Originally published in Captive & ART Review Guernsey Supplement, May 2007
Could independent brokers be missing out on wider business opportunities in the small and midsize enterprises (SME) community by not getting involved with captives? Charles Allen, of Heritage Insurance Management (formerly Prism Insurance Management) a member of the Heritage Group, thinks that not enough is being done to apprise brokers of the potential benefits of introducing captive insurance concepts to their larger clients – which is where the independent manager steps in.
The ideal candidate for the evolution from captive-shy to captive-friendly is a broker who doesn’t have within their organisation the ability to offer a captive management arm to theirs clients, or the knowledge and/or will to do so. The ideal partner to effect this change in attitude is, in Allen’s view, an independent captive manager with no ties to a broker, insurer or other service provider, who is therefore in a position to offer
