Segregated Cell - Services Provided
Through a combination of insurance management and advisory skills, the Horseshoe Group is able to render a broad array of services and effectively deliver superior insurance management to our clients, which is second to none in Bermuda.
As with all the clients we manage, we take an active role in the management of the company and are on the look out to protect the best interest of investors.
Our involvement with segregated cell insurance companies and transformer vehicles (whether or not within a segregated account structure) encompasses a variety of services including but not limited to the following:
Set-Up- Recommend local service providers
- Review business plan to be submitted to the regulatory authorities
- Represent the prospective company during the insurance licensing admission process
- Act on behalf of the client as ‘Insurance Manager’, ‘Principal Representative’ and ‘Segregated Account Representative’ which are regulated functions under the Insurance Act 1978 in Bermuda.
- The Horseshoe Group uses a recognized suite of accounting software to provide its core accounting and financial reporting services. We tailor our working arrangements and reporting to individual clients’ needs. We do not use templated reporting systems that require the client to fit our preferences.
- Maintain financial records
- Prepare monthly/quarterly management financial accounts
- Prepare annual shareholder financial statements
- Prepare and file annual Statutory Financial Return and Statutory Financial Statements
- Liaise with auditors, actuaries and regulatory authorities in connection with annual audited financial statements
- Coordinate with client headquarter finance function, as applicable, for the delivery of required information for group consolidation and reporting purposes
- Receive, review and process premium and loss advices/payments
- Liaise with insurance/reinsurance counterparties to obtain information on a complete and timely basis and follow up on any anomalies
- Determine appropriate accounting entries to reflect insurance and reinsurance transactions
- Apply Loss Reserving Standards as directed by the company’s Board of Directors
- Liaise with actuarial and underwriting staff/consultants and loss reserve specialist as required particularly with regards to monitoring reserve development
- Provide quarterly analysis of underwriting activities as required
- Monitor collateral requirements and establish and adjust funding as required
- Obtain/process periodic investment reports for company reporting purposes
- Prepare and review cash flow projections/requirements
- Review the company’s investment administrator’s periodic reports and monitor compliance with investment guidelines and parameters
- Execution of cash management orders issued by the company’s investment administrator
- Maintain in Bermuda relevant insurance records, books of account, and financial statements and records
- Maintain the company’s chequebooks, receive bank statements and maintain banking records, attend to the company’s banking transactions and liaise as necessary with bank representatives
- Ensure that all payments and transfers are executed in compliance with signatory authorities established by the company.
- Execution of cash management orders issued by the company’s investment administrator in relation with its investment portfolios and working capital
- Liaise with third party service providers as required
- Ensure timely distribution of capital return and dividends payments to shareholders and obtain necessary regulatory authorizations
- Assistance and preparation of reports to regulatory authority (Bermuda Monetary Authority)
- Provide Bermuda resident director to sit on the Board of Directors of the company
- Subject to approval of the Bermuda Monetary Authority (BMA), act as Principal Representative and Segregated Account Representative for the company
- In consultation with the Board of Directors and Bermuda counsel, assist in organization of quarterly board meetings and annual shareholder meeting
Horseshoe will oversee the activities of other service providers/individuals that render services to the company. Horseshoe will also facilitate access to the records of the company and assist with such access as is reasonably required.
- Auditors
Liaise with the company’s external auditors as required in respect to an annual audit of the company’s financial statements. - Lawyers
Liaise with the company’s lawyers to ensure that all forms and documents are duly completed, executed and, if necessary, filed with regulatory authorities. - Loss Reserve Specialist
Liaise with the company’s loss reserve specialist to obtain the Loss Reserve Specialist Opinion to be filed with the annual Statutory Financial Return. - Trustees
Liaise with trustees appointed in connection with the provision of any collateral as required under the terms of any (re)insurance agreement entered into by the company, ensuring timely adjustment of collateral levels as required - Banks
Maintain and operate, in the name of the company, bank accounts with any bank approved by the board of directors and appropriate regulatory authority in Bermuda.
- As per Bermuda statutory requirements, the company’s loss reserves typically have to be certified by an approved Loss Reserve Specialist. Subject to Bermuda Monetary Authority approval, a Horseshoe actuary could be appointed as a Loss Reserve Specialist for the company.
- The Loss Reserve Specialist will provide annually an evaluation as well as a certification of the loss reserve of the company.
- We are able to offer this service through our Insurance Advisory division
- Review submissions
- Communication with clients and broker
- Verification of policy wordings
- Gathering information for deal pricing/modeling
- Confirmation of pricing/coverage
- Coordinate with other third party providers
- We are able to offer this service through our Insurance Advisory division