Our captive independent review service is designed for existing captives. All captives would benefit by an independent review. These reviews need not be expensive, and start for as little as $2,500. Captive managers would be well served by such a strategic review of their practices and procedures as our experience could prove invaluable in identifying areas of improvement.
Some of the potential benefits of an independent captive review include:
- assessing the overall enterprise risk management processes and procedures;
- evaluating the economic and business benefits of the captive program;
- improving corporate governance practices;
- improving underwriting and risk coverage decisions;
- preparing the captive for insurance department examination;
- preparing the captive for revenue department examinations;
- evaluating how best to wind up a captive (learn more on that here).
The key components of a captive strategic review are:
- review current operations - financial performance, actuarial reports, tax reporting, operational controls and division of duties
- review regulatory and other legal communications
- review corporate book, actions of board and shareholders, and all captive contracts
- review current commercial insurance coverages
- review loss runs of commercial and captive lines of coverage
- review any applicable risk management and safety programs
- conduct conference calls with captive owners, managers, underwriting team and insurance advisers
- assess any captive program and operational deficiencies
- assess impact of any conflict of interest transactions
- review investment policy and investment position compliance
- assess business and economic benefits
- assess potential areas for expansion of the captive program
- summarize findings & recommendations
Contact Us if interested in an estimate to perform a strategic review of your captive program.
