Forming Captive Insurance Programs for Your Business: Demystifying the Hows and Whys
To address cash flow volatility in enterprise risk management, many companies consider captive insurance programs that can be tailor-fitted to their needs. Captive insurance as a type of risk financing helps companies mitigate specific business threats while improving flexibility in responding to risk transfer and retention changes and potentially reducing total cost of risk.
However, forming such self-insurance programs can be challenging. Captive insurance is a complex, long-term strategy that requires careful research, diligent legal and financial planning, and relationships with regulators and other key partners, along with an in-depth understanding of each company’s unique needs and concerns. Top priorities including maximizing the return on this decision while being alert to red flags and protecting the company’s reputation.
In a LIVE Webcast, a panel of thought leaders and practitioners assembled by The Knowledge Group will discuss key considerations in forming an efficient captive insurance program for your business. Speakers will also share pointers, practical insights, and industry-recognized best practices to help demystify the how’s and why’s of captive insurance.
Key topics include:
- Captive Insurance Program: What It Is and Why You (May) Need One
- Legal and Financial Framework and Considerations
- Demystifying the Why’s and How’s
- Red Flags and Key Concerns
- Mitigation and Planning: Best Practices and Practical Tips
Womble Bond Dickinson (US) LLP
- Definition of captive insurance company
- Captive insurance as compared to commercial insurance, informal retention of risk
- Special licensing and regulation
- Types of captive insurance companies
- Group Captives (workers compensation, GL, auto, medical stop loss)
- Single Parent captives (enterprise risk)
- Using captive solutions to supplement commercial insurance program
- Difference in Conditions Coverage
- Access to Reinsurance Market
- Innovations in Captive Program Design
- Turn-key management
- Series and protected cell structures
- Professionalization in the captive insurance industry
Church Mutual Insurance Company
- Captive feasibility study for alternative risk transfer
- Prudent selection of partners
- Board liability: “Remember, you are running an insurance company”
Who Should Attend:
- Chief Financial Officers
- Chief Executive Officers
- Financial Management Officers
- Captive Insurance Experts and Professionals
- Insurance Professionals
- Risk and Compliance Officers
- Private and Public Corporations
- Other Related/Interested Professionals and Organizations
Andrew is an experienced attorney who guides captive insurance companies in corporate formation, insurance regulatory and day-to-day governance issues. He is a frequent author and speaker on captive insurance topics and is a faculty member for the International Center for Captive Insurance Education. Andrew also serves on the Regulatory Liaison Committee of the Delaware Captive Insurance Association.
In addition, Andrew has extensive experience in the areas of general corporate law and business counseling in connection with issues involving entity formation and governance.
In the community, he serves as a Guardian ad litem for the Office of Child Advocate, representing the interests of abused and neglected children in Delaware and is Cubmaster of Swarthmore Pack 112.
Andrew is an experienced attorney who guides captive insurance companies in corporate formation, insurance regulatory and day-to-day governance issues. He …
Emily Cummins (MBA, CPA, CIA, CPCU, CISSP) is a specialist in the underwriting division of Church Mutual Insurance Company. She joined Church Mutual following a career in tax, compliance, and enterprise risk management at a nonprofit organization. Previously, she worked for Wachovia (Wells Fargo) and Ernst & Young. Emily has degrees from Wake Forest University, George Washington University, and George Mason University. Most recently, she served on the global board of directors for RIMS, the Risk and Insurance Management Society, and as chair of the RIMS board audit committee. Emily has been a panel judge for the U.S. Captive Services Awards, and she was named as one of Insurance Business America’s “Leading Risk Managers of 2018.”
Emily Cummins (MBA, CPA, CIA, CPCU, CISSP) is a specialist in the underwriting division of Church Mutual Insurance Company. She …
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Method Of Presentation:
On-demand Webcast; Group-Internet Based
General knowledge of corporate/insurance/tax laws
NASBA Field of Study:
Specialized Knowledge - Technical
NY Category of CLE Credit:
Areas of Professional Practice
1.0 CLE; 1.0 NASBA-CPE
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About Womble Bond Dickinson (US) LLP
Womble Bond Dickinson is a transatlantic law firm with more than 1,000 lawyers based in 27 UK and US office locations. The firm provides core legal services including: Commercial, Corporate, Employment, Pensions, Dispute Resolution, Litigation, Finance, Banking, Restructuring, Insolvency, IP, Technology and Data, Private Wealth, Projects, Construction and Infrastructure, Real Estate and Regulatory Law.
Womble Bond Dickinson has a particular focus on eleven key sectors: Energy & Natural Resources, Financial Institutions, Healthcare, Insurance, Manufacturing, Real Estate, Retail & Consumer, Transport & Infrastructure, Pharmaceuticals Biotechnology & Life Sciences, Communications & Technology and Private Wealth.
The firm’s UK offices are in Aberdeen, Bristol, Edinburgh, Leeds, London, Newcastle, Plymouth and Southampton. The US offices are in Atlanta; Baltimore; Boston; Houston; Los Angeles, Irvine and Palo Alto, Calif.; Wilmington, Del; Charlotte, Greensboro, Raleigh, Research Triangle Park and Winston-Salem, N.C.; Charleston, Columbia and Greenville, S.C.; Charlottesville and Tysons, Va.; and Washington, D.C.
Through the firm’s association with Lex Mundi, the world’s largest association of independent law firms, Womble Bond Dickinson also can offer clients access to quality-tested local counsel in more than 120 countries.
About Church Mutual Insurance Company
The mission of Church Mutual is to be the premier provider of insurance services in the religious institutional marketplace and other compatible markets. Church Mutual insures more religious institutions than any other company in the United States. Church Mutual’s focus is on serving faith-based organizations, including places of worship, camps, schools, senior living facilities, denomination and association offices, ministries, and an expanded underwriting appetite of other nonprofits and human services, consistent with Church Mutual’s core principle of “Protecting the Greater Good.”