Captive Manager
Reiss created the first captive management company, International Risk Management Limited (IRML), in Bermuda in 1962 to provide the administration of his client's captives (this is now part of the Aon Corporation). Most captive management is usually outsourced to a captive manager located in the jurisdiction that holds the primary license for the captive. The two largest captive insurance company managers in the world are units of Aon Corporation and Marsh & McLennan Companies which serve companies of all sizes.
While a Fortune 1000 company may have in-house staff to handle each of the many disciplines needed for captive planning, middle market companies generally seek out a turnkey provider for alternative risk planning services. Turnkey providers include Capstone Associated Services, Ltd., Risk Management Advisors, Incand Artex Risk Solutions, Inc..
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Famous quotes containing the words captive and/or manager:
“There a captive sat in chains
Crooning ditties treasured well
From his Afric’s torrid plains.
Sole estate his sire bequeathed,—
Hapless sire to hapless son,—
Was the wailing song he breathed,
And his chain when life was done.”
—Ralph Waldo Emerson (1803–1882)
“I knew a gentleman who was so good a manager of his time that he would not even lose that small portion of it which the calls of nature obliged him to pass in the necessary-house, but gradually went through all the Latin poets in those moments. He bought, for example, a common edition of Horace, of which he tore off gradually a couple of pages, read them first, and then sent them down as a sacrifice to Cloacina: this was so much time fairly gained.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)