We provide preliminary underwriting services in house. Click here to learn more about our risk assessment and the range of costs associated with captive design, formation and management functions. Data gathering is required to begin the risk assessment and underwriting function. Providing the information requested on our confidential client questionnaire facilitates completion of this process most efficiently.
What is insurance underwriting?
Insurance underwriting involves evaluating risk exposure and determining if insurance is indicated, and if so at what pricing. Commercial insurance underwriters are gatekeepers; they decide if you are insurable by products offered by their employers. Captive underwriting is often more complicated due to the customization captives afford, customization of policies and pricing, whether integrated with commercial insurance products or not. Commercial insurers must obtain approval from regulators of the underwriting and policy form decisions before they can offer insurance for sale to the public. Captives also generally need regulatory approval of the planned captive insurance program before the captive can enter into insurance policy agreements.
What is an insurance actuary?
Insurance actuaries go beyond underwriting functions. Actuaries mathematically evaluate the probability of events and quantify the contingent outcomes. Actuarial reports determine adequacy of loss reserves associated with captive insurance programs by comparing various loss scenarios. These actuary reports are heavily relied upon by regulating department of insurance staff to evaluate licensing a captive and monitoring its operation.
Underwriting Industry Resources
The industry designation evidencing expertise in insurance underwriting matters is CPCU, Chartered Property Casualty Underwriter. Click here to learn about the curriculum and other requirements to earn this prestigious designation. Click here to learn about the CPCU society.
Our Captive Underwriting and Actuarial Services
Click here to learn about our captive underwriting services.