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Captives and the Management of Risk

Captives and the Management of Risk

Breaks Down the Complex Topic of Captives

Reveals the types of risk a captive can handle, how to determine if a captive is feasible, how to manage and operate a captive, and more!

This new third edition, 264-page book will help you understand what captive insurance is and why it is used in the risk management process. It reveals the types of risk that can be handled by captives, why captives can be effective as a risk management tool, tax and accounting considerations, how to determine if a captive is feasible, how to choose a domicile, and how to manage and operate a captive.

Westover will guide you to answer the question every risk manager should be able to answer (or every broker should be able to explain for their client): "If I have a captive, why? If I don't have a captive, why not?"

 

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Captive Practices and Procedures

Captive Practices and Procedures

Make Sure Your Captive Is Built To Last

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!

 
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Fundamentals of Reinsurance and Reinsurance Markets

Fundamentals of Reinsurance and Reinsurance Markets

Gain a Practical Grounding in the Fundamentals of Reinsurance and the Marketplace

A timely, real-world introduction to the highly specialized field of reinsurance with examples, easy-to-understand illustrations, and handy checklists.

Steven M. McElhiney's insurance industry experience spans over 2 decades, including executive positions with major insurance and reinsurance companies as well as industry associations, giving him a multidimensional understanding of insurance and reinsurance. Teresa Huddleston, his coauthor, contributes her legal and corporate background to this practical introduction to the complex topic of reinsurance.

This book addresses some of the key and unique aspects of reinsurance and also provides an overview of its history and future. It summarizes the basics and provides an overview of specific aspects such as claims, accounting, and captives.

Those who are new to reinsurance purchasing, underwriting, or sales will benefit from this book. Using examples, easy-to-understand illustrations, and handy checklists, it is a timely, real-world introduction to the highly specialized field of reinsurance.

 
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Claims Operations Guide

Claims Operations: A Practical Guide

Addresses Both Claims Handling Issues and Claims Operations

A book for everyone, whether you are a risk manager trying to evaluate a TPA, an agent trying to set up an in-house claims advisory service, an experienced P&C claims executive, or a newcomer to the claims side of the business.

Written for both experienced and new insurance professionals, this book provides a comprehensive overview of how the claims process is handled, controlled, and managed, and its interrelationship with other functional departments.

Nonclaim professionals will gain a better understanding of how to improve profitability through effective technical claims handling and claim management (including proper caseloads) and recognize when and why a claims operation or TPA is not meeting industry quality standards.

Who should buy this book: adjusters, claim managers, TPAs, risk managers, underwriters, program managers, insurance agents, captive owners, captive managers, and attorneys.

Use this book as a training resource! Call IRMI Client Services at (800) 827-4242 for bulk order pricing.

 
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Quality Risk Management Fieldbook

Quality Risk Management Fieldbook

Create a Risk Management Culture in Your Organization

This practical and proactive approach lowers the costs of risk and protects an organization's assets.

The Quality Risk Management Fieldbook is ready for immediate use to help you easily make the shift from limited insurance management to total risk management. This step-by-step guide is not a textbook but is the perfect resource if you lead a small business, nonprofit, government entity, or political subdivision and do not have risk management expertise or staff. Everything is included to help you work alongside your insurance agent to protect and preserve your organization.

 
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CE and CPE Courses


Property and Casualty Reinsurance Fundamentals

Course Description

Property and Casualty Reinsurance Fundamentals provides a "macro" overview of the key themes associated with reinsurance. It is intended as an introduction to reinsurance for CFOs, risk managers, insurance buyers, brokers, insurance underwriters, and insurance executives who would like to better understand the reinsurance mechanism and the industry that supports it without trying to become reinsurance experts. The course highlights some key aspects of reinsurance as well as some of the more vexing issues. The goal is to provide a generic understanding of reinsurance and the reinsurance industry, which is somewhat apart from the general insurance industry.

 
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Captives as Risk Retention Mechanisms

Course Description

The first in a series of courses covering the fundamentals of risk finance and captive insurance, this course discusses the concept of "cost of risk" (COR) and how captive insurance can be used to reduce these costs. After completing this course, you will understand what a captive is, how a captive can be used to reduce the COR, and the different types of captives that are in use today. You’ll also understand the various functions that must be performed by a captive to be effective. Lastly, you will be introduced to the tax and accounting issues that impact the effectiveness of a captive in managing the financial impact of risk. This course is partly based on the best-selling book Captives and the Management of Risk, by Kathryn A. Westover.

