Continuing Education Courses for the Captive Industry

Property and Casualty Reinsurance Fundamentals - $79

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.

Captives as Risk Retention Mechanisms - $79

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.

Captives as Risk Transfer Mechanisms - $79

Course Description

One of a captive's roles in the risk management process is to assist in financing risks. Risk can be financed using noninsurance or insurance techniques. Organizations that retain risk may choose to self-finance it, which reduces some risk financing costs but eliminates some of the benefits they derive from insurance. To persuade large commercial buyers to continue to use insurance, traditional insurers offer a variety of cash flow and profit-sharing insurance plans. These risk financing solutions may provide some of the advantages of self-insurance, but the insured may lose some of the benefits of insurance. Captive insurance is designed to maintain the advantages of self-financing and insurance without the disadvantages of commercial insurance. Captives as Risk Transfer Mechanisms focuses on how captives are used when risks are transferred between risk takers to improve risk financing efficiency. The captive user will learn about the insurance techniques used to underwrite risk and the underwriting processes used to ensure that a risk will be adequately financed.