Better control through captives. Efficient management of corporate risks and customized employee benefits

Size: px
Start display at page:

Download "Better control through captives. Efficient management of corporate risks and customized employee benefits"

Transcription

1 Better control through captives Efficient management of corporate risks and customized employee benefits

2 Efficient management of corporate risks and customized employee benefits The use of captives to effectively manage property, casualty and human capital exposures is becoming a top risk management strategy for many organizations. From large multinational corporations to smaller domestic entities, captives can provide a win-win for risk managers and benefits managers alike. A wellmanaged captive provides greater control of financial capital, while offering the flexibility to adjust coverages to meet specific needs of a regional business or employee population. The use of captives to manage risks has grown significantly over the last 30 years. Captives have historically participated in a parent s general insurance covers, which may include property damage/business interruption, liability and financial lines. A recent report by the A.M. Best Captive Center indicates the global number of captives has grown from roughly 1,000 in 1980 to over 5,000 captives today. 1 A more recent development is the increasing use of captives to manage not only the property and casualty risks of a corporation, but also human capital risks. The number of companies combining non-life and life risks in a captive has almost doubled in the last five years, and will likely double again in the next three to five years, reported Mark Cook, Director of International Consulting at Towers Watson. Leading corporations have seen where captives have demonstrated value across the board offering very positive risk management solutions and a great global knowledge base. Financial benefits are just the start The financial benefits of using captives for employee benefits are clear to an organization s finance and risk management departments. A captive can improve cash-flow management, investment returns and overall premium cost savings. With the impending implementation of the Solvency II Directive, now scheduled for application in January 2016, captives operating in the European Union are looking at ways to diversify risk exposure and decrease the amount of capital requirement against the risk of insolvency. Adding employee benefits to captives can be an effective approach to meeting this diversification requirement, while driving greater operational efficiency and financial transparency overall. 1 Captive Insurance Companies, (November 12, 2013) However, many multinational organizations still underestimate the financial benefit of moving their global employee benefit programs into a captive, including the advantage of capturing additional underwriting profits when these programs are reinsured to a captive. Industry experts estimate that employee benefits comprise 30% of total employee compensation for most corporations. 2 Simply stated, insured employee benefits are a substantial expense for an organization. Combining benefit policies in a captive program can help ensure more efficient use of premium dollars, providing significant financial and administrative advantages. 2 Tim Parker, How Much Does an Employee Really Cost?, Intuit, Inc. (March 5, 2013) 2

3 Employee benefits: where captives prove additional worth Bringing employee benefits into a captive provides organizations with more flexibility and control over their employee benefit programs. Typically, captive programs require and facilitate access to a more robust level of information than is typically available through traditional insurance. It should be noted that even though primary insurers transfer all, or the majority, of local risk to the captive, through reinsurance these insurers do not entirely abdicate their risk underwriting functions and become pure administrative services providers. In fact, the insurers expertise provides a significant advantage for the captive. Often, captives do not have the expertise or licensing to address a variety of risks in multiple countries. The ability of captives to tap into a network of trusted insurance professionals, with knowledge of local market conditions, is extremely beneficial. Access to this expertise can help ensure confidence and contribute to the sustainability of the business model. For multinationals, captives help build a comprehensive global knowledge bank of benefit programs that is invaluable in customizing benefits to meet specific goals by country or region. Many multinationals also find that the biggest advantage of having employee benefits in a captive is the compliance and governance knowledge available through a fronting insurer with global reach. These companies may depend on the fronting insurance network to be their eyes and ears around the globe, providing the knowledge to help manage employee benefit plans in the countries in which the organization operates. Captives also allow human resource managers to shift premium savings into programs that will attract and retain the best talent. And, because a captive will be a significant risk taker, companies may be able to offer benefits that may not be available in the commercial market to certain populations. These customized employee benefit programs can range from high-value, long-term disability coverage for top executives to elimination of the HIV exclusion in Africa. Or, a captive may enable the company to offer life insurance for employees working long-term in remote regions of the world where transportation is by small charter planes or helicopters, something a traditional policy may not cover. Where captives really prove their worth is with medical coverage, says Francis Coleman, Director of International Consulting at Towers Watson. Global companies are experiencing a rapid increase in the spread of Western -type diseases, like high blood pressure and diabetes, in emerging markets where these illnesses have not been historically present. The central data warehousing available through a captive enables an organization to analyze medical claims by common classification codes through a consistent level of reporting. Using this sophisticated level of medical information, a company can target benefit programs to address the specific medical trends and spend by country or region. 3

4 What s new with captives? Captives are becoming more diversified than ever, moving well beyond the traditional property risks, such as buildings, assets and business interruption, and casualty including workers compensation, auto, general and product liability risks. In addition to employee benefits, such as health coverage, accidental death and dismemberment, life and disability, organizations are also including supply chain risk, cyber risk, environmental liability risk, trade credit and political risk, business travel and professional indemnity coverages within the captive. While a captive is not traditionally considered to handle new or volatile risk, it can be effectively utilized in these areas when the risk is highly controlled, for example in a step-up fashion, in cooperation with a risk-sharing partner. Case study: Captive improves employee health and well-being A large multinational organization operating in more than 70 countries and with 80,000+ employees started using a captive over five years ago to get better control of its benefit plans outside the U.S. The company found that the medical claim data it receives through its captive is one of the biggest benefits of moving from its previous multinational pooling solution. The global benefits manager reports the captive provides the ability to link medical claims data on a quarterly basis, compared to pooling s annual reporting. In addition, this real-time data allows the company to think ahead about how to design plans for copays, coinsurance, wellness programs, absenteeism programs and other initiatives to improve the health and well-being of its employees. Best practices of leading captives Top multinationals, as well as domestic companies, have successfully combined life and non-life risks into captives. Establishing a benefits captive, or simply moving human capital risks into an established captive, does require careful planning and implementation to ensure a smooth transition. Critical factors to consider when first bringing employee benefits into a captive include: Upfront communication A captive is often a new paradigm for human resources. It is imperative that human resources staff at all levels, both regional and local, be included in the conversation from the onset. These individuals need to see the advantages of a captive. Once they understand a captive can be used to better finance the employee benefits, and help attract and retain talent, rather than simply being a cost-cutting tool, company leadership will have created a team of captive champions. Support of top management Senior staff in risk management, legal, finance and human resource roles need to collaborate and coordinate their messages on why the captive is critical for the success of company goals. In particular, the integration of life and non-life risks requires trust and collaboration among these departments along with their captive management. Cooperation of local subsidiaries Since switching to a chosen fronting insurance network is required to fully implement a captive program, subsidiaries should be engaged and made aware of the benefits of using a captive, including premium cost reductions, commitment to premium rate stability and increased consideration of the payment of ex gratia claims. Dedicated resources Captives that work well in combining life and nonlife risks often have a person or team that manages the captive and rolls out the program country-by-country, or regionally. Since the implementation period for a large program may occur over several years, priorities need to be set such as choice of the service providers and which regions or countries are moved into the captive first. It is essential to have a hands-on team managing 4

