Greek Mythology and Perseus Essay Example for Free

Greek Mythology and Perseus EssayKing Acrisius of Argos has a stunningly stunning daughter besides wants a son, so he prays to the gods. Apollo tells him not only that Acrisius will never nonplus a son, but also that the son of his daughter will kill him. The only way to richly prevent this prophecy would be to kill his daughter, Danae, but Acrisius fears what the gods would do to him. Instead, he imprisons Danae in a tan house without a roof and guards her carefully. Arcisius does not expect, however, that Zeus will come to her and impregnate her.Perseus is born, and after Acrisius discovers the baby, he puts Perseus and Danae in a box and sets it out in the ocean. Luckily (or thanks to Zeus), the box washes up on a sm every island, where a kind fisherman named Dictys takes Danae and Perseus in. They snappy happily until Dictyss brother, King Polydectes, falls in love with Danae and decides to get rid of her son. Polydectes convinces Perseus to kill the medusoid, a horrif ying beast with snakes for hair. But this feat seems impractical because whoever musical notes at the snakes will turn instantly to stone.Hermes gives Perseus guidance and a sword stronger than the medusas scales. He tells Perseus that to fight the Medusa Perseus will need special equipment from the Nymphs of the North. Their location is a mystery, and Perseus must ask the elderly Women, three sisters who peppy in a gray land and are gray themselves. They share only one nerve centre among the three, and they alternate using it. Before Perseus sets out to find them, Athena gives him her shield and tells him that he must realise at the Medusa through the shield, like a mirror, in order to avoid turning to stone.Perseus finds the Gray Women and steals the eyeball, holding it hostage in exchange for the location of the Nymphs of the North. Hermes helps Perseus travel there, where he finds a land of halcyon people, always banqueting and celebrating. They give him his three gifts winged sandals, a magic wallet that changes to the size of any(prenominal) its contents, and, most important of all, a magic cap that will turn whoever wears it invisible. With Hermes and Athena at his side, Perseus finds and kills Medusa. He puts the head in his wallet and flies, invisible, back toward his mother.On the way, he passes a beautiful woman enchained to a rock, Andromeda, and falls in love with her instantly. She was chained there because her foolish mother had thought herself more beautiful than any goddess, so as punishment the gods told her to chain her daughter to a rock, where she would be eaten by a serpent. Perseus kills the serpent and takes Andromeda home. When he returns to the island, he discovers that Danae and Dictys have gone into hiding because Danae will not marry Polydectes. The evil king, meanwhile, is hosting a banquet with all his supporters.Perseus barges in and holds up the head of Medusa. Unable to look away in time, all the men turn to stone. P erseus finds his mother, makes Dictys king, and marries Andromeda. Optimistic, Perseus and Danae return to Argos to find her father, King Acrisius. They hope that his nerve has warmed since he put them in a box out to sea, but when they reach Argos they ca-ca that he fled the land. One day, Perseus competes in a discus-throwing contest. His disc veers far to the side and lands on a peach in the crowd, killing him instantly. This is Acrisius, in fulfillment of Apollos prophecy.AnalysisThis famous tale underscores the inescapable nature of helping and prophecies in the course of telling a heros study. Although Acrisius took drastic action to change destiny, short of killing his accept daughter he can do nothing to prevent his fate. Perseus is too strong to be unploughed down and on an island, so it is fitting that his fate is to go on adventures and quests and to be helped by gods. He fits the heroic model of an honorable man overcoming all obstacles to reunite his family and d o justice. It is interesting to note that the story does not indicate whether fate or Zeus guided Perseuss box to the island.As in the understructure of Earth, the reader must wonder who is in charge. Is there a difference between fate and Zeus, and if so, what is that edge? Who controls Zeuss fate? To the extent that Zeus does help Perseus, the story also illustrates the benefits that come with honorable behavior. Zeus, Hermes, and Athena all help Perseus at critical moments, allowing him to successfully complete his missions. Perseus, of course, contributes to his own success as well. Hospitality once more proves to be beloved by the gods Dictys, the fisherman, becomes king.In this way, the story highlights that great people can have base beginnings. Baucis and Philemon, the most clear examples of humble hospitality, share with Dictys a selflessness that ultimately the gods reward. The gods shower these humble characters with actual wealth, but why? If humility and selflessnes s are important, why would physical wealth be the seize reward? Perhaps the answer lies in the context of such physical wealth and what it means to the characters. As Perseus deals with the Gray Women, we see the imaginative nature of Greek mythology.These distinct characters, sharing one eye, all shades of gray, last in the readers mind and expand the universe which the mythology depicts. Moreover, when Perseus actually defeats them, the story underscores the recurring theme of man ingenuity. Perseus, of course, stands as a premiere example of Greek heroism. He overcomes all obstacles to defend his family and exact revenge. He proves honorable and valiant, calm and clever. As he fights for his mothers respect and hopes for his estranged fathers love, he values family and loyalty above all else.Medusa, by contrast, is one of the most famous mythical beings. In her case, it is not beauty but ugliness that causes problems for the observer. She is so terrible that one direct look at her turns a person to stone. Medusa is a direct contrast to the many beautiful characters (Adonis, Narcissus) who appear throughout the tales. In this story, as in other tales of heroes, the Greek myths become adventure tales with unforgettable drama, high stakes, and imaginative characters. Such adventures and quests make eachstory live on throughout time as astounding literature that captures our imagination.

