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The mission of Fortis Insurance Ltd. (Fortis) is to provide the highest quality insurance protection for its non-related shareholders. By joining together to create a true sharing of risk, the shareholders can control their insurance costs and avoid the volatility of the traditional insurance industry. Additional benefits are created through ...
Fortis Insurance (Cayman), Ltd. (Fortis) is a member-owned heterogeneous group captive domiciled in the Cayman Islands. Each shareholder has equal ownership and makes a one-time cash contribution to capitalization of $36,000.
Fortis Insurance (Cayman), Ltd. (Fortis) was created from the needs of businesses looking to obtain insurance coverage at a more affordable rate. The founders of the Company perceived that the commercial insurance industry was not responsive to this basic business necessity.
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SERVICE PROVIDERS. Professional service provider companies are hired to handle the day-to-day running of the Company. Insurance Consultant – Captive Resources, LLC. Insurance Manager – Kensington Management Group, Ltd. Operating Bank – Scotiabank & Trust (Cayman) Ltd. Auditors – PricewaterhouseCoopers, Cayman.
Distinguishing Captives. The following table describes the distinctions between the standard insurance market and captive insurance. Description. Captive Insurance Companies. Traditional Insurance Companies. Costs and Expenses. Generally lower operating costs and premiums actuarially based on individual loss history.
The following provides the Fortis membership with a summary of certain important policies and procedures as they relate to your financial obligations. It's important to note when the obligations are required to be in place to retain membership in good standing position.
The Company is licensed and managed in the Cayman Islands to reinsure risks from the issuing insurance company, AIG, that is licensed and provides coverage in the United States. The types of coverage reinsured by Fortis are Workers’ Compensation, General Liability, and Automobile Liability.
Nothing herein constitutes the offer of insurance or membership in our captive. Any such offer can only be made after detailed individual analysis by us and our service providers. We disclaim any and all knowledge of and responsibility for the content of any sites linked to herein and the content of any sites linking to this website.
