A massive global cyber attackis wreaking havoc on more than 75,000 organizations in 99 countries. The "ransomware" infects a victim's system and holds the data hostage until the organization pays a ransom for its release, and the ransom increases every hour. Infected systems are rendered useless, bringing the operations of the victim organization to a screeching halt.
Imprise Financial's cyber risk program can help your business prepare for an interruption like this. Read more below.
The Self-Insurer, the official publication of the Self-Insurance Institute of America, Inc. (SIIA), recently published a great article about how small and midsize companies are cutting costs and improving efficiency by using enterprise risk captives. Check out the article below. Click here and contact us to learn more about how an enterprise risk captive can help address the gaps in your risk management program.
Evaluating, designing, and implementing captive insurance programs is a complex and nuanced process that is best handled by firms with the experience and “bench strength” necessary to complete the task in a compliant, professional manner. Through its board of directors and independent advisors, Imprise Financial is uniquely positioned to provide secure, industry-leading captive management for its clients.
Imprise Financial carefully selected its board of directors to ensure a breadth of knowledge, expertise, and real-world experience. Together, the board has more than 50 years of experience managing captive insurance and reinsurance companies in various forms and in various domiciles throughout the world. During that time, the board has helped their clients establish more than 350 insurance captives which have collectively written more than $300 million in premium. Professionally, the board members include an attorney, a certified public accountant, and several successful entrepreneurs. Imprise Financial leverages the board’s insight to bring innovative and valuable captive insurance solutions to its clients.
Every day, middle market businesses are exposed to tremendous risks for which traditional insurance coverage is not available. For example, consider a manufacturer that serves 50 clients. As is common in middle market enterprises, 10 of those clients account for 80% of the manufacturer’s annual revenue. While the manufacturer could unnoticeably sustain a loss of several of its lower-value clients, losing even one of its top purchasers would have an extreme effect on day-to-day operations.
In such event, unless the manufacturer chooses to proportionally scale down its operations, it needs to continue paying its employees, rent, and other overhead expenses while it replaces the lost revenue. The manufacturer has few options for mitigating this type of risk, as a traditional insurance company will not provide coverage for an unexpected loss of a key customer.
At Imprise Financial, our goal is to help you add certainty to your risk, reduce your expenses, and enhance your long-term financial position. In many cases, a well-structured captive insurance program is the most efficient and effective way to achieve those goals. The Fortune 500 have been using captive insurance to meet similar needs for many years. Our enterprise risk program makes captive insurance accessible to the middle market.
Captive insurance traces its roots to Frederic Reiss, a property manager from Youngstown, Ohio, who coined the term “captive insurance” in 1955 and founded the first captive insurance company (domiciled in Bermuda) in 1962. Since then, the captive insurance market has grown significantly and become very popular. According to the AM Best Captive Center, there are over 7,000 captives worldwide today. Each captive insurance company is unique based upon the risks insured and the long-term goals of the program.