Delima Case Aummary Essay Example for Free

Delima Case Aummary EssayDelima Enterprise was founded in 1981 by Encik Zayed. It conducted trading and supplying related products including manpower supplies to the oil and gas industries. In 2004, the enterprise was incorporated as Delima Enterprise Sdn. Bhd. Encik Zayed as the Managing Director and his wife Puan Hashimah as the Chief Operating Officer managed the company. The other force were Puan Balqis as the Operation Manager and Encik Salam as the Human Resource and Administration Manager. Both of them were family members of Encik Zayed and Puan Hashimah with only standby school background and likewise Encik Zayed and Puan Hashimah. As the company was incorporated as Delima Enterprise Sdn. Bhd. the company fan out their business operation into provision of engineering services. Their mission was to become a leading service declarer and provide quality and excellent services. In May 2006, the company had employed Cik Amy as Finance Executive. She was liable for mainten ance of the accounting and financial matters, including the preparation of accounts. Subsequently, in May 2006, the company had secured a contract charge RM 750,000 to be implemented a duration of six months.However, due to shortage of funds, the company had submitted applications to Maybank and CIMB Bank Berhad for banking facilities totaling RM 1 million. The banks required the companys Audited Financial Statements for the last two years. This was when Encik Zayed realized that the company had never been audited. Therefore, his help had introduced an audit firm and shortly after, Aziz Co. was engaged to perform audit and to be completed as soonest as possible to meet the banks requirement.

To Kill a Mocking Bird Essay Example for Free

To Kill a Mocking hoot EssaySocialising is a very complicated process, for we often make unjustified assumptions that lead to misunderstandings or even worst, it might even cause the innocents to suffer. In To Kill a Mocking Bird, it was demonstrated a number of times, both in court and in every day life, often caused by peoples special observations skills causing misjudgements Jem and Scout made that mistake, thinking his dad is experienced and feeble and maybe useless simply in reality he is actually a great shooter who doesnt like to boast almost his talents. I truly admire the genus genus Atticuss personality, he was non thinking highly by his town family because he was humble and was not bind by the fashion in town. Harper Lee had exposed the truth of gay nature because of Atticuss way and modesty, he was not justified fairly.Just like the over-the-hill saying goes, Dont judge a book by its cover, sadly, this is a philosophy that many cannot achieve. Inessential factors including bias, bearing racial hatred and so for forever and a day get in the way of justification, twisting the fact into the justifiers respect and that is when injustice happen. In To Kill a Mockingbird, this had happened a number of time, even children had inherited this bad disgustful trait, including the main characters- Jem and Scout. In chapter 10, it was demonstrated when they were justifying Atticus on p.98Our fuck off didnt do anything. He worked in an office, not in a drugstore. Atticusdid not drive a dump truck for the county, he was not the sheriff, he did not farm,work in a garage, or do anything that could possibly arouse the respect of anyone.Besides that, he wore glasses.From the above description, we can tell that Jem and Scout were judging Atticus with their mea confident(predicate)s for an admirable person. They were computation what Atticus was not instead of what he could do, in addition, they didnt know Atticus rise up enough to be able to ma ke a judgment about him and they refused to listen to what others have to say about Atticus, in this case, its Miss Maudi. Jem and Scout were affected by prejudice and judged Atticus only based on his appearance and their own measures.Jem and Scout always thought his father-Atticus was weak and feeble only because he was different from the easing of the fathers in town he was not very active like the other fathers were due to his old age. Jem was never satisfied with Atticus, because to him, he was not a exciting father he could be towering of, until he discovered Atticus outstanding shooting skill. Jem and Scout always thought they knew everything about Atticus until that incident, Scout was quite young so she could not understand it, whiled Jem had finally understand Atticus apprehension of modesty and displayed his maturity by stopping Scout from overdrawging about Atticus in present of their friends and said this interesting quote.Atticus is a human being, just like me. (C hapter 10 p.109)Jem and Scout was always disappoint their father because Atticus is different from the others but his opinion for him had gradually changed as he matured, and as it did, he finally came to an understanding of the real values a gentleman should posses.Atticus was a model father for his children and a great educator he had earning respects from his fellow town folks, the readers and gradually, his children. He had always been thought as weak and feeble by his own children, but it changed right after his children discovered his incision name One shot Finch, their perspective for him has immediately changed. We could not completely blame his children for misjudging him Atticus had hid his talents well with to his humble personality. I truly admire Atticuss great personality he was a true gentleman and showed great wisdom and humbleness. Even though his talent was discovered by his children, he lock up refused to brag about it, this was shown in shown in chapter 10 p. 108 when Mr. Tate spoke to JemWhats the matter with you, boy, cant you talk? saidMr. Tate smile at Didnt you know your daddysHush, Heck, said Atticus.Atticus even stopped others from praising him, plus he still chose to keep his principles after he just prevented his neighbors from being attacked by a mad dog. Atticus was a great model for Jem and he greatly contributed to Jems grown in maturity.To Kill a Mockingbird had a timeless topic similar versions of this story had appeared again and again in human history, where innocents almost always suffer. Harper Lee had exposed the ugly truth of human nature and the fact that injustice exists in this society often caused by some peoples ignorance or selfishness. Jem and Scout started of misjudging Atticus and fortunately, it was all cleared up after the incident with Jem finally understood the values of a gentleman. Jem and Scout were lucky to have Atticus as a father, he was a great educator and he tried his hardest to make sure they a re safe, safe from the weaknesses in human nature. To Kill a Mockingbird was a well-written narrative it flawlessly uncovered a variety of human nature- the finest of humanity as well as ugly human natures.

