Commercial Insurance
We also have access to companies specialising in the creation and management of Captive, Mutual and Protected Cell insurance companies. We can work with you to advise upon and assist with the creation of Captive Insurance Vehicles.
A Captive Insurance Company is, in its purest form, a wholly owned subsidiary company formed to reinsure the risks of its parent and associated companies. A Captive Insurance Company insures all or part of the risks of its owners, the owners being individual companies or groups. Captives are usually formed to provide alternative risk management solutions to that of the conventional insurance market.
Insurance subsidiaries of large corporations were the forerunners of the captive movement. The first captives can be traced back to the early 1930's, for example the Blackfriars Insurance Company was formed in 1937 by Unilever. There are now approximately 5,000 Captive Insurance Companies worldwide. Most of these captives are domiciled in tax attractive locations, where the regulatory framework is such that regulators may prompt decisions and where capitalisation requirements are commensurate with the risk assumed.
The underlying reason for the formation of a captive is that the conventional insurance market fails to adequately meet the needs of the company purchasing insurance. A Captive provides the following benefits to its owners:
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