Fred Reiss set up American Risk Management in Bermuda, where the first captives were domiciled. (Its name changed in various ways from ARM to IRM to IRMG. All are referred to in this timeline as the "Reiss Organization.") The three keys to his unique success were as follows.
• Captive management in Bermuda offered fronting, administration, governance, reinsurance, and brokerage.
• Property loss-control engineering was in-house, with Factory Mutual loss-control standards (or better) and maximum foreseeable loss estimates.
• The reinsurance capacity included captives as reinsurers, funneled through Hopewell, a pooling facility.