Information Systems in Global Business Today Essay Example for Free

learning Systems in Global Business Today EssayHow IT drives the UPS operation worldwide. Using talented people and smart engineering, UPS delivers over 14 million packages daily to 200 countries and territories, requiring the talents of 70,000 drivers who are wirelessly connected to UPS main databases located in 17 major data centers throughout through out the world. Case United Parcel service global operations are driven by its discipline systems technology. What UPS bunghole do is largely a function of its information technology investitures.Beginning as a local delivery service in 1907, UPS expanded on the West coast initially, reached New York in the 1930s, and went international in the 1970s. Today, UPS delivers over 14 million packages daily to 200 countries and territories, requiring the talents of 70,000 drivers who are wireless connected to UPS main databases located in seventeen major data centers throughout through out the world. A multi-year, multibillion dol lar investment in technology drove the growth of UPS over the exist twenty five years beginning in 1990.This investment modifyd the development of the DIAD, the Delivery culture Acquisition Device. DIAD is a key element in UPSs business technology platform. Company spokesmen say that UPS revolutionized the package delivery business in 1991 when it developed and deployed the start Delivery Information Acquisition Device, known as the DIAD. More than twenty years later, UPS continues its pioneering development efforts with the fourth generation of the DIAD the DIAD IV. To tick maximum flexibility in field transmission capabilities, DIAD IV includes multiple wireless connectivity options.Each DIAD IV run arounds a built-in GPRS and CDMA radio, an acoustical modem to facilitate dial-up access if necessary, and 802. 11b wireless local area communicate connectivity to enable transmission in a UPS center. The DIAD IV also features a Bluetooth wireless personal area net civilise and an infrared (IrDA) port to communicate with peripheral contrivances and customer PCs/printers. DIAD IV introduces a revolutionary new feature Global Positioning Satellite (GPS) to the handheld terminal market. UPS plans to example this technology to provide drivers with more(prenominal) tiny directions to pick-up and delivery points in order to improve customer service.The monochrome screen on previous DIADS go out be replaced with a color screen that accommodates more information which can be displayed in an easier-to-read, more attractive manner. The color screen also enables UPS to color-code messages transmitted to a drivers DIAD. Urgent customer pick-me-up messages, for example, can be color-coded to alert the driver. In plus, the DIAD IV contains 128 megabytes of memory 20 times the capacity of the DIAD III. UPS bequeath use this expanded capacity to provide new and improved customer services. Like its predecessors, the DIAD IVs battery lasts an entire work day.The DIAD IV sends delivery information to the UPS data repository as soon as the delivery information is entered. Drivers simply scan the package bar code, collect the receivers signature electronically, type in the Copyright keep This work is protected by United States copyright laws and is provided solely for the use of instructors in teaching their courses and assessing disciple learning. Dissemination or sale of any part of this work (including on the World Wide Web) will destroy the integrity of the work and is not permitted.The work and materials from this site should never be made usable to students except by instructors using the accompanying text in their classes. All recipients of this work are pass judgment to abide by these restrictions and to honor the intended pedagogical purposes and the needs of other instructors who rely on these materials. last name of the receiver and push a single key to complete the transaction and send the data. in that location is no need to activate a cell phone or return to the vehicle. Part of what makes the DIAD such a powerful tool is the system ODS (On-Demand Services) that enables communication with the driver.Every UPS driver automatically logs into the ODS system first thing in the morning. This allows dispatchers and center management to access the driver via his/her DIAD throughout the day by move generalized text messages. Virtually all drivers start their day with a list of predefined customer pickup locations for that day. Thanks to ODS, the addition of a one-time pickup can be added to a drivers work list on-the-fly, modify UPS to take best advantage of the geographic location of its entire fleet for servicing pickup requests.By using the DIAD, UPS eliminates the use of 59 million sheets of paper per year. The DIAD IV is the most comprehensive tracking device in the delivery industry, combining data collection and transmission technologies, digital signature capture, extensive expansible memory and rugged construction to withstand extreme temperatures and hard falls. Other Features The UPS technology infrastructure enables UPS to affirm its customers many services, such as package tracking, freight planning, and freight truck packing optimization, in addition to the basic shipment of packages.

tradition and modernity Essay Example for Free

tradition and modernity EssayWe are utilize to thinking of traditions as something old and stable, whereas the creative forces of people are directed towards the making of new forms of graphics and music. Nevertheless in our view, and according to our experience, new forms should not be sought in a ethnic vacuum, without any connection to the past experiences of people and societies. Similarly, the old musics should not be approached with the attitude of preserving or mimicking some other peoples figures. We believe that the past is important because in the great musics that were created we can sense a reBlection of the creators spiritual insights and wider understandings of the nature of man and his place in the world. The passing on of this intuitive knowledge, through the practice of music, the sharing of experiences, the process of studying and teaching not as something that happens only within the school walls, besides as part of everyday life, is what animates Neda not only to create, but also to teach their music and execute it in live concerts. Neda is a river in Peloponnese and one of the few rivers in Greece with a female name. In the Greek mythology Neda was the nymph who took care of Zeus when he was taken away from his father, who wanted to slaughter him. The water supply and the river are ancient symbols, signifying strength and endurance, but also adaptability and continuous Blow. Hence the signiBicance of Neda for the musicians, which carries the power of the female part of water to embrace difference as it connects and naturally renews all things, it links past and future clock into the present moment where all sounds exist and all music is created.

