Insurance/
Reinsurance
Starting from the pre-incorporation phase, we are equipped to offer our expertise to businesses and investors planning to start insurance/reinsurance operations in Bermuda.
- Advise in ownership structure options and liaise with Nascent Corporate Services to incorporate the vehicle.
- Assist in identifying and retaining service providers.
- Assist in developing a budget.
- Assist in drafting a business plan and license submission to be presented to the regulator.
- Keep accurate books and records.
- Coordinate with external service providers to guarantee quality service delivery.
- Manage the opening and administration of necessary bank accounts.
- Handle payments following established authorizations.
- Supply resident director(s) when needed and communicate with board members on pertinent issues.
- Act in roles required by regulation (e.g., Principal Representative, Segregated Account Representative, as relevant).
- Advocate for clients' interests with the regulator.
- Ensure ongoing adherence to statutory obligations, including local policies, guidance, and codes of conduct.
- Execute all necessary statutory filings.
Accounting Services
- Keep financial records up to date.
- Generate periodic management accounts.
- Create annual financial statements for shareholders.
- Prepare and submit annual Statutory Financial Returns and Statements.
- Collaborate with auditors, actuaries, and regulatory authorities regarding annual audited financial statements.
- Work with the client's headquarter finance team for necessary data for group consolidation and reporting.
Insurance Contract Administration
- Administer (re)insurance agreements, including premium collection and claims settlement, as per contract terms.
- Communicate with (re)insurance counterparties for timely information gathering.
- Identify suitable accounting entries for (re)insurance transactions.
- Implement loss reserving standards as instructed by the company’s board.
- Coordinate with actuaries, underwriters, and loss reserve specialists as needed.
- Conduct analysis of underwriting activities when necessary.
Treasury
- Oversee collateral requirements, set up Trust accounts, and adjust funding as needed.
- Acquire and process periodic investment reports for company reporting.
- Prepare and assess cash flow projections and needs.
- Evaluate the company’s investment administrator’s periodic reports and ensure adherence to investment guidelines and parameters.
- Execute investment transactions based on established authorizations.