Support Structure / Responsibilities

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There are many component parts of a successful program. Wheels Insurance, Ltd. uses quality professionals, each with a defined set of tasks, that as a whole, create the best program for its members. These professionals are listed below together with a brief description of the services provided by each.

  1. Captive Resources, LLC (Consultant) - The consultant, as an independent contractor, has the ultimate responsibility to the Board of Directors to see that all decisions of the Board are carried out by its support structure members. Captive Resources is involved as a nonvoting member in all executive meetings and assists the President and Executive Board in the planning of these meetings.
  2. Trucking-Focused Regional Insurance Brokers (Broker) - The insurance broker is responsible for all insurance aspects of the program including coordination of policy issuance, billing and premium collection, placement of coverage not available in Wheels Insurance, Ltd. and certificates of insurance. Services may include loss control and claims consultation.
  3. Kensington Management Group, Ltd. (Captive Manager) - The offshore captive manager is responsible for managing the day-to-day operations of Wheels Insurance, Ltd. and is therefore, located in the Cayman Islands. This primarily consists of managing the financial operations of the company and accounting for all financial transactions. It also prepares and maintains the corporate and statutory records including minutes of meetings, and advises the members on developments in insurance and fiscal matters as they affect insurance companies in the Cayman Islands.
  4. National Interstate Insurance Company (Program Insurance Company) - The program insurance company issues the actual policies that “insure” the shareholders of the Company. National Interstate Insurance Company is a licensed, “A” rated insurance carrier which addresses the legal requirements of providing insurance for the shareholders.
  5. National Interstate Insurance Company (Specific Excess Reinsurer) - The specific excess reinsurer is “ceded” the shock loss or large loss layer, on a per occurrence basis, that Wheels Insurance, Ltd. as a company, is not willing to retain. It receives a premium for its participation in this layer and pays all claims in this layer.
  6. Pinnacle Actuarial Resources, Inc. (Actuarial Firm) - The actuarial firm, as an independent contractor, takes loss data supplied by the shareholders and compiled by the broker and, after trending and developing this data, sets a loss projection (loss pick) for each member upon which the member’s final premium is based.
  7. National Interstate Insurance Company (Claims Administrator) - The program insurer employs the Claims Administrator, who is an independent contractor, to negotiate and settle all claims made against its shareholder insureds based on a set of instructions set forth by the shareholders. Captive Resources will assign a claims services manager from its staff to work with Wheels Insurance, Ltd. members to facilitate compliance with those instructions, coordinate claims review meetings, and follow targeted claims.
  8. Loss Prevention Services - Serious emphasis is placed by the shareholder insureds within their own companies, on good loss prevention practices. Members realize that through good loss prevention, claims can be prevented, which helps lower costs. Wheels Insurance, Ltd. has its own Risk Control Committee, which develops standards and goals that members must strive to achieve.
  9. KPMG (Auditor Firm) – The financial reports are prepared by the Cayman Island Manager, Kensington Management Group Ltd., and are audited by KPMG.