Kant and the Categorical Imperative Essay Example for Free

Kant and the Categorical Imperative EssayThe porta of the existence of castigate and wrong has been a subject of discussion among philosophers for centuries and m any(prenominal) theories eat been presented to answer the chief of whether honourables exist. Immanuel Kant (1724-1804), the great German philosopher is one who has contributed profoundly to the world of philosophy and especially in regards to his horizon on the subject of clean-livingity. Kant disagreed with Hume that righteousity is objective and non subjective.Kant wanted to propose a pure moral philosophy, one of absolute necessity and indep block upent of all human feelings, because if it not so, it will not be absolute and binding upon every person. The purpose of morality is to affect our behaviour and that it is reason that makes humans moral and not feelings or preferences. We shall explore some of the a priori foundations of morality paying special attention to Kants matt haughty and what ex croply this was designed to solve in moral theory.To stick out moral worth, an put to work must(prenominal) be do in the name of ones duty, the moral worth of this modus operandi is taken from the principle from which its determined, not from what it aims to accomplish and that duty is necessary when one is playing go forth of respect for the law. A shopkeeper expectant the buyer the right amount of change because the law states one must not steal, this is an font of a legal passageion because witnesss ar beingness followed but for the wrong reasons.A shopkeeper returning the reprobate amount of change because it belongs to the customer is an example of a moral action because the action is being done for the right reasons. Kant adopts the view of morality as an unconditional ought, as opposed to a conditional ought By this he means that one should per chassis an act without considerations of the merits that that act may produce, in comparison with acting in order for someth ing else to happen. This implies that acts that atomic number 18 moral are those that are done without being done for the interest group of the merit or reward that they may bring to the person.Kant claimed that moral behaviour does not guarantee the acquisition of happiness rather that considerably will is crucial for actually deserving happiness. Nothing in the worldindeed postal code even beyond the worldcan possibly be c erstwhileived which could be called total without qualification except a well(p) will (Kant 1964 p. 27). By the good will Kant means that a good will is not good because what it performs or what it effects but that it is simply good in itself.The good will is the will which acts out of respect for the moral law and from freedom, but actions such as these, if motivated by selfish or emotional factors, will therefore defecate no moral worth. in that respect is a great apportion of stress placed on the intention behind the act, consider giving money to c harity for the sake of helping out, without any need for any ego gratification or such self-serving purposes, this is an exemplification of good will. Kants most well known contribution to ethical discussion is the mat imperative mood. There are three key propositions that form the basis of Kants ethics.They are act tho on that maxim (principle) by means of which you can at the same time will that it should become a ecumenical law, act in a way that you never treat humanity as a means to an end and that you act as if you were a lawmaker member of a kingdom of ends. These three principles form the categorical imperative. For Kant the reference book of moral justification is the categorical imperative. It presents a method to determine whether or not an act may be considered to be morally correct. An imperative is either categorical or hypothetical.Kant writes, If now the action is good only as a means to something else, then the imperative is hypothetical if it is conceived as good in itself and consequently as being necessarily the principle of a will which of itself conforms to reason, then it is categorical . . . . (Kant 1989 p. 31) As humans we all have subjective impulses cravings and inclinations that may diverge the dictates of reason. These desires, whether they are material objects or cheer us in a sexual or psychological way, may in fact contradict the dictates of reason.Therefore we experience the claim of reason as an imperative, a ensure to act in a particular way. Kant views a person to be most free when they can overcome their temptations and it is this freedom that helps us make sense of morality. The categorical imperative emphasises the means for completing an action and places little meaning on the end result of an action, whereas the hypothetical imperative places much emphasis on the end result of an action. It is an imperative because it dictates what we should do, disregarding our desires.As rational beings we are guided throu gh biography by laws and principles, in the form of an imperative which simply orders us you must do this regardless of any desires which we may have. Hypothetical imperatives sacrifice to us if we have a particular desire, go to university if you want to become a philosopher. An act becomes imperative when it ought to be applied to everyone, hence the basic statement of the categorical imperative being to act only on maxims that you could will to become universal laws of human nature (Kant).A categorical imperative would command you to do X inasmuch as X is intrinsically right, that is, right in and of itself, aside from any different considerationsno ifs, no conditions, no strings attached . . . a categorical imperative is unconditional (no ifs) and independent of any things, circumstances, goals, or desires. It is for this reason that only a categorical imperative can be a universal and binding law, that is, a moral law, valid for all rational beings at all times. (Miller 1984 p. 462) Immorality then would be to make exceptions for ourselves by acting only on maxims that we cannot universalize out of our own will.It is those who act in such a way and then expect others to act different to our way, who are immoral. The categorical imperative acts as a formula for universal law by stating the prerequisites that an act must have to be considered moral, it presents a comparison for people to be able to see if they are acting morally, this being to act only on principles that you could will to become universal laws by which all who wish to act morally must comply with. It determines whether any act is right or wrong, so to do the verso would be contradictory and this would then be an act that is not morally correct.An example that Kant puts forward in Good Will, Duty, and the Categorical Imperative, (1989) to depict this is of a man who is in extreme despair and contemplating suicide. By victorious his own life he would be universalizing the principle that in order to love himself he should end his life (by doing this he is trying to improve his life by ending the despair he is feeling). cleanup position himself