|
Structure and Shareholders' Involvement
|
|
The company is licensed and managed in the Cayman Islands to reinsure risks from the issuing insurance company,
The Hartford that is licensed and provides coverage in the United States. The types of coverage written by MAC Casualty
are Workers’ Compensation, General Liability and Automobile.
Each shareholder is entitled to appoint a director to the MAC Casualty Board of Directors. Every shareholder, regardless of
premium size, has one vote. A simple majority governs. MAC Casualty shareholder responsibilities include controlling losses,
participating in board meetings, and educating other high quality companies about the captive concept. Management strength
lies in a strong committee structure and the individual involvement of all directors during frequent meetings held both in the
Cayman Islands and other locations outside the United States. Presently, the committees and their primary responsibilities are:
- Executive - Comprised of officers, committee chairpersons and designated members at large. Focus is to develop long-range
plans for the company based on strategic analysis.
- Finance - Reviews the company’s interim and audited financial statements and monitors each member’s compliance with
their financial obligations to the company. Also advises the board on policies for the investment of the company’s assets.
- Underwriting - Advises the board on desirable risks to be assumed and ensures that these risks are adequately underwritten.
- Risk Control - Sets loss control goals for the members. Reviews loss control reports and works with members to meet the
required loss control and claims management goals of MAC.
- Nominating Committee - Recommends to the
Board of Directors future officers and committee chairpersons
for a two-year term.
Because each member of MAC Casualty is an owner, the following criteria has been established to ensure the quality of membership
and long-term strength of the company:
- Management Commitment to Safety and Claims Management
- Financially Strong Company
- Loss Experience Better than Average for
Industry Group
- Regular Attendance and Participation in Board
Meetings
- Business Philosophy Compatible with MAC Casualty
Group
- Minimum Annual Casualty Premium of $100,000
|
|
