Services
Who should set one up?At Kane, our experience has shown us that a wide variety of companies can benefit from mutual insurance. Today’s mutual policyholders come from all sectors of industry, commerce, charities and the professions and vary considerably in size and scope.
The key ingredients are to have a robust balance sheet, profitable business and better than average risk management and loss histories. This will enable you to make the long-term commitment necessary to best manage your insurance and risk management needs and to meet the needs of other policyholders.
The most successful mutual insurers are built around a common risk profile. Policyholders have similar risk retention and management needs, either because they are from a similar industry or because they share similar business profiles / objectives.
Whether your plan is to set up and run a mutual insurer for your own benefit or to manage it on behalf of other policyholders, Kane’s team of experts are on hand to guide you through the process.
The set-up process
Whether your plan is to set up and run a mutual insurer for your own benefit or to manage it on behalf of other policyholders, Kane’s team of experts are on hand to guide you through the process.
There are four main stages involved in the formation and running of a mutual insurance company:
The Viability Study
This first stage establishes whether your company will benefit from mutual insurance and whether it makes sense financially.
The Feasibility Study
If there are positive results from the viability study, the next stage is to carry out a Dynamic Financial Analysis to produce a comprehensive business plan for setting up the mutual. The detailed study will identify all set-up costs, regulatory and capital requirements, statutory expenses and operational needs (i.e., retention limits and reinsurance if necessary).
Formation, Registration and Licensing
This is an important stage in the mutual set-up process. Kane will manage every stage of the process to ensure that every aspect of the incorporation and registration process goes smoothly and maintains strict adherence to regulatory requirements.
Ongoing Management and Administration
Once the mutual is up and running the focus switches to its day-to-day running.
Kane’s role
Kane’s role is to manage every stage of the mutual set-up and operation on your behalf. Our team has direct specialist experience in forming and managing mutual insurance companies.
From the initial viability study through to the ongoing management and administration, Kane’s dedicated and experienced team will take you through every step of the process. Our presence in key jurisdictions allows us to respond to clients in a wide range of locations.
Our key services include:
- Strategic reviews ranging from basic feasibility studies to full project considerations
- All aspects of the implementation process, including documentation and regulatory compliance
- Full mutual management, accounting, secretarial, regulatory and compliance functions
- Access to an international network of insurance and reinsurance contacts
- Investment management services