. This article will help clarify the necessary considerations when engaging a captive manager.
What To Expect from an Actuarial Analysis
An actuarial analysis is typically required for companies that retain a significant dollar amount of insurance risk, usually through a self-insurance program or a large deductible program, according to Rachel Seale, consulting actuary with Milliman. The actuarial analysis can be used when a company is looking to move some or all of its losses to a captive insurance company. In fact, in some cases, an actuarial analysis is the reason why someone is looking to form a captive insurance company.
An actuarial analysis is designed to provide a company with an estimate of its unpaid losses related to its insurance risks. In other words, it's a way for the company to see how much money it needs to set aside to pay for claims for which it is currently already responsible.
But overall, an actual analysis is a great way to determine if your company would benefit from a captive.
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