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00:33
What is captive insurance and why does it exist?. The origin of captives is to provide a solution to a lot of regulatory, accounting and tax issues around either the prolific self insurance or to obtain better insurance protection than the market offers. From single parent to group captives, risk retention groups (RRGs), and cell companies.
06:30
How have captive insurers evolved over time?. How ACE, which started as a captive in 1985, ended up buying Chubb, world’s largest publicly traded property and casualty insurer. Why have doctors in the US banded together to form captives after 9/11?.
09:37
While estimates vary, the captive insurance market is thought to made up of: 1. 8.000 to 10,000 captive insurance companies. 2. 85-90% of S&P500 firms have captives. 3. 100+ domiciles: How the US caught up. 4. $150 billion of annual premium. 5. $500 billion of investible assets.
12:42
Why should asset managers care about captive insurance?. 1. As prospective clients: $500bn of assets which so far aren’t invested in hedge funds. -> How to understand the mindset of the decision makers to get that business. -> With the right fee model (only performance fee with hurdle) hedge funds could potentially attract tens of billions. 2. About 50 hedge fund managers have started reinsurers. -> These are very good businesses because assets can be redeployed into the hedge fund. 3. The most
18:08
What are the big trends in captive insurance right now?. - The opportunities the new 831(b) micro captives offer for small and mid sized enterprises. -> No income taxes on underwriting profits. -> Entrepreneur can essentially convert risk into assets. - Obamacare: More companies are self-ensuring their healthcare. -> With a captive, the firms get deductions and other potential tax benefit. - Uncovered cyber risks: Firms are actually self-insuring, they just don’t think of it that way. A: NCFC pl
22:10
Do many asset managers have captives? - Historically, captives were formed by large corporates with large employee base. - With the 831(b) micro captives, now also asset managers are joining.   But Taussig has also an interesting solution for larger asset managers which goes beyond a micro captive. - Cyber risk: Four examples of financial firms damages were not insurable in the commercial market, but via a captive.
28:36
Affiliated Re: Taussig’s platform solution for asset managers to operate their own captive. - Ideal set up when policy holders are residents of the US. - An asset manager’s captive insurance can invest directly in to the manager’s offshore fund. - No issue with immigration to attract talent if required. - Profits taxed at capital gains rates versus ordinary rates.
31:15
Taussig is still very passionate to see large hedge fund managers coming into the reinsurance business, or via his own platform for reinsurers called Multistrat Re. However with captives, the policy holder controls the claim process and thus has much more comfort on his real risk exposure. A realistic and attractive way to leg into the reinsurance business and the Buffett model.

Why every asset manager should care about captive insurance

Oct 25 2016 1 Comment
Asset managers face a wide range of operational business risks, much like any other business. While coverage for many of these risks can be bought via commercial insurers at market rates, the typical commercial insurance has deductibles, exclusions, and limitations for which the management company simply bears the economic risk. There are also uninsurable risks which managers self insure, for example key personnel, business interruption, fraud, and different aspects of cyber risk, etc. Establishing a captive insurance company is a ...more

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