5 Captives offer promising solutions for emerging markets Growth opportunities in emerging markets can be lucrative, but they also pose substantial risks to companies balance sheets, including defaults by their customers, expropriation of assets by foreign governments, political violence damaging overseas operations and others. To manage this increasingly unstable global marketplace, companies in the last few years are realizing the benefits of bringing trade credit and political risk coverage into their captive as a way to control risks while making better use of an insurer s capacity, expertise and global network. the process. At the start of a new captive program, the dedicated person or team needs to continually market the program and demonstrate its value to both senior management and the employee benefits staff. Long-term vision Captives are recognized as a long-term risk management solution providing the infrastructure to better manage risks. Larger, or more complex, diversified programs are often built up over time. It is recommended that these captive programs bring in regional areas or various coverages incrementally in manageable portions to ensure long-term success. Successful collaboration between risk managers and benefits managers will help ensure a successful implementation: Consider having human resources take the lead managing the employee benefits portion of the captive. Provide a centralized source of set-up guidance and ongoing captive management for the human resource managers involved in the regions. View the captive service provider as a business partner; be sure to engage the provider in helping to improve productivity, define employee benefit plans, etc. Educate human resources staff on how to best work with the captive service provider directly on reporting and analysis. Case study: Dedicated resource increases captive efficiency Since 1760, UK-based Lloyd s Register, a maritime classification society and independent risk management organization, has provided risk assessment, mitigation services and management systems certification. The company provides independent assurance and expert advice to companies operating high-risk, capital-intensive assets in the energy and transport sectors. For an organization that deals with high-risk industries, its claims history is enviable with very few claims over the years. However, as the global economy became more volatile and the marketplace more litigious, Lloyd s decided it needed to take a closer look at how its captive could be used to establish greater risk management opportunities and efficiencies. Clive Clarke, Group Insurance Manager, was brought on board in 2012 to manage the Group s risk and insurance program which included its captive in partnership with Lloyd s global broker. Previously, local offices requested quotes independently on some classes from local brokers. This practice resulted in a higher than necessary premium expense for the organization overall. By centralizing and utilizing captive management, we were able to bring premiums down to a much more attractive level, explains Clarke. And as our clients continue to request more services from Lloyd s, the captive gives us the flexibility to maintain, grow and ultimately enable business because of our ability to cover these enhanced risks for which the traditional insurance market does not sometimes have an appetite. 5

6 Case study: Domestic U.S. captive enhances total rewards program AGL Resources is a leader in natural gas distribution operations, retail operations and wholesale services with 4,500 employees and 2,500 retirees almost exclusively in the U.S. Its captive use started in 2001 with property and casualty coverages only; in 2006, employee benefits were added to the captive. Because of the cost efficiencies, the captive has allowed us to offer more in our total rewards program, says Paul Wagner, Director of Risk Management. He credits the successful benefit program to a strategic roll-out plan jointly developed and implemented with human resources. The plan included careful selection of the captive domicile to ensure strong and accessible regulators, experienced service providers, efficient cost structure and effective legislation. Wagner anticipates AGL will consider adding cyber, weather and trade credit risks, as well as implementing an additional aggregate stop loss basket to manage the overall risk exposure for the captive in the coming years. Our captive has been a good news story for us all around, he concluded. Conclusion Captives can empower an organization Every company is unique in terms of its corporate culture, its ratio of property vs. people assets, and the health and medical issues of its employees. A captive combining non-life and life risks provides the flexible risk management and financial efficiency that gives an organization the freedom to more easily customize its coverages and employee benefits. The result is not only a more financially resilient organization, but also one that can continue to respond effectively to changing coverage needs and employee programs. In today s everchanging business environment, the resiliency of a captive can help companies effectively address the challenges of today, tomorrow and long into the future. Zurich American Life Insurance Company of New York Zurich American Life Insurance Company Administrative Office: 7045 College Boulevard, Overland Park, KS Life insurance coverages issued in New York are issued by Zurich American Life Insurance Company of New York, a New York domestic life insurance company located at its registered home address of One Liberty Plaza, 165 Broadway, New York, NY In all states except New York, insurance coverages in the United States are issued by Zurich American Life Insurance Company, an Illinois domestic life insurance company located at its registered home address of 1400 American Lane, Schaumburg, IL This publication is only informative material of general nature. It is not intended to be considered as tax, legal or business advice and should not be relied upon as such. It does not contain a complete analysis of the subject matter it refers to. Recipients of this publication should ask for own specific tax, legal and business advice before implementing any solution related to the subject matter hereof Zurich American Life Insurance Company Zurich American Life Insurance Company of New York A A (01/14)

