GLOSSARY

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INTERMEDIARY CLAUSE

INTERMEDIARY CLAUSE – A provision in reinsurance agreements which identifies the intermediary negotiating the agreement.  Most intermediary clauses shift all credit risk to reinsurers by providing that: (a)  the cedant’s payments to the intermediary are deemed payments to the reinsurer; and (b)  the reinsurer’s payments to the intermediary are not payments to the cedant until actually received by the cedant.  This clause is mandatory in some states.

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I have worked with Jerry Messick and the Elevate Captive team since 2012. They have been instrumental in guiding us properly on how to implement and run a captive successfully. The due diligence and proactive service on the part of the Elevate team is unrivaled. Their product knowledge and how to use the instrument to our benefit, while providing sound risk management and compliance principles is another huge differentiating factor for their firm. In addition, the team of experts that Elevate has referred us to in the legal and financial advisory areas has turned out to be top notch. The Captive is only as good as the entire team. Finally, it has to be mentioned that we “just plain like” Jerry and Co.. Friendly, smart and easy to work with. A real pleasure.

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