Once just a speck on the commercial insurance market landscape, captive insurance companies have become a mainstream risk management tool. Read on to learn more!
A risk retention group (RRG) can be an option for insurance buyers facing common challenges in the traditional liability insurance market. An RRG can offer premium savings, options for obtaining difficult-to-get coverages or limits, and incentives for reducing claims activity.
There are five key questions to ask before deciding whether to form a captive insurance company. We rank the questions in order of importance and provide a road map for prospective captive owners to consider.
There are numerous factors to contemplate when deciding whether or not to form a captive insurance company. Read about some of the advantages and disadvantages of captive ownership to consider when deciding whether to form a captive insurance company or not.
Letters of credit (LOCs) are utilized in a variety of risk management transactions and are the most frequently used type of collateral. An LOC is a legal commitment issued by a bank stating that, upon receipt of certain documents, the bank will pay against drafts meeting the terms of the LOC.
The latest IRMI Podcast on the International Risk Management Institute's (IRMI) and Captive.com's Captive Podcasts pages features Matthew Queen, owner of The Queen Firm, LLC, discussing how to use captive insurance to manage insurance market cycles. Mr. Queen is the author of Modern Captive Insurance.
The initial process of forming a captive involves a few basic but important steps. First, identify your insurance/risk problem or opportunity and then interview and select a domicile-approved captive management firm. Your captive manager will play a critical role in guiding you through the process.