Zurich Captive Services. Help take care of your people and business together

Zurich Captive Services. Help take care of your people and business together Zurich Captive Services Help take care of your people and business together Zurich Captive Services Release the true value of your captive Captives have long helped large multinational companies to finance

More information

ENHANCED EMPLOYEE BENEFITS SOLUTIONS FOR A GLOBAL MARKETPLACE

ENHANCED EMPLOYEE BENEFITS SOLUTIONS FOR A GLOBAL MARKETPLACE ENHANCED EMPLOYEE BENEFITS SOLUTIONS FOR A GLOBAL MARKETPLACE Consolidated coverage options for both domestic and globally mobile employees of U.S.-based companies Corporate customers ENHANCED EMPLOYEE

More information

Maximizing the Value of Employee Benefits: The Collaborative Opportunity For Risk Management

Maximizing the Value of Employee Benefits: The Collaborative Opportunity For Risk Management Maximizing the Value of Employee Benefits: The Collaborative Opportunity For Risk Management The Collaborative Opportunity For Risk Management and HR Double-digit annual cost increases for medical care.

More information

Global Life North America, Corporate Life & Pensions Overview

Global Life North America, Corporate Life & Pensions Overview Global Life North America, Corporate Life & Pensions Overview Today, a growing number of employers require cost-effective and comprehensive benefit solutions to satisfy the diverse needs of their workforce

More information

Understanding Captives and Alternative Risk Transfer

Understanding Captives and Alternative Risk Transfer Understanding Captives and Alternative Risk Transfer Putting your insurance premiums to work for you Managing risk as you manage your bottom line What do Verizon, Coca-Cola, BP and most Fortune 500 sized

More information

Zurich Employment Practices Liability Insurance. Responding to the issues employers face today

Zurich Employment Practices Liability Insurance. Responding to the issues employers face today Zurich Employment Practices Liability Insurance Responding to the issues employers face today No matter how well prepared an organization may believe itself to be, in today s environment the potential

More information

Companies turning to Trade Credit Insurance in an unpredictable and debt-laden world

Companies turning to Trade Credit Insurance in an unpredictable and debt-laden world Companies turning to Trade Credit Insurance in an unpredictable and debt-laden world Companies turning to Trade Credit Insurance in an unpredictable and debt-laden world On the heels of a period of financial

More information

ABOUT THE REPORT. Prepared by Bloomberg Audience Insights 2

ABOUT THE REPORT. Prepared by Bloomberg Audience Insights 2 Brought to you by ABOUT THE REPORT In July-August 2014, Bloomberg Audience Insights completed an online survey examining risk interconnectivity from the perspective of global corporates, looking specifically

More information

RISK WELL REWARDED CAPTIVE INSURANCE AND ALTERNATIVE RISK SOLUTIONS FOR THE MIDDLE MARKET ARTEX RISK SOLUTIONS, INC

RISK WELL REWARDED CAPTIVE INSURANCE AND ALTERNATIVE RISK SOLUTIONS FOR THE MIDDLE MARKET ARTEX RISK SOLUTIONS, INC SM RISK WELL REWARDED CAPTIVE INSURANCE AND ALTERNATIVE RISK SOLUTIONS FOR THE MIDDLE MARKET ARTEX RISK SOLUTIONS, INC For many years large corporations have used alternative risk transfer strategies to

More information

Captive Strategies: Enhancing Value and Ensuring Compliance

Captive Strategies: Enhancing Value and Ensuring Compliance Captive Strategies: Enhancing Value and Ensuring Compliance The Benefits of Diversification and the Need for Compliance Owners of captive insurance entities recognize the value that a captive can bring

More information

Zurich Corporate Directors & Officers Liability Insurance: Zurich D&O Select. Raising the bar

Zurich Corporate Directors & Officers Liability Insurance: Zurich D&O Select. Raising the bar Zurich Corporate Directors & Officers Liability Insurance: Zurich D&O Select Raising the bar Zurich s Corporate Directors & Officers Liability insurance Zurich D&O Select is here to help. A changing national

More information

GLOBAL PROPERTY. Commercial Property START

GLOBAL PROPERTY. Commercial Property START Commercial Property START A LEADER About Global Property AIG s Global Property division brings sophisticated and extensive capabilities to our clients risk management programs. AIG s unrivalled worldwide

More information

Captive & Insurance Management

Captive & Insurance Management Aon Risk Solutions Global Risk Consulting Captive & Insurance Management Location of captive parent company 500+ captives 250-500 captives 51-249 captives 10-50 captives

More information

Bringing your employee benefits together

Bringing your employee benefits together Bringing your employee benefits together Multinational Pooling and Captives Zurich Employee Benefits Network The benefits of working with ZEBN Over 30 years Multinational Pooling experience. Access to

More information

Manage Risk Worldwide

Manage Risk Worldwide Manage Risk Worldwide Zurich International Programs Corporate customers 2 At Zurich, we re proud of our ability to help protect businesses that operate internationally. For nearly 40 years, we have built

More information

Employee Benefits Panel, October 6, 2015 PROFESSION INNOVATION DIVERSITY

Employee Benefits Panel, October 6, 2015 PROFESSION INNOVATION DIVERSITY Employee Benefits Panel, October 6, 2015 PROFESSION INNOVATION DIVERSITY Moderator and Speakers Sabrina Hartusch: Global Head of Insurance, Triumph, Switzerland; president of SIRM Paolo Marini: Global

More information

Why captives might be right for your business

Why captives might be right for your business Why captives might be right for your business Contents 1 What is a captive? 1 Why would I consider a captive as part of a more modern, flexible approach to risk finance? 1 2 How does a captive work? 2

More information

Cross Border Solutions

Cross Border Solutions Allianz Insurance plc Cross Border Solutions Your guide to cross border solutions with Allianz For intermediary use only ALLIANZ The world from your doorstep Territories covered Allianz & AGCS Offices

More information

Program Insurance: A different approach to building your business

Program Insurance: A different approach to building your business Program Insurance: A different approach to building your business Program Insurance: A different approach to building your business Perhaps you are wondering what exactly program insurance is and how it

More information

Occupational Accident

Occupational Accident Occupational Accident Work injury solutions for independent contractors A guide to Zurich s products, services and advantages Why Zurich for Occupational Accident insurance? Trucking companies with an

More information

Below is a general overview of Captives with particular information regarding Labuan International and Business Financial Centre (Labuan IBFC).

