To meet the continuing demands of servicing our clients, Capstone recently formed an Anguilla captive insurance subsidiary, CIMA, which is already one of the three largest insurance managers in this British Overseas Territory.
Together with our affiliate, The Feldman Law Firm LLP and its well-recognized staff of tax and corporate lawyers, Capstone and CIMA is the largest fully integrated provider of captive insurance services to the U.S. middle market.
Administering a client's captive insurance company requires a team effort coordinating the many moving parts. Our team consists of tax, corporate, financing and regulatory lawyers, risk managers, underwriters, actuaries, independent CPAs licensed by the domicile of choice, accountants, and risk managers.
Local persons "on the ground" in the state or country of incorporation maintain an ongoing dialogue with the insurer's regulators, while also fulfilling a statutory function as the "insurance manager". Additionally, British jurisdictions usually require a "company manager" which is responsible for maintaining the corporation's good standing and legal presence in the jurisdiction. A captive insurer is a living, breathing insurance company which requires ongoing care and maintenance.
Among the choice of several domiciles, which includes various U.S. jurisdictions, that Capstone offers its clients is the British jurisdiction of Anguilla, which is less than ten miles from Saint Maarten, itself a Dutch / French territory. Anguilla is a British Overseas Territory, overseen by a United Kingdom-appointed Governor General. Anguilla has one of the most technologically advanced corporate registry operations among its British counterparts and has geared its insurance management operation towards closely-held, mid-market companies. Its London-controlled Financial Services Commission independently regulates insurance, banking and mutual funds in the territory.
CIMA - Anguilla Captive Insurance Subsidiary
Fiona Curtis
CIMA Managing Director
Fiona Curtis, Local Agent and Managing Director of CIMA, the local captive insurance subsidiary, oversees our local office in Anguilla. Fiona received both her B.S. and MBA in Finance and International Affairs from the University of Toronto, where she worked with what is now the Bank of Montreal's BMO Financial Group. Fiona has been a resident of Anguilla for the last 15 years, working in the financial services industry. Her husband, Donald, owns a property & casualty agency based in Anguilla and her father was a partner with the international accounting firm of Deloitte & Touche, based in various Caribbean jurisdictions. Fiona and Donald have two teenage children.
Capstone formed CIMA (Anguilla office) to directly interface with captives' regulators in various jurisdictions on behalf of its clients. By directly interfacing with the regulators through one integrated team, that being Capstone/CIMA/The Feldman Law Firm LLP, our clients' issues are more quickly and efficiently handled and the quality of the planning, whether U.S. or offshore, is enhanced.
Licensed Anguilla Captive Manager
CIMA serves as both a licensed captive insurance manager and a licensed company manager, facilitating the alternative risk planning whether done in the U.S. or offshore. Capstone's and The Feldman Law Firm LLP's experience with alternative risk planning dates back to 1998. Capstone and The Feldman Law Firm LLP sponsor a variety of continuing professional education programs in the alternative risk planning area. Recent published articles and presentations to professional groups are listed on the Capstone website.
For years, large companies have used alternative risk financing strategies to reduce insurance costs, improve risk management, customize coverages and increase cash flow. Today, captives are the premier risk management and risk-financing tool for middle market companies. To learn more about captive insurance and protecting your business, contact Capstone at WEB_TEL.
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