| Judging Criteria |
In all categories, entrants servicing European-based clients and/or European-based risk will be considered by the judges. The judging period will be September 1, 2015 – to August 31, 2016. All entrants should endeavor to provide real examples (identification of clients is not required, but a detailed description is advised) of how their work has positively impact clients or fulfilled objectives. Client testimonials in the supported documents are welcomed.
ACTUARIAL FIRM
Open to all actuarial firms or internal divisions serving the European captive market. The award looks at firms who demonstrate excellent service, meeting clients’ needs and satisfaction. Judges will be looking for companies whose customers hold in high regard their loss reserving, risk modelling, business planning, forecasting and the development of early warning systems. Specific contributions to professional organisations and specific mention of participation in discussions with regulators to support (or resist) regulatory developments with be viewed favourably.
BEPS INITIATIVE
Entrants will demonstrate a commitment to working with captive owners and wider industry on the potential impact of the Base Erosion and Profit Shifting (BEPS) guidelines published by the Organisation for Economic Co-operation and Development (OECD). The judges will be looking for a deep understanding of the potential problems captives may face under BEPS scrutiny and will reward those firms that can provide examples of how they are supporting clients in this area.
CAPTIVE INSURANCE COMPANY
This European-owned captive insurance company will demonstrate an advanced operation in the efficient underwriting and management of its parent’s risks. The captive may also demonstrate the innovative ways it has managed its own assets and the overall positive contribution it makes to its parent’s business operations – whether that is through a reduction in the total cost of risk, the return of profit to the group or a significant improvement in its loss prevention measures. Internal innovative and effective responses to industry challenges such as the implementation of Solvency II or Base Erosion and Profit Shifting (BEPS) scrutiny from tax authorities will also be considered.
CAPTIVE MANAGER
This award is open to all captive management firms who manage insurance subsidiaries for European parent companies. Awarding excellence in all areas of captive management we are looking for evidence of business growth by revenue, client numbers, service offering, head count and, above all, client satisfaction. Judges will look for a proven track record in delivering effective and efficient solutions to captive clients. Case study examples of strong customer care and innovation are also encouraged.
CELL CAPTIVE INITIATIVE
Open to all cell companies and insurance managers facilitating cell captives. Judges are looking for unique and transformational use of a cell structure to solve client(s) need. Cited examples could also include the evolution of a cell company into a single parent captive. Client testimonials are encouraged in this category.
CLAIMS SPECIALIST
This specialist firm or practice division will demonstrate a clear commitment to, and expertise in, the claims process. Judges will be looking for exceptional quality of service given to claimants whether through routine claims service or following complex issues for specific claims. Developments and use of technology will be considered by our judges.
COLLATERAL PROVIDER
This award is open to any firm that is providing collateral to the captive in any capacity, be it through Letter of Credit (LoC), trust or another arrangement. The focus is on customer care, client relations, tailoring services to the client’s needs and accessibility. Judges will look for the breadth of service offering, efficiencies and benefits the client has achieved by working with the applicant. Evidence of business growth and increase of market share is also an important factor for our judges to understand. Client testimonials are encouraged for this category.
EMPLOYEE BENEFITS CONSULTANT
This consultant can come from the actuarial, broker, pooling or legal side of the employee benefits ecosystem. They should demonstrate a clear specialism in the area of employee benefits and an ability to work with clients in either the design and implementation of a captive-backed employee benefits programmes and/or the ongoing management and servicing of an employee benefits programme.
EMPLOYEE BENEFITS FRONTING NETWORK
This company will be able to demonstrate an extensive network able to front for and service large multinational companies implementing a captive-backed employee benefits insurance programme. It will be able to prove a track record in problem solving for clients and being flexible and innovative enough to meet clients’ needs.
EU DOMICLE
This European Union domicile will have a proven track record in coupling open and transparent communication with its captive owners and service providers with a robust and sensible approach to regulation. It will also demonstrate how it has worked with captive owners through the transition into Solvency II implementation and communicated its approach to the principle of proportionality. The EU domicile should also provide details of the local infrastructure in place to support first class captive management and services.
FRONTING PARTNER
This award is open to insurance companies providing fronting services to European-owned captives. Entrants will demonstrate an efficient and client friendly management of large and complex programmes and prove multinational capabilities. The fronting company should demonstrate, excellent business functionality, customised arrangements and ease of access to information, reporting, communication and the account team.
INSURANCE COMPANY
This insurance company will demonstrate the ability to deliver a broad range of services to a captive owning client. Taking in fronting, consultancy and management of the integration of new lines to a captive portfolio as well as efficient transparent claims deliverance, the submission should be able to demonstrate a clear and holistic approach to their relationship with captive clients. Captives will not be considered in this category.
INVESTMENT MANAGER
This investment manager should be able to demonstrate a high level of innovation and customer care in its dealings with captive insurance companies. Its services and knowledge should be in line with the unique challenges and considerations facing captives compared to other institutional clients.
LAW FIRM
Open to all law firms providing legal support to European captives and/or captives writing European risk and their parent company. Entrants must demonstrate a deep understanding of legal issues currently facing captives and provide examples of their work. A proven track record supporting and working with insurance regulators will also be looked upon favourably. Client testimonials are encouraged for this category.
NON-EU DOMICILE
This non-European Union domicile will demonstrate a proven track record of appropriate regulation of European-owned captive insurance companies. It will highlight a first class regulatory environment, advance local captive infrastructure and a willingness to adapt to the unique needs of European owners.
REINSURANCE COMPANY
This reinsurance company will be able to demonstrate a substantial book of captive risk and a track-record of working with captive owners. Entrants will show a deep understanding and knowledge of captive arrangements and are encouraged to cite at least one example of innovative programme structuring. Judges will also be looking to commend efficient programmes and reliable claims payment.
RISK CONSULTING INITIATIVE
This submission will outline either a client-wide initiative or product demonstrating advanced risk consulting, or one specific example of how effective risk consulting has had a significantly positive impact on a European client or European-based risk during the judging period. Client testimonials and specific examples are encouraged in this category.
RUN-OFF AND CAPTIVE ACQUISITION PARTNER
This specialist will have a proven track record of acquiring and running-off insurance companies and show a deep understanding of the nuances of the captive industry. Management approaches and relationship with the end client will also be considered, as well as success stories. Client testimonials are encouraged for this category.
SOLVENCY II INITIATIVE
This entrant will demonstrate a clear understanding of the challenges facing captives during the first year of Solvency II implementation. They will provide clear examples of how they have supported clients through the implementation process – these could include consultancy on the re-design of a captive programme to ensure capital efficiency, constructive dialogue with the relevant regulators and the use of technology to reduce the administrative burden of extended reporting. Initiatives relating to all pillars of Solvency II are welcomed.
TAX ADVISOR
Open to all tax advisory firms. The judges will look for excellence in technical tax advice, tax reviews and compliance with regards to European captives and European-based risk. Submissions will demonstrate a deep understanding of pertinent captive issues during the judging period. Use of software products and capabilities, particularly white-labelled, will be considered by the judges.
TECHNOLOGY INITIATIVE
This award will focus on business, administrative processes and innovation. It is open to any firm in the captive insurance market - insurer, intermediary, service provider and technology specialist - that can demonstrate that the application of new software, hardware or information and communications technology has enhanced the quality, efficiency and cost-effectiveness of managing insurance risk placed in a captive, running a captive company or captive management firm.
