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Managing a captive efficiently comes down to having a streamlined approach. Captive managers coordinate multiple pieces such as actuaries, auditors, regulatory bodies, and financial statement preparation. A captive manager may want to look at a firm to help with back office support, according to Jeremy Colombik of Management Services International.
Jeremy Colombik, president of Management Services International, states that five factors come into play to make a captive insurance company successful: (1) determining the type of risk to put into the captive (actuaries/underwriters), (2) minimizing commercial insurance costs, (3) better risk management, (4) increasing risk awareness, and (5) tax benefits.
Martin Ellis, manager of Comerica Bank's Captive Insurance Group, says captive insurers mainly use letters of credit and reinsurance trusts for collateral.
Martin Ellis of Comerica's Captive Insurance Group says custody for captive insurers is the safekeeping of a captive's financial assets in an account.
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Martin Ellis, manager of Comerica Bank's Captive Insurance Group, explains why letters of credit (LOCs) are the most popular collateral option for captive insurers.
Stewart Feldman advises that a prospective captive owner should consider a number of factors before selecting a captive management team.
Captive insurance planning takes a team of people to put a program in place, according to Stewart Feldman, CEO of Capstone Associated Services.
Investing for a captive insurance company revolves around the level of risk the captive is willing to take, according to Stephen Nedwicki of Comerica Bank.
Michael J. O'Neill of ACIG explains how being part of a group captive insurance company catalyzes members toward better risk management including general safety and quality issues as well as risk-specific concerns.
Michael J. O'Neill of ACIG explains the importance of having an onboarding process in place for new members of a group captive insurance company. This will serve to open up communication channels while highlighting changes to the new member's insurance program.
Michael J. O'Neill of ACIG discusses the importance of group captive members effectively handling their safety, quality, and document maintenance and retention programs and offers some strategies toward achieving these goals.
Captive insurance pioneer Hugh Rosenbaum explains the rationale behind the slogan, "Captive Business Is the Best Business," which largely relates to the degree of underwriting control captive owners may exercise and recognizes the captive's service to its members/original insureds.
Puerto Rico as a captive domicile is unique because it falls under US federal law, US customs, and FDIC, but it does have sovereignty granted by Congress.
For interviewing and selecting a captive insurance company manager, Brady Young of Strategic Risk Solutions says to look for experience in the captive insurance business, familiarity with the domicile, and the capability of the manager.
Brady Young of Strategic Risk Solutions explains the various responsibilities of a captive insurance company manager.