LATEST ATLAS NEWS. Ask how long the captive manager has been in business, whether it is the captive manager's main business or if the captive manager does something else, and how many captive programs the captive manager has established.
In this article, we look at five attributes we believe are key elements of any successful captive management company. While the captive's owners may be transferring the responsibility for operating the captive to the captive manager, the owners still retain liability for how the captive ultimately performs. Does the captive manager undergo a Statement on Standards for Attestation Engagements No. The captive manager is responsible for managing the information flow between all the professional service providers of the captive and the captive owner. While the captive's owners may be transferring the responsibility for operating the captive to the captive manager, the owners still retain liability for how the captive ultimately performs. Additionally, it serves as the first point of contact with the domiciliary regulators. To be added to the list please get in touch. Banks that fit a certain asset size and earnings criteria can form their own wholly owned captive insurance company to finance risks (that are not commercially insured) in a tax advantaged way.
In this article, we look at five attributes we believe are key elements of any successful captive management company. Ask for references from other captive owners, regulators, and service providers. Has it ever terminated a client because of an ethical conflict? Is the captive free to use services of other service providers, such as brokerage, fronting, auditing, etc., in the event the captive manager is not independent? What can it bring to your captive that no other captive manager can? The ability to effectively communicate is critical in this role. Here are five key attributes that captive owners should look for in their captive managers.While this may seem intuitive, it is the primary attribute that every captive owner should seek out in a captive management firm. Having said that, how does it document these verbal communications? Remember, your captive manager is crucial to the success of your captive.Directly behind the need for ethical behavior is the requirement for your captive manager to be professionally competent. Powered by independent thought and an innovative approach, we empower our clients and partners to make educated risk management decisions with confidence. Artex is a solutions company and we invite you to learn more about our breadth of services and depth of talent at Atlas Insurance Management is a leader in the formation and management of captive insurance companies for diverse clientele in major U.S. and offshore domiciles. As independent managers, we also provide strictly impartial analyses and recommendations. Ask. Is the captive management firm audited, and if so by whom? Do the key employees and staff hold professional credentials, such as Associate in Risk Management, Chartered Property Casualty Underwriter, Certified Risk Manager, Commercial Lines Coverage Specialist, Chartered Financial Consultant, Certified Public Accountant, juris doctor, Fellow of the Casualty Actuarial Society, and Associate of the Casualty Actuarial Society, as well as specialized captive credentials offered by International Center for Captive Insurance Education (The captive manager is responsible for managing the information flow between all the professional service providers of the captive and the captive owner.
The firm is known for its holistic approach to design, formation and implementation of captive insurance companies. Captive owners can use these attributes to evaluate and score prospective captive managers as they work through the selection process.Captive insurance company managers have a number of responsibilities in operating the captive on a day-to-day basis. Does it also undergo an SOC 2 audit, and will it share the results of these with you? Would it allow you to sit in on another captive's board meeting to see how it communicates?