What is the role of the Insurance Manager?

By |2018-07-10T04:30:46+00:00July 9th, 2018|, |

The Insurance Manager provides a variety of essential insurance services to the reinsurance company, including: Providing expertise in the areas of insurance, risk management, and underwriting expertise to the reinsurer Hiring an independent actuary to review risks and exposure and to establish appropriate levels of premiums Developing business plans and [...]

What is the cost of reinsurance?

By |2018-07-10T04:46:25+00:00July 9th, 2018|, |

The cost of reinsurance varies greatly, and it is based upon both industry standards and the negotiating skills among the two companies involved, the insurance (or ceding) company and the reinsurance (or assuming) company. The cost of reinsurance is described as a “Ceding Fee” or “Ceding Allowance”, and consists of [...]

Why should I consider forming a reinsurance company rather than a regular captive insurance company?

By |2018-07-10T04:46:25+00:00July 9th, 2018|, |

Creation of a regular captive insurance company is an expensive undertaking. Formation of a captive insurance company involves the work of attorneys, actuaries, underwriters and other professionals. Large non-deductible capital contributions are also required. Furthermore, the captive must satisfy “insurance” requirements, including risk pooling or risk sharing, and must qualify [...]

What is reinsurance?

By |2018-07-10T04:46:25+00:00July 9th, 2018|, |

Reinsurance is the transfer of insurance risk (and associated insurance premiums) from one insurance company to another insurance company. The company that receives (or “assumes”) the insurance risk (and associated reinsurance premiums) is called the “Reinsurance Company” and the company that transfers (or “cedes”) the risk (and associated premium) is [...]

What documentation is needed for opening an account for a reinsurance company?

By |2018-07-10T04:45:35+00:00July 9th, 2018|, |

A reinsurance company is a corporation. The documents typically required to open a corporate account will be necessary for opening an account for the reinsurance company. This would include: Article of Incorporation Certificate of Incorporation Bylaws Organizational Minutes Employer Identification Number (“EIN”) Possibly Stock Transfer Ledger

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