would in fact do nothing to improve his life because he would have no life at all So you see how these contradictory acts undermine those that may be classified as morally right.Although Kants categorical imperative has been widely read and accepted by some it has had criticism. Some philosophers have thought of it as absolutist, being too black and white. But when thinking of humanity and society in which we reside, looking at morality according to the categorical imperative allows a standard rule for everyone to follow. If it was very well for some people to steal and not others this we could not call a moral and bonnie society. There needs to be a rule or comparison so that what acts are right and what are wrong may be differentiated from each other and the wrong acts then dealt with accordingly.Some have asked how only an action which one had no desire to do could ever have any moral worth. This to me does not seem to be what is trying to be expressed in Kantian ethics. It is not the desire per se that makes an act immoral, I think it seems that it is more the fact of this desire being the reason the act is conducted in the first place. If the act is done to fulfil a personal desire or gain that which one desires, then the act is immoral, but if the act is done for the good of the act in itself, for example donating money to an orphanage because one desires to help, then this is still what Kant would regard as a morally right act.Although Kantianism has had a profound effect on some people, producing many elaborations, translations and thought, for some it is not feasible once placed together as a whole. Kant had some very profound ideas but looking at society tody I would think he was definitely on the right thought pattern. Society and we as humans, with our impulses whether good or bad, need a clarified ethics to follow to help us screen what may be considered right and wrong in a moral sense, and it must be fair and the same for everyone, this is what Kants categorical imperative has done by creating a universal law or rule of thumb for morality.References Kant, I. 1989 Good Will, Duty, and the Categorical Imperative. ed. Serafini, A. Ethics and Social Concern, the categorical imperative. New York Paragon House Publishers Kant, I. 1964 arse and the Metaphysics of Morals, ed. Herbert J. Paton, New York HarperCollins. Miller, Ed. L. 1984 Questions that Matter An Invitation to Philosophy, 3rd ed. Colorado McGraw-Hill, Inc. http//sguthrie. net/kant. htm (accessed on 12/10/04).

Rent-A-Captive Insurance Company Development

Rent-A- mantled Insurance Company DevelopmentA Critical analytic thinking of the Benefits, Risks andImplications of Creating an Off-shoreRent-a-Captive Insurance Company in Bermuda.Contents (Jump to)AbstractChapter 1 MethodologyChapter 2 search ProcessChapter 3 Findings and Evaluation of Findings3.1 Captive3.2 Analysis of Benefits, Risks and Implications3.3 Rent-A-Captive3.4 Pestle Analysis3.5 Porters Five ForcesAbstractThe potential for utilizing a rent-a- confined initiation in Bermuda brings a method that is a byplay organisation proposition to interrogative the risks, benefits and implications of utilizing this as a workable strategy. Inherent in equate any strategy atomic number 18 its suitability, ease of entry and exit as risehead as equals and weighing these a contactst the learning curve and relative benefits that will accrue in best and worst parapraxis scenarios. To reach such a determination, the examination will employ a number of strategic as substantia lly as financial in any casels, along with the advantages and disadvantages of the methodology to determine its viability in a general, specific and oerall sense. The use of any business strategy has either direct and or indirect implications which represent variables that must prove their expenditure in their ability to further the overall aims, objectives and adjudicate of the entity and to be particularly of benefit in indecent economic conditions and or unforeseen occurances.The preceding tinder evaluative climate represents the acid test via which to in effect prove or disprove its potential worth to the enterprise.A captive amends policy company represents an entity that is set up for the limited break up by conjure up indemnification companies to finance risks from the main organization and or its subsidiaries (Bawcutt, 1997, pp. 8-9). Rather than representing a advanced concept, captive redress companies deplete been around since the mid 1870s, borne out of prot ection and indemnity clubs of that period which offered marine damages in coverage of third caller liabilities as well as expenses emanating from either operating or owning ships as a principle (Braithwaite and Drahos, 2000, p. 157). The preceding was a contribute of the passage of the Lord Campbell Act of 1846 (Alabama Law Review, 2004, p. 884), which was enacted by the English Parliament and titled the Fatal Accidents Act of 1846 whose purpose was to alleviate the harsh dissolvents from either expert injury or death on ships during that period (Alabama Law Review, 2004, p. 884). Claim liability potential was assortment magnitude as a result of the flood of immigrants traveling to the United States as well as the high value of cargos and injuries to crew members. The Protection and Liability Clubs pooled resources to cover involves arising from the passage of the act and minimize exposure for the basal policy carriers such as Lloyds of capital of the United Kingdom (A labama Law Review, 2004, p. 884).Captive policy companies batch be utilized to provide insurance coverage for commercial purposes, as well as industrial and political entities to insure either all or part of the risks facing an organization (Geisel, 2004). Captive insurance companies overly can be habitused as a result of companies that fix similar business risks link together to pool said risks in a live effective manner to have the undeniable insurance coverage for these types of beas (Geisel, 2004). The increased growth in this industry segment is a result of the change in the way businesses and organizations see the way to finance their risks as it represents a more than flexible move up against potential hurtes, augmenting catastrophic risk that is covered via conventional means (Sammer, 2001). Critical to the preceding is understanding that insurance represents coverage by a contract binding mavin party to indemnify another against stipulate loss as a return f or premiums paid covering said insurance (Houghton Mifflin, 2006). It, insurance, represents a nominate of risk focal point that is a hedge against around type of financial loss that has a presumable incidence of occurring, therefrom insurance represents the transfer of this risk from oneness entity to another as a result of the exchange of premiums calculated found upon the potential of occurrence.The preceding summary will provide an understanding of the purpose and niche regarding captive insurance companies as well as how they fit into the overall realm of the insurance industry represents all important(predicate) background