{"id":1159,"date":"2023-08-01T09:46:14","date_gmt":"2023-08-01T09:46:14","guid":{"rendered":"https:\/\/iqeq.com\/gb\/case-studies\/boutique-firm-operating-as-captive-manager-across-various-domiciles-struggling-with-recruitment-to-facilitate-growth\/"},"modified":"2024-08-19T08:56:54","modified_gmt":"2024-08-19T08:56:54","slug":"boutique-firm-operating-as-captive-manager-across-various-domiciles-struggling-with-recruitment-to-facilitate-growth","status":"publish","type":"case_study","link":"https:\/\/iqeq.com\/gb\/case-studies\/boutique-firm-operating-as-captive-manager-across-various-domiciles-struggling-with-recruitment-to-facilitate-growth\/","title":{"rendered":"Boutique firm operating as captive manager across various domiciles struggling with recruitment to facilitate growth"},"content":{"rendered":"<section class=\"text-block standard-spacing  \">    <div class=\"container fade-in\">\n        <h2>The client, their challenge<\/h2>\n<p>Our client was a U.S. based boutique firm operating as captive manager across various domiciles, namely North Carolina, South Carolina, Texas, Tennessee, Georgia, Bermuda and Cayman Islands. The firm services 25 captives, with a growing book of business and specialises in the design, structuring, implementation and management of captive insurance and other alternatives risk financing programs.<\/p>\n<p>The captive manager was struggling to recruit additional resources locally to cater for new business growth.<\/p>\n<h2>Our solution<\/h2>\n<p>IQ-EQ\u2019s <a href=\"https:\/\/iqeq.com\/services\/insurance\/\">Professional Services Outsourcing (PSO) unit<\/a> proposed to assist with the additional work by structuring the assignment as a three-month pilot in order for the captive manager to assess PSO\u2019s deliverables.<\/p>\n<p>At the end of the short pilot, the captive manager decided to engage IQ-EQ, which started with half of a Full Time Employee (FTE). Since then, the mandate has grown to five FTEs on a dedicated basis, with the requisite qualifications and experience in the captive insurance sector. The PSO team ensures sufficient overlap with the U.S. time zone and assists with the day-to-day operations of the captive manager as an extension of its local team that allows the captive manager to focus on growing its business.<\/p>\n<p>IQ-EQ was able to extend our services beyond the accounting function. In addition to assisting with bookkeeping and preparation of financial statements, the PSO team also performs the following tasks:<\/p>\n<ul>\n<li>Regulatory filing assistance<\/li>\n<li>Full audit pack compilation and coordination of client company audits<\/li>\n<li>Liaising with actuary for the loss report and opinion<\/li>\n<li>Assisting in preparing materials for Board meetings<\/li>\n<li>Assisting on drafting minutes, resolutions, policies and premium invoices<\/li>\n<li>Liaising with the pool for any captive participating in the reinsurance pooling facility<\/li>\n<li>Maintaining loss runs and preparation of loss payment requests<\/li>\n<li>Bespoke and ad hoc tasks<\/li>\n<\/ul>\n<h2>Results<\/h2>\n<p>By utilising PSO\u2019s extension model, the captive manager gets access to qualified and professional resources without having to invest in recruitment, training, and people and payroll management.<\/p>\n<p>Another benefit is that the business was able to service clients in a \u2018business as usual\u2019 manner during the COVID-19 pandemic by leveraging remote working environments that were setup for their PSO team whilst recalibrating their BCP plans and operations.<\/p>\n<h4><a href=\"https:\/\/iqeq.com\/services\/insurance\/\" target=\"_blank\" rel=\"noopener\">Find out more about our insurance services<\/a><\/h4>\n            <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":1160,"menu_order":0,"template":"","expertise":[189],"service_category":[419],"class_list":["post-1159","case_study","type-case_study","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Boutique firm operating as captive manager across various domiciles struggling with recruitment to facilitate growth | IQ-EQ UK<\/title>\n<meta name=\"description\" content=\"IQ\u2011EQ\u2019s outsourced support enabled a boutique captive manager to resolve recruitment issues and scale operations. 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