The world of insurance has changed a lot over the last 30 years, but one constant has been the Captive Insurance Companies Association (CICA). Hard markets, soft markets, the captive market continues to grow and CICA with it.
As the only captive association with no jurisdiction or commercial ties it has a unique mission: to educate, inform support and provide valuable networking opportunities about captives regardless of domicile or structure. It was founded by risk managers for their collective benefit and it continues to be operated on the same premise today.
Sure, the newsletter has declined in importance as part of our communication efforts, but much more timely and informative information is now available on our web site, captiveassociation.com and e mail alerts giving our members the latest critical information. When the UPS case was decided last fall, a legal analysis was sent to all members, eliminating the need for them to each incur the time and cost of checking with their individual counsel.
CICA members come from a wide range of industries. Almost half of our membership is domiciled in Bermuda, with another quarter domiciled in Vermont. These captives currently most commonly write workers' compensation and property/casualty lines, but some have also diversified into products liability and employee benefits. Others have diversified into a substantial amount of related outside business and view their captives as important profit centers.
CICA members are consistently seeking new ways to better utilize captives in order to increase flexibility in program design, stabilize long-term program costs and increase access to domestic (US) and offshore reinsurance capacity.
The association's greatest strength is its ability to provide a personal network focused on the common issues that concern captives. Thus the creation of a new NO FEE membership meeting on 16 October in Dallas. Come for the day, hear several provocative speakers and network with your peers.
Thinking whether a captive is an appropriate risk transfer mechanism for your firm? Our new 24 page publication Captives: An Overview, will give you the pros and cons of a captive; the issues you need to consider and how to proceed if you decide to go forward. The publication can be ordered off our web site: captiveassociation.com
For more details, benefits and schedule of activities, visit our web site or contact me at Prescam1@Aol.com