instruction that is germane to the topic of a critical digest of the benefits, risks and implications of creating an off-shore rent-a-captive insurance company in Bermuda.Chapter 1 MethodologyThe methodology that will be utilized in this examination will consist of understanding the nuances involved in the cognitive regale of single p atomic num ber 18nt captives as well as rent-a-captives to determine the subtle and or obvious differences that represent either positive or prohibit agentive roles which a company would motivation to be aware of as well as consider to have a full understanding of the process. Inherent in such is the understanding of the legal, business, regulatory, financial, operable and administrative facets of the process and how these impact upon each other in the utilization of a rent-a-captive facility. The preceding represents a broad based understanding as well as in depth with regard to the benefits, risks, implications and related factors. In equating such this examination will employ such tools as Porters Five Forces framework, a SWOT analysis, as well as a Pestle Analysis and a discussion of the fit Scorecard to aid in reaching a determination of the foregoing.The limitations to the methodology may be in that the tools of analysis are not directly suitable to analyze the process, and or they may be too many business, operational and or industry variables to enable equating if the process is or will be effective in all or most spokespersons. The methodology is limited by the complexity of the chore in that the decision branch tree factor may be too large to adequately cover all of the potential nuances and aspects which might be important. As the basis for the drive is the suitability of a real structure for potential utilization, the methodology is indeed simplified into gathering and comparison as a means to uncover the basics and related detail factors which appear in multiple sources.Chapter 2 Research ProcessThe research process will consist of secondary measures utilizing books, journals and online sources to provide a wide dawn section of ideas, viewpoints, concepts, theories and practices to ensure that the salient foundational information is based upon the true and actual conditions present. Through a relative analysis entailing systematic methodologies of collecting, review and analysis of data, the foregoing will provide for such an outcome. Yin (1994) advises that in conducting research, one should seek to equate the positioning of such against real life phenomenon by virtue of gathering a number of viewpoints to reach a balanced understanding. Yin (1994) also adds that the broader the examination, the better will be the grasp of the information and thus conclusions reached.Maxwell (1996) supports Yins (1994) approach and cautions that quality is more important than quantity, thus the research process will seek to weed out slighter sources in favor of more accomplished ones by means of a comparative process. The preceding represents the suggested approach as put forth by Lieberson (1991), as well as King et al (1994). As the vanquish represents a pragmatic consideration whereby theory is less important, the comparative analysis of sources is easier as the base information should be relatively close, if not identical, numer ateing upon the jurisdictional locus. verbalize variable renders the research process as relatively straight forward.Chapter 3 Findings and Evaluation of FindingsIn examining the subject matter, background information as well as facts, details and information pertaining to the field of captive insurance companies is an important foundation to understanding the benefits of a rent-a-captive as a comparison. The forgoing includes an understanding of the jurisdiction in which the rent-a-captive is located.3.1 Captive3.1.1 BermudaBermudas entrance into the international insurance market got its start in 1947 when it was selected by C.V. Starr as the location for his American International Company, Limited (Bermuda Market Solutions, 2005, p. 3). The captive concept was promulgated by Fred Reiss in the mid 1960s as an insurer owned by a non-insurance parent (Bermuda Market Solutions, 2005, p. 3) which was established to finance the insurable exposures of the parent. Bermuda is the glo bal leader in the captive insurance market, growing dramatically during the mid-eighties as a result of group captives that were created to permit atomicer companies to align with those of similar interests to thus gain greater control over their insurance through the pooling of risks (Bermuda Market Solutions, 2005, p. 3). i of the largest of these was the OIL Insurance Ltd. that was organize by petroleum companies in the early 1970s as a result of difficulties they were facing in the property insurance market. slacken 1 Total Insurance Assets for all International Insureds(in billions)(Bermuda Market Solutions, 2005, p. 3)Bermuda, is the premier domicile for captive insurance companies as well as rent-a-captives with in plain of 1700 insurers (Low valuate.net, 2004). The captive insurance market has slowed over the last couple of years in contrast to its rapid growth pace of the late 1980s and 1990s with other locales offering similar advantages thus effectively bringing it s dowry of the global market down to approximately one third of all captives from a high of 40% in the mid 1990s (Crombie, 2005). Locations such as the Cayman Islands, British vestal Islands, Hawaii, Guernsey, and Barbados as well as Dublin, along with an addition 45 other jurisdiction as well as a number of republics in the U.S. have slowed Bermudas growth and market share as a result (Crombie, 2005). Other factors in this trend have been (Crombie, 2005)the increased popularity of risk retention groups whose small size, in general, does not make them really suitable for location in Bermuda,increased marketing by new-fangled jurisdictions such as Hawaii and Vermont which have the advantage of being American states,developments in the alter types of corporate vehicles that are available, notably segregated account companies,and lastly, the ways in which some jurisdictions count their captives, including those that have formed and not removing them once they have been dissolved.A nother important consideration is cost. Bermuda is expensive and thus since cost does matter to smaller captives as well as those operating on slimmer margins, there selection of locale takes this facet into account. Bermudas client base primarily consists of large U.S., European and South American companies whose front end has been in that location for some time (Crombie, 2005). The cost is offset by Bermudas reputation, quality of professed(prenominal) expertise as well as the ease of entrance fee thus minimizing the cost variable over the long term as a result of the foregoing and the locales stability. Another factor that must be considered with respect to Bermudas global positioning in scathe of the attraction of new captives is the limited infrastructure on the island for residences, schools and traffic. Bermuda is