Talisman Casualty Insurance Company Explains the Kind of Captive Insurance They Provide
July 28, 2023 at 15:48
Carson City, Nevada -
Talisman Casualty Insurance Company LLC, a protected cell captive insurance firm domiciled in Nevada, has explained the kind of casualty insurance they provide. They are a protected cell captive insurance firm, which offers service to the specialty insurance market by providing protected cells to a certain group of underwriters. All of the insurance policies and bonds they offer are fully licensed, authorized, and regulated insurance transactions compliant with the laws of the state of Nevada.
A spokesperson for Talisman Casualty says, “Our bonds and insurance policies are made available to principals who join the captive as participants by executing a participation agreement and becoming a shareholder. By offering participants access to regulated structures, they can access international reinsurance markets and potentially lower their insurance costs and enhance their coverages to fit specific business objectives. All Talisman capital, surplus, reserves, and financial records are maintained per the provisions and regulations of the casualty insurance company (‘Talisman’) as an alternative risk transfer option for liability insurance.”
In the setup used by Talisman Casualty, the protected cells are offered to insurers who have seasoned books of business and require a regulated vehicle for transferring risk and enabling access to alternative risk and reinsurance finance markets. A cell captive has a core and a number of cell entities that are legally distinct from each other. Each protected cell has its own assets and liabilities and the core of the cell functions as a central fund similar to the market model of Lloyd’s of London. With several layers of protection and a specialized and diverse business mix, the captive cell can grow even when the wider insurance market is on the decline and suffering from rising costs. It is important to note that because the cells are legally distinct, the assets of one cell cannot be used to answer for the liabilities of another cell.
Meanwhile, the Surety Program by Talisman provides surety bonds or a surety, which is a promise by a guarantor (also called the surety) to pay another party, which is the obligee, a particular amount of money if another party, which is the principals, fails to comply with certain obligations, such as a contractor complying with the terms of a contract. The surety bond serves as protection for the obligee against losses that may be caused by the failure of the principal to comply with the contract.
The spokesperson explains, “In the captive insurance model smaller numbers of principals are participating in the coverage capacity so the relationship can be more personal and the design of the bonds can be flexible to meet the needs of the modern business environment and evolving risk which require more flexibility.”
Access to surety credit might appear to be an unstable marketplace because the availability and willingness to bond contracts are uncertain. If bonded contracts are vital to remaining competitive, managing risk in business is much more difficult.
They offer various types of surety bonds. It should be noted that surety is not really insurance although it is mostly provided by the insurance industry. The risk is usually underwritten with no expected losses. Surety bonds may be payment and performance bonds, which are typically used in the construction industry; compliance and licensing bonds, which are used for maintaining a professional license or for getting permits; and court and legal bonds, which are used for a broad range of court actions, such as bail, adverse cost judgment, release of lien, and more.
Talisman Casualty offers an alternative risk transfer option for property and liability insurance by using the protected cell captive business model. Their insurance policies and bonds are all fully regulated, licensed, and authorized insurance transactions in compliance with the state laws of Nevada. Talisman provides insurance policies and bonds to principals who become part of a protected cell by becoming a shareholder and by consenting to a participation agreement. Those who join the cell captive can take advantage of the regulated structures and international reinsurance markets with the possibility of reducing their insurance costs and expanding their coverage according to their business goals.
Those who would like to know more about the Talisman Casualty Insurance services can check out the Talisman Company website or contact them by phone or by email.
For more information about Talisman Casualty Insurance Company, contact the company here:
Talisman Casualty Insurance Company
7881 W. Charleston Blvd, Suite 210 Las Vegas, NV 89117