Approach

Independent captive advisory for organizations that need clarity, control, and economic discipline in their insurance programs.

Typically relevant when annual insurance premium spend exceeds €500,000.

01 — Who we work with

Board-relevant insurance decisions.

Berrizal Partners advises organizations with complex insurance programs—typically spending €500,000+ per year—that want to use captive structures to improve risk financing without disrupting governance or counterpart relationships.

Common client profiles
  • Multi-line, multi-country programs with complex renewals
  • Organizations operating a captive—or seriously evaluating one
  • CFOs, CROs, Risk Directors, and Boards accountable for long-term risk economics
  • Businesses facing fronting, collateral, capacity, or limit constraints

If insurance decisions reach executive committee or board level, our work is usually relevant.

02 — The problem we solve

Complexity grows faster than clarity.

Fragmentation

Coverage is spread across lines, geographies, entities, and carriers—without a unified view of what is retained vs transferred, and at what economic cost.

Rising cost, limited transparency

Premiums rise while decision-making becomes renewal-driven rather than economics-driven.

Underused captives

Captives exist but remain underutilized, poorly defined, or hard to defend under governance scrutiny—especially when questions shift from “can we” to “should we.”

The outcome is often not poor insurance, but suboptimal risk financing. We bring structure, comparability, and economic clarity to captive decisions and the programs they support.

03 — What we do

Full-scope captive advisory.

We advise across the captive lifecycle—feasibility, structuring, formation, optimisation, expansion, and restructuring—aligned with TCOR, governance requirements, and long-term resilience.

Insurance program mapping

Inventory coverages across lines and geographies: limits, retentions, aggregation, loss flow, and funding mechanics.

Captive feasibility & structuring

Define what the captive should cover (and what it should not), structure options (pure captive, cell, hybrid), and a board-ready economic rationale.

Risk financing optimisation

Retention and layering strategy, reinsurance design, fronting mechanics, collateral optimisation, and programme architecture.

Governance & operating model

Decision rights, controls, reporting cadence, and board documentation that makes the captive explainable and sustainable.

Outputs are designed to be explainable and defensible—to finance, risk, and governance stakeholders.

04 — Boundaries

Independent by design.

We are explicit about boundaries because they protect decision quality. We work alongside your brokers and providers—without economic conflicts.

We do not
  • Act as an insurance broker or place insurance
  • Take commissions, contingent fees, or premium-linked remuneration
  • Act as a fronting carrier or reinsurer
  • Disintermediate existing broker, captive manager, or advisor relationships

We coordinate with brokers, captive managers, and legal/tax advisers to support implementation—while remaining independent from placement economics.

05 — How we work

Structured, senior-led, execution-ready.

01
Map the current program

Policies, limits, deductibles, retentions, loss flow, premium allocation, and constraints across entities and countries.

02
Design the captive economics

Define the captive’s role, reinsurance and fronting architecture, capital approach, and counterfactual options—anchored in TCOR and resilience.

03
Support implementation

Work with counterparties to execute the selected architecture and establish an operating cadence for ongoing optimisation.

When clients typically engage us

Captives are long-term instruments. Poorly structured, they lock in inefficiencies. Well designed, they become strategic assets. Our role is to ensure your captive strategy is economically justified, operationally coherent, and defensible over time.

Reviewing a captive—or considering one?

If your organisation spends more than €500k per year in insurance premiums, we can confirm whether captive solutions are economically relevant and what the right next step should be.

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