Below is a general overview of Captives with particular information regarding Labuan International and Business Financial Centre (Labuan IBFC). LABUAN CAPTIVES Below is a general overview of Captives with particular information regarding Labuan International and Business Financial Centre (Labuan IBFC). Kensington Trust Labuan Limited is a licensed

More information

How Elite Life & Disability Insurance Advisors Leverage Lloyd s of London To Enhance Their Best Client Relationships And Grow Their Practices

How Elite Life & Disability Insurance Advisors Leverage Lloyd s of London To Enhance Their Best Client Relationships And Grow Their Practices How Elite Life & Disability Insurance Advisors Leverage Lloyd s of London To Enhance Their Best Client Relationships And Grow Their Practices Published by: Exceptional Risk Advisors One International Boulevard

More information

GALLAGHER FOOD & AGRIBUSINESS. Risk Management Solutions

GALLAGHER FOOD & AGRIBUSINESS. Risk Management Solutions GALLAGHER FOOD & AGRIBUSINESS Risk Management Solutions We have the food and agribusiness expertise you need; from field to fork. The Food and Agribusiness industries are vital to the viability and sustenance

More information

Group Captive Insurance Programs for Property and Casualty Coverages

Group Captive Insurance Programs for Property and Casualty Coverages Group Captive Insurance Programs for Property and Casualty Coverages Duke Niedringhaus, ARM Vice President J.W. Terrill, Inc. April 2013 Group captive insurance programs can be an attractive alternative

More information

Directors and Officers Liability Insurance Guidance and Advice for Risk Managers

Directors and Officers Liability Insurance Guidance and Advice for Risk Managers Directors and Officers Liability Insurance Guidance and Advice for Risk Managers The insurance market has responded to recent corporate failures by requiring more information from organisations seeking

More information

Information Canada s Financial Services Sector

Information Canada s Financial Services Sector Property and Casualty Insurance in Canada Overview Information Canada s Financial Services Sector The property and casualty (P&C) insurance industry in Canada provides coverage for all risks other than

More information

As the costs associated. Captive Solutions for Medical Stop Loss: Take Your Self-Insurance Program to the Next Level by Allison Repke

As the costs associated. Captive Solutions for Medical Stop Loss: Take Your Self-Insurance Program to the Next Level by Allison Repke Captive Solutions for Medical Stop Loss: Take Your Self-Insurance Program to the Next Level by Allison Repke As the costs associated with providing healthcare coverage continue to rise, companies are looking

More information

Workers Compensation, Property & Liability Coverage for Illinois Public Schools

Workers Compensation, Property & Liability Coverage for Illinois Public Schools Specializing in School Coverage 155 Ph Workers Compensation, Property & Liability Coverage for Illinois Public Schools Enhanced Coverages and Outstanding Service at a Competitive Price Building Trust One

More information

marine insurance and risk management

marine insurance and risk management marine insurance and risk management Helping you transport your goods safely, on time and on budget Corporate customers 2 Helping meet your transportation needs Globalization has made our world smaller

More information

Strategic Growth. Enduring Trust.

Strategic Growth. Enduring Trust. Strategic Growth. Enduring Trust. A Balanced Portfolio for Lasting Success Founded in 1998, AmTrust Financial Services, Inc. was created to provide insurance products to small businesses. Through smart

More information

Insurance is an essential element in the operation of sophisticated national economies throughout the world today.

Insurance is an essential element in the operation of sophisticated national economies throughout the world today. THE ROLE OF INSURANCE INTERMEDIARIES Introduction The importance of insurance in modern economies is unquestioned and has been recognized for centuries. Insurance is practically a necessity to business

More information

Insurance Update. May Review. Global news. Increasing importance of Captives in non-traditional risks

Insurance Update. May Review. Global news. Increasing importance of Captives in non-traditional risks Insurance Update May Review Global news Increasing importance of Captives in non-traditional risks A recent study has confirmed that use of captives is becoming more widespread, as the risk managers become

More information

The promise and pitfalls of cyber insurance January 2016

The promise and pitfalls of cyber insurance January 2016 www.pwc.com/us/insurance The promise and pitfalls of cyber insurance January 2016 2 top issues The promise and pitfalls of cyber insurance Cyber insurance is a potentially huge but still largely untapped

More information

Insurance protection for employees abroad

Insurance protection for employees abroad Insurance protection for employees abroad Insurance protection for employees abroad The recent political upheaval in the Middle East and the unprecedented catastrophe in Japan highlight the issues companies

More information

Puerto Rico Insurance Summit

Puerto Rico Insurance Summit Puerto Rico Insurance Summit Untapping New Opportunities Captive Insurance Kathleen Waslov, Senior Vice President, Willis Global Captive Practice Agenda What is Captive Insurance? Why do companies form

More information

Client Engagement and Compensation Guide

Client Engagement and Compensation Guide Aon Risk Solutions Client Engagement and Compensation Guide Risk. Reinsurance. Human Resources. Introduction The aim of this document is to provide a high-level summary of the work that Aon Risk Solutions

