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Bermuda's International Business Managers

Specialist advisory administrative skills for overseas clients

By Keith Archibald Forbes (see About Us) exclusively for Bermuda Online

To refer to this webfile, please use "bermuda-online.org/managers" as your Subject.

Bermuda-based companies in this category, all with limited liability, provide appropriate assistance in company formation and corporate management.

Free courtesy hyperlinks (links) to the main websites of places and organizations, which include full details of their histories and operations, will be shown gladly, to give their full details as Bermuda resources, providing they return the courtesy with a  free reciprocal link to our main Bermuda Online website at http://www.bermuda-online.org. See our Links and Mentions policy at http://www.bermuda-online.org/links.htm. Otherwise, to be shown/mentioned, companies can buy space here.

When this author is advised by companies of any changes to contact details, they will be updated the same day.

Brokers & Managers. Some are owned by the large broking houses or insurance companies from which much of their business flows. 

The independent companies obtain their clients from other sources including medium to large size broking houses with no captive insurance divisions of their own.

Some are Captive Insurance Brokers and managers. They serve a particular purpose. While the premiums written by captives are huge and their assets are four to five times greater, the vast majority do not generate sufficient work to justify the establishment in Bermuda of fully-staffed offices. So they employ Bermuda-based insurance managers as their consultants. It works well for both parties. Bermuda's Insurance Market: A World Leader says why. Bermuda's strength lies in the quality and caliber of those involved with the 2,400+ captive insurance companies based in Bermuda. Here are some which own or run captive and other insurance companies. See Insurance Business Fees in Bermuda.  

Many not majority owned by Bermudians so are not allowed to do in Bermuda what they are allowed to do in the UK, Britain, Europe, USA, Asia, etc, namely to operate and sell to local customers either in their own corporate name or through local subsidiaries and branches.  

Services they provide may include

Accounting, underwriting and claims services with the requisite staff and systems' backup. They usually coordinate the activities of other service providers to the client company, such as accountants, actuaries, auditors, bankers, claims adjusters, investment advisors, lawyers and underwriters. They also provide other consulting services to third party insurance and reinsurance companies also domiciled in or undertaking multinational business from Bermuda. These services can be:

• Assistance with and advice on all aspects of the Incorporation and Insurance Registration process.
• Financial statement preparation monthly or quarterly as required by the client.
• Detailed reporting on financial statements including ratio analysis.
• Assistance with the completion of reinsurance agreements with fronting companies.
• Assistance with provision of letters of credit or other security, from good working relationships with NAIC approved banks.
• Liaison with actuaries, bankers and corporate secretarial service providers.
• Underwriting analyses and management of fronting programs including loss payments, and IBNR assessments.
• Review of investment management including advice on ways in which a captive with insufficient funds for a separate managed portfolio may achieve enhanced returns.
• Assistance with analyses required for Tax Authorities.
• Assistance in litigation.
• Access to the excess liability and property catastrophe market if desired, when the manager is also a licensed Bermuda broker.

Structure of management Fees

Providers usually work on an annual fixed fee basis based on time and expense records they maintain. Some charge for time spent on forming the insurance company while others absorb this cost and the remainder negotiate the commencement of their management contract the day they begin preparing the business plan. Services provided and fees charged depend on number of insurance policies issued; whether the businesses is written directly or via a domestic issuing ('fronted') company (with the latter arrangement usually requiring less work); reporting requirements of the client company's parent or owners, in frequency and complexity; number of annual and other meetings the management company is required to attend and/or prepare for and whether these require overseas travel; claims handling arrangements; arrangements for investment of funds; and general level of responsibility placed on the management company for various aspects of the client company's operations.

Headquarters of a Bermuda-domiciled international insurance company

Companies include:

A

Offices used by some Bermuda-based management companies

B

C

D-G

H-L

Armoury


 



Building




, 37 Reid Street



, 1st Floor

, Hamilton

 HM12. 

PO Box


 HM397, 


Hamilton

 HM BX, 
Bermuda. Tel (441) 295-8441. Fax (441) 292-1210.

M-R

More Insurance offices in Bermuda

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