Many businesses today have the opportunity to utilize or participate in some form of captive insurance structure whereas in the past the benefits and opportunities of such a strategy were only available to members of the Fortune 500 Club.This growth and interest in captives continues as a result of innovative regulatory initiatives, IRS Safe Harbor rulings, and the success of the mature group structures including the popular A Fund, B Fund group captive programs.
Structural maturity along with domiciliary innovations, changes in accounting standards, and new governance requirements continue to drive the marketplace momentum forward offering alternatives to the traditional use of captives by larger organizations while at the same time creating opportunities for participation by smaller organizations including: the C. Corp., the S. Corp, or an LLC regardless of taxation status.
Annual service work that Tom has significant experience with includes:
- The development of annual premiums
- Collateral estimation and negotiations
- Coordinating primary claim payments and investigations with excess carriers and reinsurers
- Developing new coverage lines
- Education and training
- Policy drafting
- Service administration and coordination when a captive is structured as a Non-Controlled Foreign Corporation (NCFC)
- New member underwriting
- Annual renewals of captives involving primary funding, excess or reinsurance coverage
- Issuance of Certificates of Insurance, policies, and endorsements
- New member underwriting for group captives and risk retention groups (RRGs)
- Feasibility analysis for new lines of coverages
- Retention analysis and selection
- Captive run off and closure
- Design, development, implementation, and optimization of specialty purpose vehicles such as cell captives, serial captives, incorporated captives, micro and 831(b) captives, risk retention groups (RRG’s), and risk purchasing groups (RPGs)