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The next step is qualifying a captive or alternative risk candidate for establishing the prequalification of a potential RISC and alternative risk candidate.


Client and prospects fall in to two buckets; they are either in an existing captive (Group or Single Parent or similar), or they are looking at the possibility of entering in to an alternative risk program. From a consulting standpoint, we approach these differently and gather different information. To start the review process and get RISC engaged, please click one of the below links:


Additional Resources


Background


NFP's Risk & Insurance Strategy Collective (RISC) is NFP's alternative risk practice specializing in captive consulting and management. Our Team consists of industry veterans who have consulted on, formed, and managed a variety of captive and alternative risk structures for all industries.


NFP offers specialized, market-leading solutions for business risks that the traditional insurance market is unable to address effectively or efficiently. The complexities of captives and other alternative risk transfer (ART) solutions make it essential to introduce an NFP specialist to the client/prospect (and not feel you are on your own). 


Our team will structure, implement, operate and service their captive in the most cost-effective way possible. In the preliminary stages of captive engagement, our insurance and risk management experts work together with actuaries and financial stakeholders to compile and analyze all relevant data. We examine such factors as premium rates, reserve adequacy, capitalization requirements, participation requirements and source of funding for the proposed captive insurer. We offer services that span the entirety of the captive process:


  1. Pre-feasibility and evaluation of current and proposed programs
  2. Formal feasibility studies
  3. Captive formation and implementation
  4. Business plan development
  5. Ongoing captive management
  6. Strategic review of existing captive programs
Consulting
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Role of a Broker


  • Brokers and Producers are an integral component of a successful captive program, but the role is different in scope and interaction from a commercial placement


  • Keep in mind a broker opportunity is not a captive opportunity and vice versa – the paths we take will be together but on a parallel path


  • A "captive" is a term often thrown around by clients and prospects without understanding the complexities and variations – the broker should become an advisor and partner with the client as options are explored


  • Not every client is a good fit for an alternative risk program


  • Clients that think they are not a good fit, may in fact be a perfect candidate


  • Sometimes there is no "right" or "wrong" answer on what qualifies a client for an alternative risk program


  • While the client relationship resides and is introduced by the broker, alternative risk is RISC's world and RISC needs to drive the process – if there is diluted or indirect client contact, messages will be lost and opportunities can fall apart


  • As the process progresses, creating a broker/RISC update call will assure than any moving pieces and status changes are communicated effectively

RISC Service Model

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