Captives

SSIB work with a number of international captive managers providing actuarial analysis, feasibility studies, modelling and (re)insurance capacity to these clients. We work with the following captive forms:

• Single Parent Captives
• Agency Captives
• Rent-A-Captives
• Association Captives
• Protected Cell Captives
• Risk Retention Groups
• Risk Purchasing Groups
• Group Captives

Retrocession

SSIB acts as an intermediary between Bermuda Reinsurers who wish to share risk. These contracts are referred to as retrocession agreements where a reinsurer wishes to share part of reinsurance assumed from a carrier with another reinsurers. The services provided by SSIB include the initial negotiation of terms conditions, monthly accounting, communicating claims, renewal reviews and negotiations.

USA Program Business.

Occasionally Bermuda reinsurers wish to participate in US insurance program business via a fronting US licensed admitted fronting carrier. In certain circumstances the Carrier may delegate authority to an MGA to underwrite the business on their behalf and this MGA would be written into the contracts which would include the terms and conditions of their delegated authority. In some instances, either the Insured or the MGA may wish to participate in the reinsurance via a segregated cell and a retrocession contract. SSIB is the local Bermuda intermediary negotiating this reinsurance between the carrier and the Bermuda reinsurers but also working with an approved US licensed broker. The services provided by SSIB include the initial negotiation of terms conditions, monthly accounting, communication of claims, renewal reviews and negotiations.

Canadian Program Business

Occasionally Bermuda Reinsurers will wish to participate in Canadian insurance program business via a Canadian licensed fronting carrier. In certain circumstances the Carrier may delegate authority to an MGA to underwrite the business on their behalf and this MGA would be written into the contracts which would include the terms and conditions of their delegated authority. In some instances, either the Insured or the MGA may wish to participate in the reinsurance via a segregated cell and a retrocession contract. SSIB is the local Bermuda intermediary negotiating this reinsurance between the carrier and the Bermuda reinsurers. The services provided by SSIB include the initial negotiation of terms conditions, monthly accounting, communicating claims, renewal reviews and negotiations.

Direct Procurement Business

The purchase of insurance by an insured directly from an insurer or through a licensed Special Broker, rather than accessing coverage through a local Canadian or USA broker is a complicated and highly regulated business. This procedure is commonly used by large commercial buyers of insurance that reside in states or countries that permit insureds to purchase insurance from an unlicensed insurer. Occasionally the original insured may not have access to coverage in their domicile or may not have access at an affordable price. When there is no alternative or lack or a viable alternative these companies may wish to self-insure or have a limited participation in the risk through a segregated cell company or a captive insurer in the form of a reinsurance or retrocession agreement. These transactions require additional levels of compliance and SSIB can help navigate you through this compliance. We work with a number of international law firms to ensure our structures are complaint within their local jurisdictions as well as compliant with the laws of Bermuda.

Legacy Business

SSIB has access to Bermuda insurance and reinsurance markets that specializes in legacy business. Many Insurers or Reinsurers may wish to commute legacy business and remove it from their balance sheet. SSIB works closely with a number of specialist providers equipped with the claims handling teams necessary to execute this business.