Talisman Casualty Explains How Cell Captive Insurance Claims Work

November 13, 2019 – – Las Vegas, Nevada based Talisman Casualty recently issued a public advisory about the benefits of choosing captive insurance for small and medium enterprises (SMEs). They also explain how a properly structured and managed captive insurance program can provide lower premiums and expand capacity where it is needed.

According to Investopedia, a captive insurance company is a wholly-owned subsidiary company that provides risk-mitigation services for its parent company or a group of related companies. A captive insurance company may form if the parent company cannot find an outside firm to insure them against particular business risks, if the premiums paid to the captive insurer create tax savings, or if the insurance provided is more affordable or offers better coverage for the parent company’s risks.

Meanwhile, cell captive companies can be used in two ways. The parent company can either fully own the company, using its separate cells to allocate its risks into different accounts, or interested parties can rent individual cells that are independent of the cell company owner. The latter has become a popular risk solution for SMEs since the capital requirements for a cell are lower than those for a captive. Furthermore, a cell company can be utilized by companies with high business liability and operational risks since standard insurance plans for such types of businesses are either unavailable or overly expensive.

Meanwhile, Talisman Casualty explains that protective cell captive insurance companies are a perfect solution to launch a new product or expand capacity in restricted markets. By establishing unique underwriting cells, the risk can be segregated, collateralized, and ceded all within a legally ring-fenced structure. In fact, many experts believe that half of the property and casualty insurance premium in the United States has captive insurance company involvement.

Most Fortune 500 companies utilize captive insurance but the use is becoming much broader given that insurance agencies, associations, and smaller companies are partnering with existing captives. More and more entrepreneurs are shifting to cell captive insurance because they no longer have to pay premiums for non-related factors that will not affect their business. Savings can then be allocated to other risk management measures that ensure safer business operations.

Talisman Casualty also highlights a number of benefits that a cell captive insurance provides. These include lower initial capital requirements, enhanced protection of assets in each individual cell, flexible asset and capital allocation, flexibility of program design, and increased control over insurance, among others.

Talisman claims can be managed in an efficient manner within the cell, and security can be structured where there is little to no risk retained. Each of Talisman’s unique protected cells operates as separate business units, with the flexibility to make adjustments quickly to achieve the greatest underwriting success. Moreover, the speed of setup within a cell captive is quicker because the company is already in existence and the cell is only segregating a new risk. Once a cell is no longer needed, run-off can be much easier, and closure is less time consuming.

Talisman Casualty is an established cell captive insurance company in Las Vegas. They offer protected cells to underwriters with seasoned books of business and require a regulated vehicle to transfer risk and direct access capacity via reinsurance and alternative risk finance markets. Their services include surety programs, pet professional coverage, and marine programs.

The company says, “Talisman insurance policies and bonds are duly licensed, regulated, and authorized insurance transactions governed by the laws of the state of Nevada. Bonds and insurance policies are made available to principals who join the captive as participants by executing a participation agreement and becoming a shareholder.” They further invite business owners in the greater Nevada area to talk to one of their consultants to learn more about cell captive insurance and how it can help companies adopt better risk management programs.

Complete details about Talisman Casualty claims and insurance plans can be found on the company’s website. Alternatively, clients may send an email inquiry or call their office hotline to inquire about their risk mitigation services. Furthermore, interested parties may connect with Talisman Casualty online to stay up to date with their latest news and important announcements.

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For more information about Talisman Casualty Insurance Company, contact the company here:

Talisman Casualty Insurance Company
800-318-5317
info@talismancasualty.com
Talisman Casualty Insurance Company
7881 W. Charleston Blvd, Suite 210 Las Vegas, NV 89117

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