ISME, the Irish SME Association, today launches an Expression of Interest (EOI) for the formation of one or more captive insurers.
- Insurance is one of the most important areas for Irish SME owners
- In a recent survey of our membership, 88% of respondents said they would consider participating in a captive insurer.
- In 2017 the Central Bank of Ireland reported there were 78 captive (re)insurance companies domiciled in Ireland.
ISME is the largest independent trade association representing small and medium enterprises in Ireland and has been actively lobbying for the interests of SMEs since 1993. ISME is a multi-sector (‘horizontal’) trade association representing SMEs in all sectors of commercial activity.
Insurance is one of the most important areas for Irish SME owners, and ISME has been working and lobbying aggressively for legislative reform over the last five years. Given the systemic importance of insurance, the fact that most SMEs cannot trade without it, and the fact that underwriters are exiting certain business sectors in Ireland, ISME intends to offer a wider set of insurance solutions to the SME sector.
ISME seeks expressions of interest from underwriters, insurance brokers and allied professionals who wish to assist ISME.
In 2017 the Central Bank of Ireland reported there were 78 captive (re)insurance companies domiciled in Ireland. For 2018, total assets stood at €6.5 billion, gross written premiums non-life were €900 million and gross written premiums life were €23 million. It is ISME’s intention to greatly increase the penetration of non-life captive insurance in the domestic market, not just to reduce cost, but to counter the flight of underwriters from this market.
ISME’s membership is multi-sectoral, but the sectors where we believe captive insurers could be most readily formed are:
- Solicitors and Legal Services
- Equine Services
- Engineering services (multi-disciplinary)
- Childcare services
- Financial Services
- Food and Beverage Manufacture
- Information Technology and Services
- Logistics, Warehousing and Distribution
- Pharmaceutical Manufacture and Supply
- Nursing Homes
- Office Equipment and Supply
- Security Services
- Medical Practitioners
In a recent survey of our membership, 88% of respondents said they would consider participating in a captive insurer.
ISME has asked ISME member, Sluamor Ltd, to coordinate the process of sourcing provider(s) for these services.
All queries should be directed through Sluamor.com. Queries directed to ISME staff members will be redirected back to this site. Parties interested in responding to the EOI can find it here