Business Services Industry
Harrah's weighs land investment as asset for captive; From hurricanes to terrorism, facility has served as backstop.(Risk Manager of the Year)(Harrah's Entertainment Inc.)
Business Insurance, April, 2007 by Ceniceros, Roberto
Byline: ROBERTO CENICEROS The risk management department at Harrah's Entertainment Inc. is exploring buying land as an investment for one of its captives. Whether to invest in land as an asset for the company's Bermuda-based facility has not yet been decided, emphasized Lance J. Ewing, vp-risk management for Harrah's.
Doing so would reduce excess liquid assets built up in the captive, Aster Insurance Ltd., but it also would help its parent company have land for future expansion projects, said Debbie Burd, director, financial services for the company's risk management department. The captive's liquidity ratio, a measurement of its cash assets and ability to pay short-term obligations, is approximately 150%, Mr. Ewing added. Captive regulators commonly...
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