Our expertise in captive management is geared towards working with our clients to build a robust, yet cost-effective reinsurance business in Barbados which is personalized to satisfy varying client needs. Under Barbados legislation, we service insurance business which are licensed as:
- Class 1 licensees which underwrite related party business; and
- Class 2 licensees which underwrite risks of third parties.
Historically, when parent entities evaluate the cost as well as other considerations in establishing a staffed office for their subsidiary (and reinsurer), it is often preferred to outsource such work to management companies. Centurion, therefore serves the same function as if the parent had set up a physical structure in Barbados with its employees.
A non-exhaustive list of the duties performed by Centurion:
- Preparation of monthly/quarterly management accounts
- Maintaining and reconciling bank transactions and records
- Opening and managing of bank accounts
- Processing invoices
- Assisting with the preparation of and attending Board meetings
- Liaising with auditors, regulators, corporate secretaries, lawyers, bankers
- Reviewing and execution of agreements
- Acting as Directors and Officers
- Administration of insurance premiums and claims