The company requires that every shareholder also
appoint a director. Each shareholder, regardless of
premium size, has one vote. A simple majority governs.
Raffles’ 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 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
Underwriting – Advises the Board on desirable
risks to be assumed and ensures that the assumed
risks are adequately underwritten.
Risk Control – Sets loss control goals for
its members. Reviews loss control reports and works
with members to meet the required loss control and
claims management goals of the company.
Investment – Advises the board on policies
for the investment of the company’s assets.
Finance – Reviews the company’s interim and
audited financial statements and monitors each
member’s compliance with their financial obligations
to the company.
Membership Development – Assists members in
educating prospective new members about Raffles and
the benefits of Raffles membership.
Long Range Planning – Develops future plans
for the company based on strategic analysis.
Each shareholder is encouraged to attend all Raffles
meetings and actively participate on the committee
of his/her choice.
Management Commitment to Safety
Financially Strong Company
Loss Experience Average or Better than Average for
Ownership/Business Philosophy Compatible with
Minimum Casualty Premium of $150,000