OUR SERVICES AND WHY YOU MAY NEED THEM
- Do you need a Captive? The first
thing which every potential Captive owner should consider is the need for a feasibility
study. The principals should carry out sufficient research by reviewing the
loss experience of at least the last five years, current market premium rates and
concluding from this that a Captive is required or preferred.
- Do you need insurance partners?
Finding suitable companies to insure and reinsure
the program is often the most difficult part of implementing the initial plan, and
Britannia’s staff can assist in taking care of this element .
- How do you form a Captive? We are
happy to assist you with the formation and management of the
Captive. Click here to review a copy of our standard management
agreement which details the services which we can provide.
- What are the initial costs of formation?
Initial costs of incorporation would depend on the time spent in
setting up the company, including visits to Grand Cayman by professional advisors from the
parent jurisdiction. However, our experience has been that these are often absorbed by the
parent and only expenses incurred in the Cayman Islands are charged to the Captive. These
include legal and filing fees ($5,000), government fees for the incorporation ($1,000) and
the licence ($6,100) together with the travel costs for the first Shareholder and Board
Meetings.
- What are the typical annual costs for a
Captive? Annual operating costs also depend on the
volume and complexity of the risk(s) involved. However, some actual costs for a typical
single-parent Captive in its first year, are as follows: -
| Management |
US$25,000 |
| Statutory Fees |
7,000 |
| Legal |
5,000 |
| Bank Charges |
2,000 |
| Audit Fees |
8,000 |
| Total |
US$47,000 |