Deloitte & Touche forms team to offer full suite of services
Deloitte & Touche has launched an outsourcing service for captive managers.
Deloitte director of business insurance consulting Angus Tucker described the new service as a "one-stop shop".
In order to provide a full range of captive services, Deloitte has teamed up with law firm Davies Arnold Cooper and small claims specialist Liberata.
The suite of services on offer include help and advice with accounting, actuarial work, audits, acquisitions, business advisory, compliance and regulation, contractual and legal advice, due diligence, claims reserving, loss management and claims handling, reinsurance arrangements and tax planning.
Tucker said captive managers could use the entire package or pick and choose the services they require.
Tucker said Deloitte would first target Guernsey-based captives, before launching the service in more recently established captive domiciles such as Gibraltar and Dublin. He said that newly-established domiciles represent a great opportunity as they had less developed local infrastructure and, as such, fewer local providers of services for captives.
"Existing captives have existing relationships but, as new captives are formed, there is an opportunity to cater to all their requirements," Tucker said.
Tucker said the offer had been developed in response to the growing trend for corporates to shun traditional insurance.
He said higher premiums and deductibles had driven increasing numbers of companies to establish captives, a trend he believed would continue.
Tucker said that as a result, instead of buying traditional insurance, many risk managers now faced the increased complexity of managing a captive and having to deal with a range of different service providers.
"Providing services for captives is not new," Tucker said. "What's new is that we've packaged it all together to give the captive manager a single point of contact."