Participation in the Success of the Company

The heart of the Raffles experience lies in each partner’s active participation in the program for the improvement of the group and the individual businesses themselves. Member companies represent a wide variety of industries, with extensive business knowledge and experience. This culture of collaboration and engagement among the business leaders creates a true sense of cooperation where all invest in one another, and further, Raffles as a whole.

Raffles’ innovative model requires that every shareholder also appoint a director as the primary interface between the group and the insured company. Each shareholder, regardless of premium size, has one vote with a simple majority governing. Raffles’ shareholder representative 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 responsibilities are:

1. Underwriting – Advises the Board on desirable risks to be assumed and ensures that the assumed risks are adequately underwritten.
2. Risk Control – Sets loss control goals for its members. Reviews loss control reports and works with partners to meet the required loss control and claims management goals of the Company.
3. Investment – Advises the Board on policies for the investment of the Company’s assets.
4. Finance – Reviews the Company’s interim and audited financial statements and monitors each partner’s compliance with their financial obligations to the Company.
5. Membership Development – Assists partners in educating prospective new partners about Raffles and the benefits of Raffles partnership.
6. Long Range Planning – Develops future plans for the Company based on strategic analysis.

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Partnership Criteria

Prospective partner companies must meet certain requirements that are intrinsic to the continued success of the program. These standards ensure that new partners have the necessary baseline requirements for success in Raffles, and also ensure that new partners positively contribute to the benefits other partners receive. Partnership criteria include:

Management’s Commitment to Safety

Financially Strong Company

Loss Experience Average or Better than Average for Industry

Ownership/Business Philosophy Compatible with Raffles

Minimum Casualty Premium of $150,000