Our services
To get the captive off the ground you will need a business plan, a corporate vehicle with a registered place of business, an appropriate set of constitutional documents and officers to run it. You will need specific expertise in preparing the application in a way that is acceptable to the Isle of Man regulator and who understands the process inside out. You will need someone to draft insurance policies and review re-insurance agreements so you can start to write business. We take care of all of that.
Underwriting Services & Reinsurance Programmes
Whilst the Captive’s Board of Directors set the overall business strategy for the company, it is normal for it to delegate day-to-day underwriting authority to us, the Manager. Our services include assessment of underwriting proposals, rating and issue of cover notes, debit notes, etc... Through our insurance broker connections we have full access the international reinsurance market.
Management Services
As Manager, we will take all responsibility for the day-to-day management and administration of the Captive. For example, regulatory returns must be prepared and filed, accounting records must be maintained and fed through to management information and financial statements. The Captive will hold substantial assets for which mandates must be developed and the assets administered. Claims will need to be handled on either an individual or bordereaux basis, in conjunction with various loss handling agencies and solicitors. We take care of all of this and more.
Rent-a-Captive or Contingency based services
Through IOMA Insurance we can also offer clients access to underwriting services through the IOMA Insurance balance sheet and license. This can provide an “easy access” into the world of Alternative Risk Finance without the need to form a fully blown stand alone Captive at inception. It is particularly helpful where premium volumes are insufficient or marginal to warrant the formation of a full entity at outset.
|