Support Structure / Responsibilities
There are many component parts of a successful program. TSIL uses the best professionals, each with a defined set of tasks that as a whole create the best program for its members. These professionals are listed below, together with a description of the services provided by each.
- Captive Resources, LLC (Consultant) – The consultant, as an independent contractor, has the ultimate responsibility to the Board of Directors to see that all decisions of the Board are carried out by its support structure members. It is involved as a nonvoting member in all executive meetings and assists the President and Executive Board in the planning of these meetings.
- Zurich North America & Gallagher Bassett (GB) (Loss Prevention Services) - Serious emphasis is placed by the shareholder insureds within their own companies, on good loss prevention practices. Members realize that through good loss prevention claims can be prevented, which helps lower costs. TSIL has its own Risk Control Committee, which develops standards and goals that members must strive to achieve. Zurich and GB are hired as independent contractors by TSIL to periodically visit each member’s facilities to assist in achieving these standards and rate, on a point system, an insured’s progress toward these goals.
- Alliant/Mesirow, Aon Corporation, Arthur J. Gallagher, AssuredPartners, Inc., BB&T, Crichton Group, GCG Financials, Lighthouse Group Insurance, Lockton Companies, M&T Insurance, Millenium Corporate Solutions, Odell Studner, Parrish & Gwinn Insurance, RiskPro Insurance Agency LLC, Security Insurance, Silverstone Insurance Group – The insurance broker, as an independent contractor, is responsible for all insurance aspects of the Program including coordination of policy issuance, billing and premium collection, placement of coverage not available in TSIL, and certificates of insurance.
- Kensington Management (Insurance Manager) – The insurance manager is responsible for managing the day-to-day operations of TSIL and is, therefore, located in the Cayman Islands. This primarily consists of managing the financial operations of TSIL and accounting for all financial transactions. Kensington also prepares and maintains the corporate and statutory records including minutes of meetings and advise the members on developments in insurance and fiscal matters as they affect insurance companies in the Cayman Islands.
- Zurich North America (Program Insurance Company) – The program insurance company issues the actual policies that “insure” the shareholders of TSIL. Zurich North America is a licensed, A rated insurance carrier, which addresses the legal requirements of providing insurance for the shareholders.
- Zurich North America (Aggregate Reinsurer) – The aggregate reinsurer assumes risk of loss after an overall aggregate amount of claims are borne by the captive. It receives a premium for its participation in these layers and pays all claims thereafter.
- Zurich North America (Specific Excess Reinsurer) – The specific excess reinsurer assumes the risk of loss excess of $400,000 per occurrence level depending upon the policy year concerned.
- Pinnacle Actuarial Resources (Actuarial Firm) – The actuarial firm, as an independent contractor, takes historical loss and exposure data supplied by the shareholders and compiled by the broker and, after trending and developing this data, sets a “loss pick” for each member upon which the member’s final premium is based.
- Zurich North America & Gallagher Bassett (GB) (Claims Administration Service) – The program insurer employs an independent contractor to negotiate and settle all claims against its shareholder insureds.
- PriceWaterhouseCoopers (Auditors) – While the financial reports are prepared by the Cayman Island managers, Kensington Management, they are audited by Pricewaterhouse- Coopers in accordance with U.S. Generally Accepted Accounting Principles.