RISCS CWC is a multi-award winning independent consultancy providing innovative captive & ART strategic risk advice to corporates, captives, brokers, captive managers and underwriters anywhere in the world.
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With no financial ties to any particular captive domicile, captive manager or insurance/reinsurance market, our recommendations and advice are wholly independent and entirely focussed on our clients' individual needs.
Our experienced consultants comprise: former captive managers; captive and ART underwriters; risk managers; retail brokers; captive fronting underwriters; reinsurance and ART brokers; experts in the legal, regulatory, governance, sustainability, business development and management consultancy sectors. Based around the world, they work together and holistically for the benefit of our clients.
How we help
We step in at any stage of a captive’s life cycle from the initial tentative discussions around what a captive is through to feasibility and implementation, helping our clients to solve seemingly insurmountable re/insurance challenges in an innovative way.
Thinking about a captive
Captive Pre-Feasibility Reports
These reports involve a high-level review of historic premium and claims performance for the classes of insurance that are being considered for inclusion in a captive vehicle, some initial thoughts regarding potential programme design and a preliminary review of potential incorporation and running costs, all of which contribute to recommendations on captive viability. Clients are then able to decide whether it is worth proceeding with a full Captive Feasibility Study.
Captive Feasibility Studies
An in-depth captive feasibility study enables our clients to understand the financial, operational and risk management benefits of a captive. Unlike any other captive advisors we can offer advice on every captive domicile and all third party captive managers. In addition our feasibility studies cover potential captive structures, costs and timetables, fronting, programme design, premium and claims analysis, 5 year financial proformas and future strategy. Armed with such detailed information, clients are able to make informed decisions about establishing a captive in the most advantageous domicile.
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Establishing a captive
Captive Formation Consulting
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Once clients have taken the decision to set up a captive, we are on hand to assist with all aspects of captive formation – from appointments of the captive manager and submission of the application to post regulatory approval steps.
Captive & ART programme design
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Once a decision has been made to set up a captive, it is vital that the potential economic benefits a captive brings its parent are maximised and this requires creative captive reinsurance solutions from the professional captive reinsurance market. Structure, period, territorial cover and scope all need to be carefully considered. We work closely with our clients and their specialist captive reinsurance brokers to develop and implement the right captive and alternative risk business strategy to enable our clients’ profits and efficiency to soar.
Captive Fronting Consulting
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Most captives will need the services of a fronting insurer to handle local and international policy issuance, premium tax collection and payment, compliance with local and international regulatory requirements and to participate in parts of the excess insurance programmes. Only a handful of global carriers can assist with these complex issues. We know them well and work with our clients to help them consider all relevant issues and identify the best fronting solutions to ensure that all these complexities are addressed in the most effective manner.
During the lifetime of a captive
Ongoing Captive Advisory Services
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We are not captive managers and can therefore bring an independent voice to support our clients with their relationship and ongoing interaction with their chosen captive managers. Clients often use our captive advisory services to ensure they continue to maximise the benefits of their captive. The operation of a captive needs constant monitoring. We support our captive clients by providing them with day-to-day captive advisory services in conjunction with their brokers and re/insurers. These include: keeping them up to date with key developments and innovations in the captive industry and domiciles; answering specific captive related questions; liaising between the broker and the captive; reviewing fronting arrangements and working with the captive managers to facilitate a smooth renewal.
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Quality Assurance
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​​Quality Assurance is a key element of a successful captive as it needs to be mindful of complying with changing legislation and governance requirements at every stage of its lifecycle. Through our Quality Assurance services, we cover the ​various operational, risk management and governance review strands over a captive's lifecycle be it analysing service providers' performance metrics, assessing underwriting targets, considering new exposures, determining whether to evolve in other ways, checking and enhancing compliance and governance performance and actioning policy novation or captive closure.
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Captive Health Check
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As a captive is a dynamic risk management tool, it should conduct independent stewardship reviews of its operations at the very least on a five-year cyclical basis to ensure it continues to maximise its potential.
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Our Captive Health Checks are tailored to the needs of the particular captive owner. Areas covered include strategy, domicile, captive manager, structure, operational and governance matters, the introduction of new premium flows and the financial forecasting.
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Captive Evolution & Product Innovation
We identify and develop innovative reinsurance solutions for captives to help clients monetise the value of the under/uninsured risks they face from their day-to-day business activities. These are built in conjunction with specialist reinsurance markets.
Managing Change in a Captive's Strategy
Captive Relocation, Closure, Exit
The need for a captive may end through a change in risk management strategy, perhaps driven by changing core exposures or change in risk appetite, or following merger activity which could bring additional captives into the corporate fold. Or, a captive owner may feel the need to migrate to a different domicile for regulatory, financial other strategic business reasons. When this happens we offer a Managing Change Feasibility Study which considers the strategic benefits and risks of the various options for disposing of a captive to enable a well informed and beneficial decision. We can then support with the implementation of the agreed plan.
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Captive & Broker M&A
We assist clients with operational reviews around the potential purchase or sale of their active insurance businesses, especially captives or insurance companies in run-off. We introduce them to potential partners and project manage the process to ensure that the necessary actions are completed within the required timeframes.