More information

www.solartis.com 570.842.7094 570.815.4556 cmowry@solartis.com

www.solartis.com 570.842.7094 570.815.4556 cmowry@solartis.com Risk and Policy Manager TM On-Demand Risk and Policy Management Software for Brokers, Captive Insurance Companies, Risk Retention Groups, and Self-Insured Organizations www.solartis.com 570.842.7094 570.815.4556

More information

insights challenges for captives Facing the strategic

insights challenges for captives Facing the strategic insights captives ISSUE 2010 Facing the strategic challenges for captives Also in this issue: The economic and regulatory challenges for captives, 2010 and beyond Questions captive owners should be asking

More information

PROTECTING A COMPANY S MOST VALUABLE ASSETS:

PROTECTING A COMPANY S MOST VALUABLE ASSETS: PROTECTING A COMPANY S MOST VALUABLE ASSETS: cross-border solutions for international business travel risk management challenges Suresh Krishnan PROTECTING A COMPANY S VALUABLE ASSETS: cross-border solutions

More information

ACE GPS. Navigating the World With You

ACE GPS. Navigating the World With You ACE GPS SM Navigating the World With You ACE Group delivers client-focused solutions to multinational companies through our ACE GPS SM global platform. Introducing ACE Global Program Solutions (ACE GPS

More information

Aon Risk Solutions. Aon Trade Credit. Unlocking the Value of Trade Credit Insurance

Aon Risk Solutions. Aon Trade Credit. Unlocking the Value of Trade Credit Insurance Aon Risk Solutions Aon Trade Credit Unlocking the Value of Trade Credit Insurance Trade Credit and the Global Economy If your business crosses borders, consider these questions: Do you regularly sell to

More information

Accounts Receivable Management Solutions

Accounts Receivable Management Solutions Accounts Receivable Management Solutions from Accounts Receivable Management Solutions from www.eulerhermes.us Is one of your largest assets unprotected? There is a greater chance that a business will

More information

A Leader in Employee Benefits Solutions. Prudential Group Insurance. The Prudential Insurance Company of America 0236570

A Leader in Employee Benefits Solutions. Prudential Group Insurance. The Prudential Insurance Company of America 0236570 A Leader in Employee Benefits Solutions Prudential Group Insurance The Prudential Insurance Company of America 0236570 A Results-Driven Solution From a Name You Know and Trust Since 1875, the Prudential

More information

Rating Methodology for Domestic Life Insurance Companies

Rating Methodology for Domestic Life Insurance Companies Rating Methodology for Domestic Life Insurance Companies Introduction ICRA Lanka s Claim Paying Ability Ratings (CPRs) are opinions on the ability of life insurance companies to pay claims and policyholder

More information

Surveying Commercial Insurance

Surveying Commercial Insurance Surveying Commercial Insurance Pricing and Profitability 2013 Q3 Update 2013 Towers Watson. All rights reserved. Now more than ever, price monitoring is key Exposure Uncertainty How are prices affected

More information

Forming a Captive: A Strategic Solution for Closely Held Companies

Forming a Captive: A Strategic Solution for Closely Held Companies Forming a Captive: A Strategic Solution for Closely Held Companies Risk Management Answers Risk Solutions to Reduce Cost and Increase Profit RiskManagementAnswers.com Stephen B. Paulin, CIC spaulin@sullicurt.com

More information

CYBER LIABILITY INSURANCE MARKET TRENDS: SURVEY. October 2014. Sponsored by:

CYBER LIABILITY INSURANCE MARKET TRENDS: SURVEY. October 2014. Sponsored by: CYBER LIABILITY INSURANCE MARKET TRENDS: SURVEY October 2014 CYBER LIABILITY INSURANCE MARKET TRENDS: SURVEY Global reinsurer PartnerRe collaborated with Advisen to conduct a comprehensive market survey

More information

Professional Indemnity

Professional Indemnity Allianz Global Corporate & Specialty Professional Indemnity Capability Statement Protecting your clients with a range of professional indemnity products. Professional Indemnity at a glance In an increasingly

More information

The Rent-A-Captive Alternative

The Rent-A-Captive Alternative The Rent-A-Captive Alternative This brochure is made available for informational purposes only in support of the insurance relationship between FM Global and its clients. This information does not change

More information

Employee Benefits: Portfolio Diversification Opportunities. Enhance productivity and lower overall cost.

Employee Benefits: Portfolio Diversification Opportunities. Enhance productivity and lower overall cost. Employee Benefits: Portfolio Diversification Opportunities Enhance productivity and lower overall cost. A SEAMLESS ORGANIZATION IN A WORLD WITHOUT BOUNDARIES HR Directors now need to think global. The

More information

UTILIZATION OF CAPTIVES TODAY

UTILIZATION OF CAPTIVES TODAY UTILIZATION OF CAPTIVES TODAY The Oklahoma Captive Conference April 30, 2014 Ellyn Casazza Senior Vice President Marsh Captive Solutions Group Utilization of Captives Today Objectives of Discussion 1.

More information

Multinational Pooling

Multinational Pooling Multinational Pooling Multinational risk pooling is a sophisticated insurance technique available exclusively to international corporations. This proven method allows you to draw added value from your

More information

HOME << PREVIOUS NEXT >>

HOME << PREVIOUS NEXT >> Catalyst is staffed with some of the country s leading sustainability and energy experts. For more than 10 years our business has been focussed in energy management, procurement solutions and implementation.

More information

Commitment to the Healthcare Community HEALTHCARE PRACTICE

Commitment to the Healthcare Community HEALTHCARE PRACTICE HEALTHCARE PRACTICE Commitment to the Healthcare Community Insurance Brokerage Benefits & HR Consulting Claims Administration & Advocacy Retirement Plan Consulting Institutional Investment & Fiduciary

More information

Specialty Insurance Where Are We Headed?

