Till Capital Corporation operates as an insurance holding company.
The company, through two of its wholly-owned subsidiaries, Resource Re Ltd. (RRL) and Omega General Insurance Company (Omega), provides property and casualty insurance and reinsurance.
RRL
RRL’s business strategy is to offer reinsurance coverage to a select group of insurance companies, such as captive insurers, privately-held insurers, and other insurers and reinsurers worldwide. In addition to various traditional investments...
Till Capital Corporation operates as an insurance holding company.
The company, through two of its wholly-owned subsidiaries, Resource Re Ltd. (RRL) and Omega General Insurance Company (Omega), provides property and casualty insurance and reinsurance.
RRL
RRL’s business strategy is to offer reinsurance coverage to a select group of insurance companies, such as captive insurers, privately-held insurers, and other insurers and reinsurers worldwide. In addition to various traditional investments, RRL has an investment approach, ancillary to the reinsurance business, which includes alternative asset strategies. The company might conduct certain reinsurance business through RRL.
Focus Group Inc. (Focus)
Focus provides management services to Omega. Focus also has chief agency contracts with three foreign insurers and management contracts with two foreign insurers. Focus also provides ongoing and one-time consulting services in the areas of taxation, risk management, mergers and acquisitions, expert witness testimony, and claim reviews.
Omega
Omega’s revenue is from three sources, including premiums on portfolio transfer transactions and fees related to managing Canadian branch offices in ‘run off’; assumption reinsurance, including servicing fees in certain transactions; and premiums on direct insurance business. To manage its risk exposures, Omega purchases reinsurance for both its portfolio transfer and direct insurance businesses.
As a reinsurer, Omega provides assumption reinsurance to insurance companies that want to exit the Canadian market, and to insurance companies that want to transfer of all their remaining claim liabilities on particular books of business. Those arrangements are referred to as ‘run-off’ or ‘loss portfolio transfer’ assumption business. Omega also provides support services on assumed risks.
Omega’s business also includes acting as the primary insurer, direct writer, for insurance companies seeking Canadian business, but lacking the appropriate Canadian insurance licenses. In that capacity, Omega acts as the direct writer, or fronting company, for a specific insurance company, and Omega would cede majority or all of that direct, fronted, business to that insurer.
The company’s focus is on developing tailored solutions to address its clients’ insurance and reinsurance needs.
Regulatory Matters
The Bermuda Monetary Authority (BMA) must give permission for all issuances and transfers of securities of Bermuda exempted companies like the company and RRL, unless the proposed transaction is exempted by the BMA’s written general permissions.
The Bermuda’s Insurance Act of 1978, as amended and its related regulations (Insurance Act) and related regulations of Bermuda that regulate the insurance business of RRL provide that no person is to carry on any insurance business in or from within Bermuda unless registered as an insurer under the Insurance Act by the BMA.
Omega’s insurance business is subject to regulation and supervision by the Office of the Superintendent of Financial Institutions under the Insurance Companies Act (Canada) and by insurance regulatory authorities of the provinces in which it is licensed to conduct business.