INDEPENDENT FUND ADMINISTRATION
Regulated by the Bermuda Monetary Authority (BMA), Centaur Fund Services (Bermuda) Limited (Centaur) provides independent administration services to ILS reinsurer and fund structures including set-up and structuring, governance and compliance services, investor services and AML, and accounting services.
Precision and consistency are core to Centaur’s ethos. Our ILS team is comprised of specialists working exclusively in the asset class. The team has the essential expertise and experience to service sophisticated ILS structures.
Centaur can provide administration services to an ILS Manager from pre-launch to an active ILS structure:
1. SET-UP AND STRUCTURING SERVICES
The Dedicated team provides the expertise and assistance to ensure a seamless launch (or transition) of ILS structures. We support our clients by providing the following services:
- Detailed review to provide recommendations and comments on the structuring and constitutional documents as required.
- Assisting on fund structuring, including valuation and side pocket policies.
- Integrating data and conversions.
- Implementing operating procedures.
2. GOVERNANCE AND COMPLIANCE SERVICES
Centaur’s Compliance Team has an in-depth knowledge of the unique governance issues faced within ILS. Centaur manages a broad range of compliance processes, delivering greater accountability to your ILS products. Services include:
- Providing Principal and Segregated Account Company Representative services.
- Acting as secondary signatory on bank accounts ensuring wires are only processed for bona fide transactions including first approval on collateral transfers to trust account.
- Responding to due diligence queries.
- Statutory filing such as BMA and other regulatory solution services including FATCA, CRS, AIMFD (Annex IV) and Depository Lite Services.
- Bermuda Stock Exchange Listing Sponsorship.
- Coordinating Independent Directorships.
- Providing Corporate Secretary.
3. INVESTOR SERVICES AND AML
Centaur’s comprehensive Investor and AML Services includes:
- Reviewing and processing of all investor dealing transactions including subscriptions, redemptions, transfers, switches and side pocketing.
- AML verification, investor identification checks and source of funds analysis. Ensuring investors meet suitability requirements.
- Issuing contract notes, valuation statements and maintaining share registers.
- Preparing periodic investor reporting.
- Processing dividends and distributions.
4. ACCOUNTING SERVICES
The following Accounting Services are delivered by our specialists, who have the relevant understanding of the accounting and investor intricacies associated with the ILS market:
- Calculate Net Asset Values for the reinsurer and ILS funds, including calculation and allocation of administration, management, incentive fees and other accruals.
- Independently verifying and valuing all positions in accordance with fund documents by utilizing third-party sources.
- Preparing unaudited financial statements, statutory financial statements and returns, and coordinate annual audit, if needed.
- Reconciling portfolio positions, activities and cash with banks and custodians.
- Independently recalculating premium, acquisition costs and net underwriting income.
- Reviewing and recording of incurred losses and loss reserve.