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Insurance
Management

The Horseshoe Group is a leading provider of insurance management services to insurers, reinsurers, side cars, transformers, and catastrophe bonds. Our extensive experience across all aspects of the insurance industry enables us to deliver superior management skills which make significant contributions to your operations. We are your team on the ground!

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Sidecars

From the pre-incorporation stage, we can provide expertise to companies and investors looking to commence insurance/reinsurance operations in Bermuda, Cayman Islands, Gibraltar and Ireland.

Jointly, with a locally-appointed legal advisor, Horseshoe provides advice and assistance in most aspects of incorporating and licensing the company with the local regulator.

Typically investors form a fully licensed reinsurance company to participate in a share of underwriting risks written by a (re)insurer. The reinsured risk is predominantly property and marine catastrophe and short-tail in nature. The investors rely on the underwriting expertise of the ceding (re)insurer and usually deal only with one company on a quota share basis.

Services

ADVISING
POTENTIAL
INVESTORS

  • Apply our Sidecar Evaluation Framework to each potential sidecar investment
  • Assist investors with their decision-making process
  • Review cash-flow models and assumptions
  • Conduct due diligence of the prospective ceding company
  • Review documentation to ensure key requirements are in place

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 in any regulatory-mandated capacity such as Insurance Manager and Principal Representative

ADMINISTRATION

  • Ensure that the company meets all obligations under the various governing documents, including reinsurance agreement and trust agreement
  • Liaise with other third-party service providers as required
  • Provide agreed information to investors in per share or note-subscription agreements

FINANCIAL
REPORTING

  • Maintain financial records
  • Monitor expense payments against budget
  • Prepare periodic management accounts and annual shareholder financial statements
  • Prepare and file annual statutory financial return and statutory financial statements, as required

Regulatory
matters

  • Serve in regulatory-mandated capacity (for instance, Principal Presentative, Segregated Account Representative, etc. as applicable)
  • Represent the client’s interests to the regulator
  • Monitor continued compliance with statutory obligations, including compliance with the local policy and guidance and codes of conduct
  • Complete all statutory filings

Termination

  • Monitor commutation/termination terms and ensure timely and orderly release of capital and profits to investors
  • Prepare the company for dissolution, including termination of insurance license, release of charges and settlement of obligations
  • Assist in appointment of liquidator