FERMA member association Airmic has produced together with Chartis a guide to captive insurance companies.
Airmic invited partners to select an area of expertise and produce an introductory to intermediate level guide for the benefit of Airmic members. The intention of this guide is to provide members with an overview of the topic and provide information on the practical considerations when managing this important insurance issue.
This guide has been written with a view to providing members with support when faced with such questions as
– “What alternatives are available to buying cover in the commercial market?”
– “Can we save on premium spend and can we take more control of our risks?”
– “What do we need to do and what will it cost?”
If you already have a captive you may be asked to explain why and what it provides that the commercial market does not.
This is by no means a definitive guide; however we hope it will go some way to answer these questions and to help in your understanding of the world of captives and how they may work for your organisation.
This guide will take you through the life cycle of a captive from initial concept through to the benefit and uses and finally to exit strategies.