Press Release

IRMI Offers Captives and the Management of Risk to Explain Successful Captive Management

Dallas, TX, February 25, 2002—In this rapidly firming marketplace, risk and insurance professionals are forced to take a hard look at alternative risk financing programs, including captives. Dallas-based International Risk Management Institute, Inc. (IRMI), is pleased to announce its release of an important new book, Captives and the Management of Risk, designed to help newcomers and risk funding veterans alike understand the pros and cons of captives and apply proven concepts for strategic success.

This 200-page comprehensive book breaks down the complex topic of captives, revealing the types of risk that can be handled by captives, why captives can be effective, tax and accounting considerations, how to determine if a captive is feasible, how to choose a domicile, and how to manage and operate a captive. Captives and the Management of Risk is valuable for covering the basics for insurance and risk management novices, as well as refreshing veterans on how these subjects relate to captive insurance.

Captives and the Management of Risk is divided into 13 chapters including Insurable Risk, Managing Risk, Financing Risk, Reducing Risk Financing Expenses, Financial Impact of Captive Insurance, Forming a Captive, and Operating a Captive.

The author, Kathryn A. Westover, is well known for her knowledge and management of captives. She is a graduate of Oxford University, England, and has more than 15 years' experience specializing in alternative risk transfer programs. Kathryn is President of Captive Advisory Services, an Argonaut Group company, located in Colchester, VT. Jack Gibson, president of IRMI, said, "Ms. Westover's analysis of captive issues and the marketplace takes the perspective of those working within the regulatory environment of the United States, and the guidelines and strategies she offers will assure your success in managing, participating in, or recognizing whether a captive is the best risk management option."

Captives and the Management of Risk is available through IRMI by calling 800-827-4242 (in Dallas 972-960-7693) or by visiting IRMI and clicking on "Products and Services." The introductory price is $59.95.

Founded in 1978, International Risk Management Institute, Inc., is a Dallas-based research and publishing organization specializing in risk management and insurance reference manuals, books, and newsletters. These references and the firm's website, IRMI.com, provide practical strategies and tactics for insurance buyers, human resources professionals, risk managers, agents, brokers, underwriters, claims adjusters, and attorneys. IRMI is also the sponsor of the annual IRMI Construction Risk Conference, which is the only national symposium devoted exclusively to managing and insuring construction risks. Visit IRMI or call 1-800-827-4242 for more information.