Catholic Health Initiatives to Launch New Captive Insurance Management Firm
Catholic Health Initiatives is ready to launch Captive Management Initiatives, a firm that will provide management services for the captive insurance industry. Captive Management Initiatives (CMI) will be a wholly-owned subsidiary of Catholic Health Initiatives. CMI will provide captive insurance companies with management services such as bookkeeping, reporting and records management; and consulting services such as feasibility studies for new captive insurance companies and evaluations of existing companies’ corporate structures. CMI will be based in the Cayman Islands, the world’s leading domicile for captive insurance firms in the health care industry. The business infrastructure and flexible regulatory environment of the Cayman Islands are conducive to the establishment and efficient operation of captive insurance firms. Catholic Health Initiatives’ captive insurance firm, First Insurance Initiatives, Ltd., will be the first client of CMI, but the new firm has the potential to serve many others. “There are many captive insurance companies that are looking for quality management services,” said Peter Jones, managing director of CMI. “Captive Management Initiatives offers a true focus on service, reflecting Catholic Health Initiatives’ nonprofit status and commitment to caring for its communities and serving its stakeholders.” Mitch Melfi, chief risk officer for Catholic Health Initiatives, expects CMI to provide an avenue for increased collaboration with other health care providers in the area of risk finance. “CMI is a natural choice for other Catholic health care systems that need captive insurance management services, but it is not limited to serving Catholic providers,” he said. For Catholic Health Initiatives, cost containment is a major benefit of establishing the new subsidiary. “Maintaining our own captive insurance company, and then self-managing that company, helps us keep our risk insurance costs down and pass the savings on to our market-based organizations,” said Melfi. “CMI could help other health care captives realize similar benefits.” Melfi noted that Jones has the experience needed to make CMI a success. Jones has 17 years of experience in captive insurance company management, which includes health care experience and 12 years with firms based in the Cayman Islands. “The only way that Catholic Health Initiatives would create CMI is with the right person to manage it,” Melfi said. “Peter has excellent experience, as well as in-depth understanding of the Cayman Islands’ insurance authorities and infrastructure.” CMI expects to begin operations early in 2008. For more information, contact Peter Jones at email@example.com.