Nevada-based insurance company Talisman Casualty Insurance is providing captive insurance services to businesses all over the country and the world.
The company serves the specialty insurance sector by offering protected cells to underwriters who have seasoned books of business and need a regulated vehicle to transfer risk, direct access to capacity through reinsurance and alternative risk finance markets. The protected cell captive insurance company has licensed 7006 captives worldwide and handles $55 billion of captive premium globally. When it comes to the state of Nevada, where Talisman Insurance is domiciled, the company has licensed 207 captives and handles $4 billion of captive premium.
The company offers specialty programs with specialty coverages and administration. Its tailored claims management services rely on state-of-the-art claims technology that gives immediate feedback on the overall impact of claims. The time needed to make adjustments can be decreased due to the simple aggregation of data within a cell captive. All coverage provided by Talisman is commercial and is only available to those businesses who participate in an underwriting cell.
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A spokesperson for the company talks about the range of benefits that it offers by saying, “Talisman Casualty Insurance has earned critical acclaim for its attention to detail, professionalism, and commitment to excellence over the years. We place the needs of our clients foremost by understanding their business thoroughly and gauging when they would want to take a risk and when they might need to stay conservative. We take our clients’ feedback and use it to model the market to predict how it is changing and where it is headed. This gives us an edge as it enables us to always stay on top of industry developments and bring those same advantages to our many satisfied clients.”
The company has a marine program that covers a wide range of marine contracts. The marine program focuses on small-to-medium-sized marine accounts and provides Maritime Employers Liability (MEL), Hull and Protection & Indemnity (Hull / P&I), and Comprehensive General Liability (CGL) with admission into the program’s cell. When asked to elaborate on the advantages of the company’s marine program, the spokesperson says, “Our program philosophy is to form long term relationships with our maritime clients and understand their business, risk management practices, and business forecast so that insurance coverage can always match fluctuating exposure. We are well aware that the competition in the marine market requires businesses that operate in the space to always lower costs. We firmly believe that captive insurance offers the means to provide our clients the flexibility that readjusting risk management methods and cost requires.”
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The company also offers help to businesses on how to avoid claims involving lawsuits. The company is able to offer this service because of its efficient claims processing that benefits from the application of advanced cutting-edge claims technology for their captive cells. Talisman Casualty suit avoidance strategies are to use claims technology that substantially boosts the efficiency of the claims process because it can be streamlined within the cell, providing participants a high level of service. Participants in the cell captive are owners, and the close relationship between the insured participant and claims professionals allows quicker response and resolution to claims which could lead to litigation.
Talisman insurance policies and bonds are duly licensed, regulated, and authorized insurance transactions governed by the laws of the state of Nevada department of insurance. Bonds and insurance policies are made available to principals who join the captive as participants by executing a participation agreement and becoming a shareholder. All Talisman capital, surplus, reserves, and financial records are maintained per the provisions and regulations of NRS Chapter 694 C (Captive Insurers).
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