Each shareholder is entitled to appoint a director to the Columbus Insurance Ltd. (Columbus) Board of Directors. Each shareholder, regardless of premium size, has one vote. A simple majority governs. Columbus shareholder responsibilities include controlling losses and participating in board meetings; shareholders are also encouraged to educate other high quality companies about the captive concept. The Company's management strength lies in a strong committee structure and individual involvement of all directors during annual meetings held both in the Cayman Islands and other locations outside of the United States.
Shareholders are encouraged to attend all Columbus meetings and actively participate in committee sessions. The committees of the Board and their primary responsibilities are:
Executive
Comprised of officers and committee chairpersons; the focus of this committee is to develop long-range plans for the Company based on strategic analysis.
Underwriting & Membership Development
Advises the Board on desirable risks to be assumed and ensures that the assumed risks are adequately underwritten, reviews renewal terms and changes to retention levels and is tasked with the development of growth goals for the Company.
Risk Control
Sets loss control goals for its members, reviews the support list criteria and works with members to meet the required loss control requirements of Columbus.
Finance
Reviews the Company's interim and audited financial statements and advises the Board on policies for the investment of the Company's assets.