Specialty Insurance Where Are We Headed? 2013 PLUS D&O Symposium Specialty Insurance Where Are We Headed? David Cash Endurance Specialty New York - February 6-7, 2013 Keynote Outline 1. Who are the Specialty Companies? 2. Economic drivers for

More information

JLT Mining. Utilising our expert knowledge of the mining industry and through understanding your individual business, JLT Mining can deliver:

JLT Mining. Utilising our expert knowledge of the mining industry and through understanding your individual business, JLT Mining can deliver: Mining Jardine Lloyd Thompson is one of the world s largest providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. JLT s client proposition is built

More information

Questions and Answers Regarding Charitable Risk Pools and NIAC

Questions and Answers Regarding Charitable Risk Pools and NIAC NONPROFITS INSURANCE ALLIANCE OF CALIFORNIA (NIAC) www.insurancefornonprofits.org Questions and Answers Regarding Charitable Risk Pools and NIAC What is NIAC's mission? Our mission is to serve 501(c)(3)

More information

Michael Wade Crown Representative for Insurance Cabinet Office. FT Future of Insurance

Michael Wade Crown Representative for Insurance Cabinet Office. FT Future of Insurance Michael Wade Crown Representative for Insurance Cabinet Office FT Future of Insurance Tuesday 30 th June 2015 London as an Insurance Centre The combination of Lloyd s managing agencies and company market

More information

How Property/Casualty Insurance Companies Invest Premium Dollars

How Property/Casualty Insurance Companies Invest Premium Dollars How Property/Casualty Insurance Companies Invest Premium Dollars OVERVIEW Every day, property/casualty insurers enable our economy to function by helping individuals and businesses address the various

More information

Generali, Your Loyal Insurance Partner Since 1831

Generali, Your Loyal Insurance Partner Since 1831 Generali, Your Loyal Insurance Partner Since 1831 Generali Global Corporate & Commercial U.S.A generali.com 1 Assicurazioni Generali - Generali Global Corporate & Commercial U.S.A Generali. One of the

More information

Understanding Agricultural Reinsurance

Understanding Agricultural Reinsurance 1 Understanding Agricultural Reinsurance Ramiro Iturrioz Insurance for the Poor The World Bank June, 2010 2 What is reinsurance? Reinsurance is insurance for insurers. It is an agreement between an insurer

More information

Transamerica s Retiree Medical Insurance Program For employers, unions, and their group retirees

Transamerica s Retiree Medical Insurance Program For employers, unions, and their group retirees For agent/broker use only Transamerica s Retiree Medical Insurance Program For employers, unions, and their group retirees Affinity Services Retiree Medical Insurance coverage is specifically designed

More information

Good morning Chairman Moran, Ranking Member Blumenthal and members of. the subcommittee. My name is Catherine Mulligan and I am Senior Vice President

Good morning Chairman Moran, Ranking Member Blumenthal and members of. the subcommittee. My name is Catherine Mulligan and I am Senior Vice President Catherine Mulligan, SVP Zurich Testimony before the US Senate Commerce Committee Subcommittee on Consumer Protection, Product Safety, Insurance, and Data Security Hearing Titled: Examining the Evolving

More information

Zurich s Index UL. Living Benefit Solutions. Accelerated Death Benefit Riders for Chronic and Terminal Illness

Zurich s Index UL. Living Benefit Solutions. Accelerated Death Benefit Riders for Chronic and Terminal Illness TM Zurich s Index UL Living Benefit Solutions Accelerated Death Benefit Riders for Chronic and Terminal Illness Offered by Zurich American Life Insurance Company For agent and broker information only.

More information

Solutions for Your Unique Healthcare Risk Management Challenges

Solutions for Your Unique Healthcare Risk Management Challenges Solutions for Your Unique Healthcare Risk Management Challenges Rising to Meet your Healthcare Challenges Beecher Carlson s National Healthcare Practice is acutely aware of what is ailing healthcare providers.

More information

GLOBAL SPECIALTY LINES GLOBAL EXPERTISE, DELIVERED LOCALLY.

GLOBAL SPECIALTY LINES GLOBAL EXPERTISE, DELIVERED LOCALLY. GLOBAL SPECIALTY LINES GLOBAL EXPERTISE, DELIVERED LOCALLY. 02 Global expertise, delivered locally. introducing rsa RSA is one of the world s leading multinational quoted insurance groups. The services

More information

Amlin plc. Numis Non-life Insurance Briefing 13 January 2011. Charles Philipps, CEO

Amlin plc. Numis Non-life Insurance Briefing 13 January 2011. Charles Philipps, CEO Amlin plc Numis Non-life Insurance Briefing 13 January 2011 Charles Philipps, CEO This presentation contains or may contain forward-looking statements. It is important to note that the Company s actual

More information

Captive Reinsurance. An Innovative Approach to U.S. Employee Benefits

Captive Reinsurance. An Innovative Approach to U.S. Employee Benefits Captive Reinsurance An Innovative Approach to U.S. Employee Benefits The Prudential Insurance Company of America 751 Broad Street, Newark, NJ 0221709-00002-00 Introduction An important corporate function

More information

Insurance Risk 101. Pat Teufel, FSA, MAAA Timothy J. Tongson, FSA, MAAA James E. Rech, MBA, ACAS, ASA, MAAA July 9, 2001 RHOB 2220

Insurance Risk 101. Pat Teufel, FSA, MAAA Timothy J. Tongson, FSA, MAAA James E. Rech, MBA, ACAS, ASA, MAAA July 9, 2001 RHOB 2220 Insurance Risk 101 Pat Teufel, FSA, MAAA Timothy J. Tongson, FSA, MAAA James E. Rech, MBA, ACAS, ASA, MAAA July 9, 2001 RHOB 2220 Insurance Risk 101 1 Life Insurance Risk 101 Timothy J. Tongson, FSA, MAAA

More information

Willis Group Holdings. February 2014 I Bank of America Merrill Lynch Insurance Conference

