Captive Management Services

Our management operation has been developed to specifically serve all the needs of the international insurance market. We have brought together a group of professionals to form a team which can support all the day-to-day operations of our clients in the areas of accounting, investment, administration, underwriting and claims. These specialist skills are made available to each of our clients and can be utilized as and when required.

Whilst the primary ongoing responsibility will inevitably be of an accounting and administrative nature, we believe that the availability of our expertise and experience is an important consideration in selecting a manager.

We tailor financial reporting to meet clients’ needs, understanding that each client has different reporting requirements. There is no standard package to fit all.

Senior management is always available to discuss and provide independent and unbiased advice on all aspects of the insurance program including:

  • Program Structure
  • Reinsurance
  • Investment
  • New lines of business
  • Service providers
  • Fronting arrangements

Incorporation

Quest has considerable experience incorporating companies in Bermuda.

The services provided include the following:

  • An assessment of the feasibility of the captive
  • The design of the captive structure, including retention levels, lines and capital requirements
  • The preparation of incorporation documents, business plan and 5 year pro-forma financial statements
  • The submission of applications to regulators
  • Assistance in choosing service providers i.e. lawyers, auditors, actuaries, banks and investment advisors
  • Assistance in finding the most suitable fronting company
  • Assistance in reinsurance placement
  • The provision of capital, if required

Ongoing

On an ongoing basis our services include but are not limited to:-

  • Financial reporting on monthly/quarterly basis within parent company reporting timeframe and format.
  • Letter of Credit/Trust Management including setting up and negotiating reductions in letters of credit.
  • Preparation and filing of Statutory Financial Return
  • Co-ordination of Audit process.
  • Cash management utilizing on-line banking systems including monitoring investment performance.
  • Monitoring of compliance with investment guidelines.
  • Appointment as Principal Representative as required by the Bermuda Insurance Act.
  • Preparation and organization of Board meetings and annual Shareholder meeting.
  • Monitoring compliance with all Bermuda legislation and liaison with Bermuda authorities as required.