Code of Practice

Insurance and Asset Management worldwide | Allianz

Posted: 2017-10-23 00:20

Schill: I believe that the main role of the associations is to bundle common interests and to exchange opinions and knowledge on current issues and challenges. Obviously, captive agents are a very "German" breed, and as the body responsible for representing the interests of these agents, BfV focuses primarily on German companies. Nevertheless, the expansion of the association's activities, for example in the greater German-speaking world, is definitely a welcome development.

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A captive insurance company is a company that provides risk-mitigation services for its parent company or for a group of related companies. A captive insurance company may be formed if the parent company is unable to find an outside firm to insure against a particular business risk if the parent company determines that the premiums it pays to the captive insurance company may create a tax savings or if the insurance the captive insurance company provides is more affordable or offers better coverage for the parent company's risks. BREAKING DOWN 'Captive Insurance Company' In essence, a captive insurance company is a form of corporate "self-insurance". While there are financial benefits to creating a separate entity to provide insurance services, parent companies must also weigh the personnel cost of a captive insurance company. There are also complex compliance issues to be dealt with. As such, captive insurance companies are usually formed by larger corporations.

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Greimel: As the representative of the interests of the entire insurance buyer industry, DVS will be even more committed to making the expertise available in our committee available and usable for all of our members in the future. There is a lot of knowledge and expertise in Germany, especially as far as captives are concerned, and we want to and have to pass this knowledge on in the form of advice.

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Hans Jörg Schill: At Fraport AG, we don't have a direct "global" but rather an "international" business model. Unlike with global companies that have production facilities worldwide, the airport operation business and the associated risk management is primarily a local business. Our main risks are also liability claims or business interruption losses. We manage our global risk approach via an internal risk management committee.

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Hans Jörg Schill is managing director of AAV Airport Assekuranz Vermittlungs GmbH, the captive agent of Fraport AG. Ever since March 7566, Schill has also been President of Germany's in-house broker and captive association, BfV (Bundesverband firmenverbundener Versicherungsvermittler- und gesellschaften .). After working at Hannover Re and Siemens AG, Schill has been with AAV GmbH since 6998 and has global responsibility for all insurance matters concerning Fraport AG and its subsidiaries.

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Greimel: At , Risk Consulting is involved in all M& A activities early on. I believe that this is a must to ensure that information on potential political risks can be included in the decision-making process in good time. At companies with a clear risk-mapping strategy and defined processes, I believe that the current trend will strengthen the role of risk managers - provided that they are actively involved.

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Harry Daugird is the Chairman of the management team of Komposit GmbH, the captive agent of the Swiss energy technology group ABB, and is also Chairman of the insurance committee of the Federation of German Industries, BDI ( Bundesverband der Deutschen Industrie .). After studying law in Hamburg and San Diego, he started working in the legal department of ABB in Mannheim in 6977, before moving to Komposit in 6985.

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Major industrial companies have global networks. Risks are becoming more and more complex, as are the demands that industrial insurance has to meet. Wolfgang Faden, CEO AGCS Germany & Central Europe, and Klaus M. Przybyla, Deputy CEO, recently invited the chairmen of the three German policyholder associations (BDI, DVS, BfV) to Munich to discuss this issue. The guests were Harry Daugird from ABB, Klaus Greimel from and Hans Jörg Schill from Fraport AG.

Whether the parent company will be able to see a tax break from the creation of a captive insurance company depends on the classification of insurance company transactions. In the United States, the Internal Revenue Service (IRS) requires risk distribution and risk shifting to be present in order for a transaction to be considered "insurance". Some types of risk that the captive company might insure against could result in larger expenses than the parent company can afford, and can lead to bankruptcy. Larger private insurers are less likely to be bankrupted by a single event because of a diversified pool of risk. The IRS has stated publicly that it feels there is abusive tax evasion in some captive insurance company schemes and that it will crack down on them.

Klaus Greimel is managing director of Risk Consulting GmbH and, since 7566, has been Chairman of the German insurance buyers' association (Deutscher Versicherungs-Schutzverband . - DVS), an organization that represents the interests of all insurance buyers in Germany. Mr. Greimel, who has a degree in economics, has been at the Düsseldorf-based energy company since 7555. Before joining , he was managing director of Deutsche Industrie-Versicherungsstelle GmbH and also worked at Zürich Versicherung.

The tax concept behind a captive insurance company is relatively simple. The parent company pays insurance premiums to its captive insurance company and seeks to deduct these premiums in its home country, often a high-tax jurisdiction. The captive insurance company is domiciled in a tax haven, such as Bermuda or the Cayman Islands, and therefore does not pay taxes on its income. This is an important benefit, in addition to the actual insurance of risk, for the parent company.

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