Willis Group Holdings. February 2014 I Bank of America Merrill Lynch Insurance Conference Willis Group Holdings February 2014 I Bank of America Merrill Lynch Insurance Conference Disclaimer Important disclosures regarding forward-looking statements These presentations contain certain forward-looking

More information

Surplus Lines and Residual Markets: Maintaining the Public s Right to Freedom of Choice

Surplus Lines and Residual Markets: Maintaining the Public s Right to Freedom of Choice Surplus Lines and Residual Markets: Maintaining the Public s Right to Freedom of Choice A position paper published by the National Association of Professional Surplus Lines Offices, Ltd. 1 2 SURPLUS LINES

More information

Trade Credit Insurance. Availability and Practice Within the Region

Trade Credit Insurance. Availability and Practice Within the Region Trade Credit Insurance Availability and Practice Within the Region Presented by Alan J Wallace Joint Managing Director IRC Europe Agenda A Brief History of Trade Credit Insurance Current Global Underwriting

More information

EIOPA Risk Dashboard. March 2013 EIOPAFS13022

EIOPA Risk Dashboard. March 2013 EIOPAFS13022 EIOPA Risk Dashboard March 2013 EIOPAFS13022 Systemic risks and vulnerabilities On the basis of observed market conditions, data gathered from undertakings, and expert judgment, EIOPA assesses the main

More information

Helping businesses manage risks and opportunities. Since 1893. Accounts Receivable Management Solutions from Euler Hermes ACI

Helping businesses manage risks and opportunities. Since 1893. Accounts Receivable Management Solutions from Euler Hermes ACI Helping businesses manage risks and opportunities. Since 1893. Accounts Receivable Management Solutions from About Commercial Credit Protection Trade Finance Enhancement Buyer Risk Assessment & Monitoring

More information

An overview of the UK fund management industry

An overview of the UK fund management industry An overview of the UK fund management industry Presentation made by to a delegation from the Asset Management Association of China 16 September 2013 Unrivalled expertise in selling financial services businesses

More information

4Q14. Reshaping the Multiemployer Health & Welfare Investment Landscape. November 2014. Executive Summary. Introduction

4Q14. Reshaping the Multiemployer Health & Welfare Investment Landscape. November 2014. Executive Summary. Introduction 4Q14 TOPICS OF INTEREST Reshaping the Multiemployer Health & Welfare Investment Landscape November 2014 Executive Summary RILEY DINNISON Consulting Associate Multiemployer Health & Welfare plans are in

More information

SOA Annual Symposium Shanghai. November 5-6, 2012. Shanghai, China. Session 2a: Capital Market Drives Investment Strategy.

SOA Annual Symposium Shanghai. November 5-6, 2012. Shanghai, China. Session 2a: Capital Market Drives Investment Strategy. SOA Annual Symposium Shanghai November 5-6, 2012 Shanghai, China Session 2a: Capital Market Drives Investment Strategy Genghui Wu Capital Market Drives Investment Strategy Genghui Wu FSA, CFA, FRM, MAAA

More information

LLOYD S IN CANADA Contents

LLOYD S IN CANADA Contents LLOYD S IN CANADA Contents 1 About Lloyd s 2 How Lloyd s works 3 Financial strength and ratings 3 Global reach 4 Multiple classes, maximum innovation 5 Lloyd s Canada a major player 6 Contact us ABOUT

More information

The future starts here. Let Swiss Life take care of your tomorrows, starting today.

The future starts here. Let Swiss Life take care of your tomorrows, starting today. The future starts here Let Swiss Life take care of your tomorrows, starting today. Swiss Life Singapore 1 Traditional values. New opportunities. At Swiss Life, we value expertise, experience and most of

More information

Breaking Down the Insurance Silos

Breaking Down the Insurance Silos Breaking Down the Insurance Silos Improving Performance through Increased Collaboration Insurers that cannot model business scenarios quickly and accurately to allow them to plan effectively for the future

More information

JLT Mining. The Canadian economy is, in part, driven by a robust and sophisticated Mining Industry.

JLT Mining. The Canadian economy is, in part, driven by a robust and sophisticated Mining Industry. Mining Jardine Lloyd Thompson (JLT) is an international group of Risk Specialists and Employee Benefits Consultants and one of the largest companies of its type in the world. We offer a distinctive choice

More information

Life sciences GROUP AN INTEGRATED APPROACH TO RISK MANAGEMENT

Life sciences GROUP AN INTEGRATED APPROACH TO RISK MANAGEMENT Life sciences PRACTICE GROUP AN INTEGRATED APPROACH TO RISK MANAGEMENT Global Markets International The business models for Life Sciences organisations are adapting to the new global environment. We understand

More information

Credit Derivatives. Southeastern Actuaries Conference. Fall Meeting. November 18, 2005. Credit Derivatives. What are they? How are they priced?

Credit Derivatives. Southeastern Actuaries Conference. Fall Meeting. November 18, 2005. Credit Derivatives. What are they? How are they priced? 1 Credit Derivatives Southeastern Actuaries Conference Fall Meeting November 18, 2005 Credit Derivatives What are they? How are they priced? Applications in risk management Potential uses 2 2 Credit Derivatives

More information

SPECIALIST INSURANCE SERVICES

SPECIALIST INSURANCE SERVICES SPECIALIST INSURANCE SERVICES energy WWW.PRICEFORBES.COM contents about us...5 our approach...6 five steps to service delivery...8 upstream & Mid-stream operations...13 downstream operations...14 claims...15

More information

Agenda. Introduction Important considerations Global Human Resource Checklist. Getting Started

Agenda. Introduction Important considerations Global Human Resource Checklist. Getting Started Global Human Resources Checklist Consideration and Implementation Chicago GlobalBusinessNews 13 June 2014 Agenda Introduction Important considerations Global Human Resource Checklist Business Travelers

