Considering a Captive?
A Captive is an insurance company wholly owned and controlled by its insureds. Captives offer an alternative risk strategy that is both popular and practical for companies or groups looking for better control over their insurance costs and gives their owners the opportunity to benefit from any resulting underwriting profit.
Given the cost and complexity of captive setup, most organizations will seek the assistance of a captive manager, such as Atlantic Security Limited (ASL), to establish the captive on their behalf; taking advantage of ASL’s available expertise and leveraging its proven captive infrastructure and processes that are in place and time-tested.
Captives have been around for approximately 65 years with the first established in the 1950s. In those 65 years, the complexity of the captive insurance market has changed; and the successful set up of a captive in the Bermuda market and the subsequent management requires the right know-how and experience. Finding a dependable partner to navigate the Bermuda captive insurance market is the key to success. ASL prides our self on our stellar reputation for both the quality and dependability of our captive management services.
ASL brings 40 years of captive management experience to our clients, with some of those early clients still working with ASL today. With our four decades in the market, ASL has had the opportunity to establish and manage almost every type of captive program. ASL’s unmatched depth and breadth of experience enable optimal efficiency and quality of decisions. Our clients know they are in good hands for their insurance and reinsurance needs.
Consistent throughout our service offerings, ASL stays true to our founding principles remaining a privately held, bureaucracy-free, hands-on organization focused on applying our expert resources and decades of experience to meet each client’s unique needs. Our captive management engagements are initiated by determining the best captive structure to fit your needs and fostering a close client relationship to anticipate and continually meet ongoing captive requirements.
ASL’s management team has an average of over 30 years of tenure and knowledge per individual with a total of more than 100 years as a group. This unmatched wealth of experience translates to peace of mind for clients in a service industry where consistent, quality and proven approaches to business support are highly valued.
Captive Management Capabilities
ASL can address a diverse set of captive program and product needs which include, but are not limited to, property, product liability, professional liability, workers’ compensation, credit, and mortgage default.
With each client’s unique needs in mind, ASL continually evaluates our captives under management by; analyzing risk exposure, providing loss prevention assistance, monitoring claims, and transferring appropriate risk to reinsurers. ASL clients can rest assured they have the benefits of a well thought out and managed risk management program to meet their insurance and risk needs, at the best possible cost.
Currently, ASL provides captive management services to over 50 organizations with assets from $250,000 to $550 million.
Servicing a wide range of companies, associations, and groups of all sizes, in various industries, and around the globe, ASL’s clients include many fortune 500 companies, one of the largest financial service associations in the world and one of the top 10 Swiss public companies as well as several Canadian private and public companies. This diversity of client base demonstrates ASL’s scope of experience and broad appeal across all captive management needs.
ASL can offer a full range of Captive management services from initial feasibility studies through set up and management of the company.
- Feasibility study;
- Arranging fronting and reinsurance
- Captive or Alternative Captive vehicle Setup;
- Insurance/Reinsurance policies and certificates of insurance management;
- Collection of premiums and reinsurance recoveries;
- Review, validation, and payment of losses;
- Creation of client-specific financial statements and annual statutory financial statements as required by the Bermuda government;
- Detailed underwriting and analysis;
- Review of investment performance; and