Every captive you manage, on one page.

A live scorecard across your whole book, the aggregate forecast to the month on every cell, and a quarterly pack that builds itself. Your parents see it on your brand.

reinsurance · excess of retention fronting carrier · specific retention · the waterline retained in the captive · what Keel watches expected retained · 100% policy months → cumulative retained claims
the keel: the weight below the waterline that keeps the structure upright. that's the retained layer, and where we got the name.
● One deployment, your whole book The quarterly pack in minutes, not fourteen hours 0 models trained on your data Sibling to Corridor, sharing one record
Why Keel

The pack is where your margin goes.

A captive manager with forty captives rebuilds forty quarterly packs by hand: pull the bordereaux, roll the IBNR, redo the layer chart, write the narrative, chase the signatures. Call it a day and a half each. Then a parent calls in November about something that was visible in August.

Keel runs the whole book as one live scorecard: every captive, every cell, retained against expected, updated as bordereaux arrive. The pack is a button, not a project. The parent sees their captive on your brand, the day it moves, and the call in November becomes an email from you in August.

Two halves, one record

Decide it. Then watch it.

01 · Feasibility

The study, made readable.

Keel takes the actuarial study your captive manager already produces and presents it to the parent as a decision, not a document.

  • Retention options side by side: premium saved, capital required, and worst-year exposure for each, on one screen.
  • Assumptions surfaced: loss picks, trend, and credibility called out, with the sensitivity of each.
  • Board-ready summary: the questions a CFO asks, answered in order, with the full study one click away.
  • Re-run on request: change a retention or a line, and the whole picture updates.
02 · Scorecard

Every placement, synchronized.

Once the captive is live, the study's assumptions become the baseline and Keel tracks reality against them across every line and every cell.

  • Retained vs. expected per placement, per cell, per program year, with the drift flagged before it reaches the aggregate.
  • Layer view: what sits with the captive, the fronting carrier, and the reinsurer, and how close each layer is to its limit.
  • Capital and collateral against actual retained losses, so the letter of credit conversation happens early.
  • One pack: the parent, the captive manager, the fronting carrier, and the reinsurer read the same page.
PlacementRetentionExpectedRetained YTDvs. expectedStatus
Medical stop losscell A · PY 2026
$250k spec
$4.10M
$3.62M
88%
On track
Hospital professionalcell B · PY 2026
$2M / occ
$6.80M
$7.35M
108%
Watch
Workers' compensationcell C · PY 2026
$500k / occ
$2.25M
$1.94M
86%
On track
General liabilitycell D · PY 2026
$1M / occ
$1.10M
$1.41M
128%
Aggregate at risk
illustrative · the real scorecard is built to your cell structure, your lines, and your reporting calendar
Built for captive managers

Your book, your brand, your margin back.

The book

Every captive on one screen

Flagged cells on top, pack due dates, bordereaux received or missing, renewal calendar across all clients. The morning view for an account team.

The pack

Forty packs, one button

Each quarter's pack builds from the scorecard: summary, cell by cell, capital, partners, decisions requested. Your narrative, your template, your sign-off order.

The brand

Parents see you, not us

White-labeled. The parent's CFO logs into your portal and sees your name on the forecast. Keel is the engine; the relationship stays yours.

Parents and boards

Know before renewal

They see the retained layer the way they see the balance sheet: current, comparable, and without waiting for the pack.

Fronting carriers and reinsurers

Cedent quality, visible

The same scorecard, scoped to their layer, issued by you as a read-only link. Fewer surprises at the treaty renewal.

The study

Feasibility that keeps running

The actuarial study loads as the baseline. Its assumptions become what the scorecard tracks against, so the study you sold stays alive after the vote.

✦ Keel AI

An analyst who has read the whole study. And every quarter since.

Ask the captive a question in plain language and get an answer with the arithmetic shown. Every response is logged, and nothing acts without a person approving it.

which of my captives need attention before the packs go out?
Four of forty-one. Meridian cell D reaches its aggregate in month 11, Harbor Point has a reserve near retention, and two are missing August bordereaux. The rest are clean.
what happens to capital if we raise the med stop loss retention to $350k?
Expected retained rises $610k; worst-year exposure rises $1.4M. Required capital moves from $5.2M to $6.1M at your current funding ratio.
are we going to hit the aggregate this year?
At current run rate, cell D reaches its aggregate in month 11. Cells A through C do not. Reinsurer notice under the treaty is due at 100%.
draft the board summary for Q3.
Done. One page, four placements, two items flagged. Review it before it goes anywhere.
✦ Keel AI runs inside your environment and learns from your captive's own history. No outside model is trained on your data, and every workflow works with the AI switched off.
Built the Healthmark AI way

The same terms as Corridor.

Built to your structure

Your cell structures, your pack template, your sign-off order, your brand. Keel is assembled to how your firm actually runs its book, not a template everyone gets.

Own it, or let us run it

Build-and-handover puts the code in your walls. The managed subscription carries hosting and updates for you. Either way, the data stays yours.

Audit, everywhere

Every assumption change, every re-run, every AI suggestion and who accepted it. Logged as it happens, so the board pack can always be traced back.

Two ways to work with us

Own it outright, or let us run it for you.

Either way the build is to your specifications and nothing trains our models. The difference is ownership: take the keys, or let us carry it.

Build & handover

One-time engagement

We build Keel to your firm's book and brand, deploy it inside your environment, and hand over code and documentation. Your team runs it from there. Support available on request.

Managed subscription

Recurring engagement

We build to your book, then run it for you: hosting, monitoring, new captives and cells as you win them, and model upgrades. The platform is licensed, not owned; your clients' data stays yours. Convert to full ownership at any time.

See it

Bring one captive. We'll show you the book.

Thirty minutes, your account team, one real captive. We'll show you its scorecard, the pack it generates, and what your whole book looks like on one screen.

To set one up
Email Simon at simon@healthmark.ai