More information

Deposit Insurance Pricing. Luc Laeven World Bank Global Dialogue 2002

Deposit Insurance Pricing. Luc Laeven World Bank Global Dialogue 2002 Deposit Insurance Pricing Luc Laeven World Bank Global Dialogue 2002 1 Introduction Explicit deposit insurance should not be adopted in countries with a weak institutional environment Political economy

More information

The Allstate Corporation. Bernstein 2015 Strategic Decisions Conference Thomas J. Wilson: Chairman and Chief Executive Officer May 28, 2015

The Allstate Corporation. Bernstein 2015 Strategic Decisions Conference Thomas J. Wilson: Chairman and Chief Executive Officer May 28, 2015 The Allstate Corporation Bernstein 2015 Strategic Decisions Conference Thomas J. Wilson: Chairman and Chief Executive Officer May 28, 2015 Forward-Looking Statements and Non-GAAP Financial Information

More information

Health Care Practice. An Integrated Approach to Meet the Financial and Risk-Related Needs of Health Care Organizations. Aon Risk Solutions

Health Care Practice. An Integrated Approach to Meet the Financial and Risk-Related Needs of Health Care Organizations. Aon Risk Solutions Aon Risk Solutions Health Care Practice An Integrated Approach to Meet the Financial and Risk-Related Needs of Health Care Organizations Risk. Reinsurance. Human Resources. Empower Results 1. Solutions

More information

Dedicated to the insurance needs of the oil and gas industry

Dedicated to the insurance needs of the oil and gas industry Dedicated to the insurance needs of the oil and gas industry The strength and expertise to deliver Just as the Lucas geyser marked the birth of the modern petroleum industry in 1901, Travelers is widely

More information

BEDFORD UNDERWRITERS, LTD.

BEDFORD UNDERWRITERS, LTD. BEDFORD UNDERWRITERS, LTD. 315 East Mill St., P. O. Box 278 Plymouth, WI 53073 Ph. (920) 892-8795 (800) 735-1378 FAX (920) 892-8980 APPLICATION FOR INSURANCE AGENTS AND BROKERS ERRORS AND OMISSIONS COVERAGE

More information

SCG Legal Annual Meeting September 11, 2015. Captive Insurance Regulatory Perspective

SCG Legal Annual Meeting September 11, 2015. Captive Insurance Regulatory Perspective SCG Legal Annual Meeting September 11, 2015 Captive Insurance Regulatory Perspective 1 About FICOM The Financial Institutions Commission (FICOM) is an agency of the B.C. Ministry of Finance FICOM safeguards

More information

Health Option Plan for Employees

Health Option Plan for Employees Health Option Plan for Employees IBG BENEFITS MANAGEMENT CO., INC. PRESENTED BY: A comprehensive health care plan that is helping Employers and Employees save 15-40% on health care costs. www.ehopeplan.com

More information

USI Insurance Services. House Education & Workforce Committee. Subcommittee on Health, Employment, Labor & Pension.

USI Insurance Services. House Education & Workforce Committee. Subcommittee on Health, Employment, Labor & Pension. USI Insurance Services House Education & Workforce Committee Subcommittee on Health, Employment, Labor & Pension February 26, 2014 Providing Access to Affordable, Flexible Health Plans Through Self-Insurance

More information

AIG TRADE CREDIT INSURANCE Protecting Your Accounts Receivables Your Most Valuable Asset

AIG TRADE CREDIT INSURANCE Protecting Your Accounts Receivables Your Most Valuable Asset A AIG TRADE CREDIT INSURANCE Protecting Your Accounts Receivables Your Most Valuable Asset The Need for Credit Insurance Sales is the journey; cash is the destination. AIG Trade Credit helps companies

More information

Credit & Risk Management. Lawrence Marsiello Vice Chairman and Chief Lending Officer

Credit & Risk Management. Lawrence Marsiello Vice Chairman and Chief Lending Officer Credit & Risk Management Lawrence Marsiello Vice Chairman and Chief Lending Officer 2006 Progress and 2007 Expectations Well-positioned to perform through the cycle Robust and consistent credit grading

More information

ENERGY INDUSTRY INSURANCE SOLUTIONS

ENERGY INDUSTRY INSURANCE SOLUTIONS Summer 11 ENERGY INDUSTRY INSURANCE SOLUTIONS ELECTRICITY PRICE & FORCED POWER OUTAGE COVERAGE WEATHER DERIVATIVES SYSTEM PERFORMANCE INSURANCE TRADE CREDIT INSURANCE ACCOUNTS RECEIVABLE PUTS NON CANCELLABLE

More information

Hong Kong Directors Risk Increase

Hong Kong Directors Risk Increase Hong Kong Directors Risk Increase - Survey of HK Chartered Secretaries reveals that 90% see an - increasing threat of legal action against directors HONG KONG, 1 February 2008 A survey jointly conducted

More information

CRISIL Methodology for rating Life Insurance Companies. Tarun Bhatia Head Financial Sector Ratings

CRISIL Methodology for rating Life Insurance Companies. Tarun Bhatia Head Financial Sector Ratings CRISIL Methodology for rating Life Insurance Companies Tarun Bhatia Head Financial Sector Ratings August 3, 2007 2. CRISIL Background First Rating Agency in India Largest Rating Agency outside of USA (fourth

More information

Life and Disability Insurance - A Generali Employee Benefits Network

Life and Disability Insurance - A Generali Employee Benefits Network Life and disability International solutions for expatriates geb.com 2 GEB - Life and Disability for Expatriates Life and Disability Group Life and Disability insurance packages form the cornerstone of

More information

Excess Casualty. Go above and beyond.

Excess Casualty. Go above and beyond. Excess Casualty Go above and beyond. With the right commercial umbrella insurance policy, you get more than sound coverage. You get the confidence you need to pursue business opportunities in a world where

More information