The classic pattern for a hard market is that organizations will look to retain more risk and increasingly use their captives. We consider the management of group and local retentions through captives. And we explore the extent to which a captive is a vital and necessary part of a global program.

• Why does it make sense to retain more risk during a tough market?
• What level of risk should be retained across the various lines – what to retain and what to transfer?
• How do you determine group retentions and local retentions to deliver the optimal balance?
• Why, when and how should a captive be used to maximise your retention strategy and obtain the best possible terms and conditions from the open insurance and reinsurance markets?
• Does it make sense to have just one global captive or use local structures too?
• What are the tax considerations when using your captive within the global program?