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 Responsibilities |
The Company is licensed and managed in the Cayman Islands to reinsure risks from the issuing insurance company, American International Group, that is licensed and provides coverage in the United States. The types of coverage underwritten by Affinity are Workers’ Compensation, General Liability, and Automobile
Liability.
The Company requires that each shareholder also appoint a director to the Affinity Board of Directors. Every
Shareholder, regardless of premium size, has one vote. A simple majority governs. Affinity
Shareholder responsibilities include controlling losses, participating in board meetings, and educating other high-quality companies about the captive concept. Management strength lies in a strong committee structure and the individual involvement of all directors during frequent meetings held both in the Cayman Islands and other locations outside the United States. Presently, the committees and their primary responsibilities are:
- Executive - Comprised of officers, committee chairpersons, and designated members at large. Focus is to develop long-range plans for the
Company based on strategic analysis.
- Finance - Reviews the
Company’s interim and audited financial statements and monitors each member’s compliance with
its financial obligations to the
Company. Also advises the
Board on policies for the investment of the
Company’s assets.
- Underwriting - Advises the
Board on desirable risks to be assumed and ensures that these risks are adequately underwritten.
- Risk Control - Sets loss control goals for the members. Reviews loss control reports and works with members to meet the required loss control and claims management goals of Affinity.
- Membership Development - Assists members in educating prospective new members about Affinity and the benefits of ownership.
- Long Range Planning Committee - Develops future plans for the Company based on strategic analysis.
- Nominating Committee - Recommends to the Board of Directors future officers and committee chairpersons for a two-year term.
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Member Profile
Duro-Last
Roofing |
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| Duro-Last began in 1978 and is a national roofing manufacturer that produces a prefabricated, reinforced thermoplastic, single-ply roofing system. Duro-Last is utilized in commercial and industrial buildings with flat and low-sloped roofs. Duro-Last is unique in that nearly 100% of difficult roof details and up to 85% of field seams are done under factory controlled quality and not on site by the contractor. |
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