Please review Gary Osborne’s comments regarding the Hawaiian domicile in the current issue of Captive Insurance Times. http://www.captiveinsurancetimes.com/citimes/CITimes_issue_33.pdf
USA Risk Group is pleased to announce that we are finalists for multiple 2013 US Captive Service Awards! We are finalists in the Captive Manager of the Year; Independent Captive Manager of the Year and Innovation in Captive Management categories. The winners will be announced in a Fall special edition of Captive Review. The full list of categories and finalists can be found here: http://www.globalriskusa.com/awards
In 2012, USA Risk Group won for Independent Manager of the Year and Innovation in Captive Management.
USA Risk will be attending the following industry events over the next 3 months. We hope to meet up with our clients, prospects and business partners at these meetings. Please notify your USA Risk Group contact or any of the following individuals directly if you would like to schedule a more formal meeting at these events:
SSCIA – Sept 16-18 Wild Dunes, Isle of Palms, SC— Paul Newton, Gary Osborne, William Hodson
NRRA – Oct 2-3 –Ritz Carlton Pentagon City— Gary Osborne, William Hodson
Canadian RIMS – Oct 6-9 – Victoria, BC— Rob Leadbetter
VCIA Road Show – Oct 16 – Atlanta— Andrew Sargeant, William Hodson
ASHRM, Oct 27-30, Austin, TX— Rob Leadbetter, Paul Macey
HCIC – Nov 5-8 – Hapuna Prince, HI— Gary Osborne
TCIA, Nov 20-21, Nashville, TN— Gary Osborne, Adam Forstot
IMAC, Dec 3-5, Grand Cayman— Paul Macey, Rob Leadbetter, Gary
Osborne, Harry Rodgers, William Hodson
USA Risk Group will be attending the following industry events over the next 3 months and we hope to meet up with our clients, prospects and business partners at these meetings. Please contact the following attendees by clicking on their name if you would like to schedule a more formal meeting at these events:
|Palmetto RIMS||9/11/13 – 9/13/13||Charleston, SC||Adam Forstot, Paul Newton|
|SCCIA||9/16/13 – 9/18/13||Wilde Dunes, Isle of Palms, SC||Paul Newton, Gary Osborne, William Hodson|
|NRRA||10/2/13 10/3/13||Ritz Pentagon City||Gary Osborne, William Hodson, Harry Rodgers|
|Canadian RIMS||10/6/13 – 10/9/13||Victoria, BC||Robert Leadbetter|
|VCIA Road Show||10/16/13||Atlanta, GA||William Hodson, Andy Sargeant|
|ASHRM||10/27/13 – 10/30/13||Austin, TX||Paul Macey, Robert Leadbetter|
|HCIC||11/5/13 -11/8/13||Hapuna Prince, HI||Gary Osborne|
|TCIA||11/20/13 – 11/21/13||Nashville, TN||Gary Osborne, Adam Forstot|
|Cayman Captive Forum||12/3/13 – 12/5/13||Grand Cayman||Paul Macey, Robert Leadbetter, Gary Osborne,Harry Rodgers, William Hodson|
No, not that kind of cell! We’re talking about Cell Captives of course!
Interest in the concept of Cell Captives seems to be ever increasing as more states become captive domiciles and variations on the concept continue to emerge. While a comprehensive discussion of cell companies is beyond the scope of a blog post, I thought it would be timely to touch on some of the differences and where USA Risk Group can provide options.
Known by different names in different domiciles these companies offer some of the most exciting and versatile risk financing mechanisms in the market today. Segregated Account Companies, Protected Cell Companies, Segregated Portfolio Companies, Series Companies, whatever their name, all share some similar characteristics.
Each of these companies are licensed insurance entities that are allowed to offer partitioned insurance programs under their authority. A cell captive includes legal walls built around the assets and liabilities of each cell such that what happens in one cell has no impact on any of the other cells under the insurance company.
A cell company can be likened to an apartment building and the cells to individual apartments that are rented to tenants. Renting an apartment is often less expensive than owning a home because the overhead expenses associated with the building are spread across all the rental units. In a cell captive setting the efficiencies presented may include: a reduction of overhead costs related to the cell’s operation including audit fees, actuarial fees and government fees; no capital contributions to support premiums being written in fully funded cells; and no additional collateral required beyond what the fronting carrier would normally require in a program.
Any risk that can be written in a traditional captive can be written in a cell. Cells can be especially efficient for reinsurance pass-through transactions, to incubate new programs and for run-off programs/LPT’s.
USA Risk Group is pleased to be able to offer a wide-range of cell captive solutions both on shore and off shore. We have several under management to meet the specific needs of their sponsors including facilities owned by commercial insurers, an industry mutual and agency networks. We also have a number of programs which are open to the general insurance market. These options include:
Citadel (Bermuda): Wholly owned by Citadel Reinsurance Company Limited, which is rated A- by AM Best. Fully funded closed cells providing solutions for traditional rent-a-captives, reinsurance captives, association and group captives, single parent.,
Reliance Global Insurance Limited (Bermuda): Related to Reliance Global Group, LLC. Fully funded closed cells providing owner’s protection insurance for select large US commercial and real estate owners.
International Casualty Company (BVI): A USA Risk Group owned facility available to USA Risk Group clients and partners to house a variety of risks.
Ontario (Cayman): A privately owned facility available for programs supporting a variety of risks.
A Non-Controlled Foreign Corporation (Cayman):
Picasso (TN): Picasso is our first domestic Series LLC facility. When structured correctly, the Series LLC can offer the best of both worlds; the flexibility and efficiency of a cell facility with the ability to have direct ownership of the “cell” and take certain tax elections not available through a traditional cell company.
If you have questions about the concept or are interested in learning more about a specific facility, please contact your primary USA Risk Group contact and they can provide you more information. If you don’t have a existing relationship with USA Risk Group, please contact me directly: email@example.com or 802-371-2258.