 
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Captives as Risk Transfer Mechanisms

Course Description

The second in a series of courses covering the fundamentals of risk finance and captive insurance, Captives as Risk Transfer Mechanisms focuses on how captives are used when risks are transferred between risk takers to improve risk financing efficiency. You will learn about the types of risk that can be placed in a captive, techniques used to quantify risk and develop insurance rates, the underwriting processes, and how reinsurance is used to protect the captive. The flexibility of captive insurance allows captives to finance risk off or on balance sheet, depending on which approach delivers the most financial benefit. The course will also provide an overview of some of the approaches of accomplishing this, such as with finite risk protection, loss portfolio transfers, and special purpose vehicles. This course is based on content included in Captives and the Management of Risk authored by Kathryn A. Westover and published by IRMI.

 
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Forming and Operating a Captive Insurer

Course Description

The third in a series of courses covering risk finance and captive insurance, Forming and Operating a Captive Insurer examines three aspects of captives with emphasis on the legal environment in which captives must operate: the formation of a captive, captive operations, and the issue of unrelated business. Students who successfully complete this intermediate-level course will understand the risk management purposes of using a captive, the differences between various types of captives, the factors affecting the choice of domicile for a captive, the filing procedures involved in forming a captive, and the responsibilities of a captive's board members. This course is based on content included in Captives and the Management of Risk authored by Kathryn A. Westover and published by IRMI.

 
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Newsletter


Captive Insurance Company Reports

Captive Insurance Company Reports

Includes Searchable Archive of All Issues Since 1988

Written in association with the consultants of the Tillinghast business of Towers Perrin, this is the first and most popular periodical to focus on the alternative market.

Since 1977, Captive Insurance Company Reports (CICR) has been the first and most respected independent periodical to focus on this alternative market. With a straightforward and concise writing style (advertising is noticeably absent), CICR educates captive practitioners on diverse captive topics such as fronting and reinsurance, collateral pressures and options, tax, legal matters and claims, domicile challenges and issues, regulatory developments, actuarial and accounting topics, corporate governance, captive management practices, investments, and a myriad of statistics including captive counts, commercial market financials, and various surveys on diverse topics. CICR is packed with important news, commentary on trends and developments, and actionable recommendations for optimizing the benefits and performance of captive ownership or participation.

 
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Online References


Risk Financing

Risk Financing

Used by Many of the Top Fortune 1000 Risk Managers

Easy-to-use-and-understand reference explaining the various funding options for your organization’s risks. Excellent resource for state-specific regulations.

Risk Financing is an easy-to-use-and-understand reference explaining the various risk finance options for any organization's liability and workers compensation risks. It covers all the alternatives with cutting-edge analyses and explanations of traditional insurance rating plans and alternative market options. This includes experience rating, dividend plans, retrospective rating, deductible plans, self-insurance, pooling arrangements, risk retention groups, captive insurance, fronting, reinsurance, and even risk securitization. It is the best online resource available for state-specific regulations.

Risk Financing lays out all the steps necessary to perform a systematic evaluation of risk finance options from loss forecasting to net present value analysis of the alternatives. It includes many useful factors and formulas to help, including loss development factors and claims cost (Masterson) indexes, which are updated annually. Because we keep it current for you, it can eliminate any uncertainty you may feel about which of the many alternative plans is best for your organization or client. It will also provide invaluable insight for fine-tuning any existing program.

 
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Practical Risk Management

Practical Risk Management

The Handbook for Risk and Financial Professionals

Helps you make appropriate decisions and implement best practices in all aspects of risk management.

Designed to help risk management and financial executives start and maintain a risk management program, Practical Risk Management discusses the entire process from exposure identification through implementation and monitoring of the program.

It suggests risk management practices to implement and provides concise and understandable explanations of most types of insurance coverage along with tips on the best coverage options. Includes discussions on employment practices liability exposures and insurance coverage, insuring small businesses, coverage triggers, private company D&O, and nonprofit D&O.

Also features IRMI Spotlight, a helpful summary box that provides readers with a quick overview of the contents of the Web page and contains points that focus on important key areas.

 
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IRMI Workers Comp

IRMI Workers Comp

A Complete Guide to Coverage, Laws, and Cost Containment

IRMI Workers Comp contains strategies, tactics, solutions, and information on most aspects of workers compensation law and insurance.

This one-stop source for state-specific statutes will help you analyze exposures, determine the coverages needed to provide the level of protection any type of organization needs, quickly understand the most important aspects of each state's act, place coverage in the residual marketplace or in a monopolistic state fund, and develop effective cost containment programs.

 
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