A leading provider of Independent Captive and Insurance Management Services

Captive Management Services

Captive Management Services

Captive management solutions

Captive management solutions

Our management operation has been developed to specifically serve all the needs of the international insurance market. We have brought together a group of professionals to form a team which can support all the day-to-day operations of our clients in the areas of accounting, investment, administration, underwriting and claims. These specialist skills are made available to each of our clients and can be utilized as and when required.

Whilst the primary ongoing responsibility will inevitably be of an accounting and administrative nature, we believe that the availability of our expertise and experience is an important consideration in selecting a manager.

We tailor financial reporting to meet clients’ needs, understanding that each client has different reporting requirements. There is no standard package to fit all.

Senior management is always available to discuss and provide independent and unbiased advice on all aspects of the insurance program including:

  • Program Structure
  • Reinsurance
  • Investment
  • New lines of business
  • Service providers
  • Fronting arrangements

Incorporation

Quest has considerable experience incorporating companies in Bermuda. The services provided include the following:

  • An assessment of the feasibility of the captive
  • The design of the captive structure, including retention levels, lines and capital requirements
  • The preparation of incorporation documents, business plan and 5 year pro-forma financial statements
  • The submission of applications to regulators
  • Assistance in choosing service providers i.e. lawyers, auditors, actuaries, banks and investment advisors
  • Assistance in finding the most suitable fronting company
  • Assistance in reinsurance placement

Ongoing

On an ongoing basis our services include but are not limited to:-

  • Financial reporting on monthly/quarterly basis within parent company reporting timeframe and format.
  • Letter of Credit/Trust Management including setting up and negotiating reductions in letters of credit.
  • Preparation and filing of Statutory Returns
  • Co-ordination of Audit process.
  • Cash management utilizing on-line banking systems including monitoring investment performance.
  • Monitoring of compliance with investment guidelines.
  • Appointment as Insurance Manager/Representative as required by regulatory authorities.
  • Preparation and organization of Board meetings and annual Shareholder meeting.
  • Monitoring compliance with all appropriate legislation and liaison with regulatory authorities as required.

Rent-a-Captive Solutions

Rent-a-Captive Solutions

Rent-a-captive is a facility whereby a client (sponsor) ‘rents’ the capital of a registered insurer to underwrite insurance business.

No risk is retained in the rent-a-captive facility therefore all risks must be fully collateralized by premium, additional capital contributions, reinsurance or letters of credit.

Benefits

  • Segregated account for a client’s stand-alone insurance program
  • Underwriting profits determined by own loss experience
  • No pooling of risks with other segregated accounts
  • Robust legislation ensures that one account cannot attach to the assets and liabilities of another account.

Common Uses

  • Single line deductible reimbursement
  • Medical stop loss
  • Single parent risks that are too small for stand-alone captive

Programme Design

Programme Design

We have significant experience and expertise in the formation of captives. We design programs that provide for the most cost effective coverage for your insurance needs, taking into account the capital available and your appetite for risk.

We provide independent and unbiased advice on the potential program and coordinate the consultants needed to perform the analysis and make the application submission to the Bermuda Monetary Authority.

This includes:

  • Feasibility Analysis
    We bring together a team of professional consultants, including actuaries and lawyers, to provide an analysis on the feasibility of the proposed underwriting and advise on the structure, financing and regulatory requirements.
  • Coordination of Service Providers
    We coordinate the service providers’ work to complete the application for submission to the Insurance Regulator.
  • Submission to the Insurance Regulator
    We are available to the Insurance Regulator to guide the application through the process to ultimate approval.
  • Implementation
    We coordinate the activities required to get the approved captive up and running, from initial meetings to drafting bye-laws, policy wordings, opening bank accounts and appointing on-going service providers and directors and officers.

Reinsurance Solutions

Reinsurance Solutions