Enterprise Risk Management (ERM) - International Captive Insurer
International Captive Insurer Project. In a recent project, we were able to lead a private holding company to the establishment of a Bermuda wholly-owned captive insurer, whose beneficial owners were the children of the founders of the holding company. The benefits resulted in several million dollars of captive earnings and tax savings, with tax free investment earnings thereafter until the money was released for corporate or individual purposes. Additionally, the benefits included an enhanced Enterprise Risk Management (ERM) environment with risk analysis, risk assessments, loss control, and claims management.
While setting up the captive insurer, we commenced a custom RiskPro® risk technology software application that would meet the needs of the owner, risk, and claim managers. The value of the infrastructure is that it transforms the arduous process of gathering information for the annual marketing of the risk management, insurance and loss control programs, and it manages all of the claims costs associated with the programs. The award winning risk assessment infrastructure has been praised for its ease of use and value by Lloyd's of London syndicates and numerous third party administration adjusters worldwide. Tremendous efficiencies are gained in the operational risk management and insurance programs, as well as the marketing of the programs each year. The power of being able to benchmark the current risks and claims against similar data in the market is invaluable to clients who use it, and transforms the way in which risk is analyzed, measured, and managed.