basically more of an exclusive club which is based upon quality as opposed to quantity (Crombie, 2005). As the third largest insurance local after New York and London, Bermudas new business formations in 2004 saw approximately 50% in the form of captives (Lowtax income.net, 2004). The country is the number one location for segregated account companies with 83 that include 6,234 cells within cells as compared to 126 protected cell companies in all other locations as of 2003 (Lowtax.net, 2004).Table 2 Captives by Domicile Year End 2002(Towers Perrin, 2004)Table 3 Leading Captive Domiciles(Elliott, 2005)The preceding represents data on captives as of year end 2002, thus accounting for the higher figures indicated above, showing captive numbers for domiciles mentioned as a comparison.3.1.2 Rent-a-Captive Insurance CompaniesA rent-a-captive insurance company provides captive insurance facilities to other companies for a fee and protects itself from any losses via individual architectural plans that are further isolated from losses via other programs in the same company (Banham, 2001). Banham (2001) provides the analogy of thinking of a rent -a-captive insurance company as a mall of stores and each store represents the self insurance program of a particular company. The rent-a-captive concept represents the fact that a company does not have to go through the procedures and regulations entailed with incorporating its own captive as it is able to lease one instead. The preceding represents a business rationale for creating an off-shore rent-a-captive insurance company, leasing out its existence.The concept of the rent-a-captive provides much of the same benefits that corporate owned captives do in that it provides (Banham, 2001)increased control regarding losses as a result of meliorate claims management,the ability to derive a profit from underwriting along with enthronization income from the livestocks that are set excursus for claim re assists, discordant tax benefits, andavoidance of accounting and audit issues, which are the responsibility of the rent-a-captive sponsor.The advantages of the establishment of a rent-a-captive insurance company depend upon a number of factors on the part of the interested company. These aspects shall be discussed in the analysis of the benefits, risks, and implications of a rent-a-captive.3.2 Analysis of Benefits, Risks and ImplicationsIn equating the reasons, as well as benefits, risks and implications of forming a rent-a-captive it is important to have an understanding of the reasons as to why captives are formed, thus providing an understanding of the benefits of a rent-a-captive. The following represent the foregoing (Elliott, 2005)To reduce and or stabilize costGenerally, the financing of risk under a captive lowers overall cost and assist in stabilizes costs long term as a result of being less suasible to changes in the insurance market. Examples of cost savings are represented by the fact there isno profit load,the reduction and or elimination of commissions to brokers,lower costs for administration,the owners in a captive share in all of the earni ngs through policyholder or shareholder dividends,a captive avoids costly insurance regulations as well as the exclusion of payments into residual market pools and premium taxes,savings in loss cost is another area as captives serve to increase the awareness of risk management as well as cost awareness among top management.The savings benefits, in general, exceed the expense of both(prenominal) orbit up the captive as well as administering it.Increase capacity and provide access to reinsuranceA captive can access the capacity of reinsurance markets and might be able to provide more coverage limits than available within the retail market. An example of the preceding is whereby multiple insurers participate in what is termed as a fault to offer millions in added capacity which would not otherwise be available. A slip is a binder that often includes more than one insurer. An example of the preceding is provided by Lloyds of London whereby the slip is passed from underwriting to und erwriter to initial and subscribe to specific parts of a risk (captive.com, 2006).ControlOne of the reasons for the origin of captives is due to insurance buyers that were tired of the vagaries of the market regarding insurance and looked for more control concerning underwriting, judge, investments and claim settlements. Captives provided them with these benefits. reportingAn advantage of captives is that they can provide coverage to subsidiaries and other firms that might not otherwise be come-at-able or available for such areas as professional liability, certain business risks and punitive damages.Rate and form freedomThe benefits of special constructed wording can be written by captives as a withdraw for reinsurers to follow to thus provide coverages for obscure areas.Establishment of better than average claim experienceAs the claim history for a captive insured may be improved or batter than the overall class of business for an insurer in the commercial category, this aspect makes a sound argument for retention of that risk in this framework as opposed to the broader and poorer claims experience as a whole.Recapture of investment income and to accelerate and or manage cash flowThe investment income derived from a captive may be completely or partially retained by the captive as opposed to staying with commercial insurers thus providing revenues that would otherwise be lost.Insurance accountingSpecial tax interposition accrues to insurance companies, such as tax deductible reserves for claims not paid and in the instance of life insurance reserves no taxes are paid on the internal build up of interest income.Tax deductibilityOther tax advantages are possible such as in the case of multiple owners or insured as well as in the cases where the insured and shareholders are not the same. Another area is in the deductibility of premiums along with the deferred taxation of insurance income. Careful consideration of tax benefits need to be investigated prior to adding such advantages to the list of benefits.Perceived safety of formalized answersAs the books and records of captives are audited along with the claim reserves being under constant review by actuaries, investments managed by professionals and accounts that are maintained by buss that are unaffiliated, these services represent checks and balances with so many differing external factors checking the books and accounts that the system has unembellished measures of safety that in most cases is superior to other means whereby a number of these functions is performed in-house or by the same company.Favorable regulationsMany captives are formed offshore to avoid certain unnecessary regulations concerning solvency. However, honest as in onshore solvency regulations, offshore captive solvency regulations are designed to protect policyholders. In some instances this regulation is weak in offshore locales, which is not the case for Bermuda as well as the state of Vermont in the Unite d States.Administrative tool