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Captive insurance is an alternative to self-insurance in which insured parties establish a licensed insurance company for their own use and benefit. [1] The company focuses its service on the specific risks of the insureds and is incentivized to price the insurance near cost, since it has no separate investors.
Captive insurance structures can be classified into three main categories: Single Parent Captives, Group Captives, and Core Cell Captive Insurance Companies, also known as Cell Captives or Core Cell Companies. Cell Captives are entities consisting of a core and an indefinite number of cell entities which are kept legally separate from each other.
Established to encourage the formation of small insurance companies, it offers an alternative risk-management solution that can supplement or even replace traditional insurance coverage. A micro-captive insurance company, as it pertains to Section 831(b), is a captive insurance company – an insurance company entirely owned and operated by the ...
But an insurance program called a captive changed the rules of the game: This captive, called Big Stakes, incentivized New York-based trainers to maintain safety protocols by giving them a slice ...
They are mostly commonly used in the formation of collective investment schemes as umbrella funds and for the formation of captive insurance companies (typically a variation of a "rent-a-captive"). They are also sometimes used as asset holding vehicles (characteristically where each portfolio holds a single ship or aircraft ) and they can also ...
Captive insurance companies are formed by firms and re/insurers to receive premiums that are generally held and invested as a "funded" layer of insurance for the parent company. Some captives purchase excess of loss reinsurance and offer coverage to third parties, sometimes to leverage their skills and sometimes for tax reasons.
Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) is an insurance company headquartered in the Cayman Islands. [1] The sixteen original member-countries of CCRIF included participants in CARICOM , and the membership of the Board of Directors is selected by CARICOM and by the Caribbean Development Bank .
The World Trade Center Captive Insurance Company was created by New York City with funding from the U.S. Federal Emergency Management Agency (FEMA) in July 2004, as directed by Public Law 108-7.