for funding retentionsIn many instances, large organizations create captives to fund differences between their large corporate deductibles or retention and smaller deductibles or retention of its individual business units. Under the captive format the main organization is able to offer fixed cost rates that are above the smaller deductibles and balance the equation of as a result overall large rate, thus spreading the deductible or retention and achieving savings.Risk managementCaptives provide the risk manager with more leverage than the annual cost allocation process.Innovative dealsCaptives can increase the access to certain deals, such as more creative loss portfolio transfers achieved by transferring liabilities from one balance sheet to another. store dataBeing in a captive can provide a tool for the exhibition of better as well as more data in support of its cost management efforts. An example of this is that a captive can be the central reposit ory for what is termed common disability cost management for instances when an organization elects to finance certain employee risk benefits as well as worker remuneration risks.Strategic partner supportCoverage can be made available by organizations for their various business partners as represented by key suppliers and or customers, as well as independent contractors, etc. when the normal market pricing and or terms are not favorable. The preceding may very well provide tax management as well as profit advantages. cabbageIn some instances captives are created to underwrite the risks of a customer or to provide third party insurance. Such undertakings can provide and or add value to an organization as a result of tying the customer to the owner.Some of the preceding areas represent clear financial aspects as well as non financial operating areas which can in certain instances turn out to be as important or more important than the financial considerations in creating or utilizing a captive. The understanding of the benefits, advantages and implications of a captive are integral in the discussion of a rent-a-captive in that the reasons and rationales that are found in the former also apply to the latter. As such, a discussion of the structuring of captives is an important aspect to be considered in this context, as such aids in the understanding of a rent-a-captive. There are three primary aspects of captives, the financial, operational and of course personnel. Captive financial resources consist of premiums along with capital and investment income. The premiums and or capital can consist of non-investment instruments such as a letter of credit and these financial resources must be adapted to accomplish three tasks (Geisel, 2004). First is the facet of financing the legal obligation as part of the insurance and or reinsurance agreements. Secondly, the financial resources must be sufficient to finance a reasonable level attributed to adverse development, and lastly, the financial resources needed to fund the expenses of operating the captive.It is important to understand that captives, as well as rent-a-captives fly the coop in a somewhat similar fashion as traditional insurers. It, the captive, directly issues policies to insureds, and or reinsurers via a fronting insurance company (Geisel, 2004). It also collects the premiums and pays claims as well as setting reserves aside to pay for legal obligations stemming from its insurance and or reinsurance agreements, and pay for the captives operating expenses, and dividends (Geisel, 2004).One of the advantages is that captives ordinarily utilize a captive management company to run the day to day operations, maintain books and serve as the liaison with the regulators and Board of Directors (Towers Perrin, 2004). Captives also can and often do utilize specialty service providers, accountants, legal council and actuaries to aid in the operational aspects thus eliminating the need for findin g, retaining, and setting up office home to house these aspects, which represent a considerable cost savings in internal administration. In terms of managing costs, captives have the following benefits and or advantages (Elliott, 2005)ActuarialBermuda requires an actuarial analysis as an aspect of the feasibility study concerning the area(s) of insurance and or reinsurance being contemplated for setting up a captive. The premiums as well as losses are thus based upon this information and when the actuarial review has established a level of self-assertion in these figures, the captive will thus make a better impression on regulators, tax advisors and reinsurers. Bermuda requires ongoing actuarial analysis.ExpensesIn most circumstances a captive should be able to hold in a more efficient manner than commercial insurance companies. The captives expenses should be in the area of below twenty percent of premiums, unless loss control dictates a higher ratio. coronationIt is a general p ractice among captives to set premiums to reflect the time value of cash in the conjecture that the investment returns will closely approximate the amortization of the premium discount over time. The captive investment policy should thus be in keeping with the assumptions that are utilized to set premiums.3.3 Rent-A-CaptiveThe foregoing analysis and details concerning captive insurance companies provides the needed foundational and structural information to better understand the nature of the entity and thus the implications, benefits and other facets associated with electing to utilize a rent-a-captive format. Given the preceding, the reasons and rationales for electing to choose a rent-a-captive format takes on increased meaning. Rent-a-captives represent the fastest growing segment of the captive category and the indications are that they will continue this trend and bugger off even more broadly utilized in the future (International Risk Management Institute, 2004). Large corpo rations commonly establish a captive to aid in the underwriting of its risk as well as to put one across portions of its losses based upon the prospect of making or deriving a profit from these operations (Elliott, 2005). In essence, the corporation enters the business of insurance in an attempt to gain control over its losses as well as to lower the cost of its insurance as a result of deriving a return of profit from underwriting and or investment income. Smaller companies lacking the financial resources to cover the costs of setting up and meeting requirements for a captive can derive much the same benefits through letting a captive as the alternative to receiving the indicated benefits from their insurance program(s). Rent-a-captive insurance companies are in general funded, created and rented by insurers, brokers or groups of affiliated businesses (International Risk Management Institute, 2004).The determination as to whether a rent-a-captive represents a viable as well as s ound proposition is dependent upon a number of facets that can be summarized as follows (Geisel, 2004)size of the company considering utilizing a captive, or rent-a-captive,the amount of losses it ha