The 2021 North Carolina Captive Insurance Association (NCCIA) is holding its first in-person conference in over a year at the Washington Duke Inn and Golf Club which is on the Duke University campus. The event will cover the benefits of domiciling you Captive Insurance Company.
The 2021 URG Training Conference will feature Randy Sadler of CIC Services as a speaker. This United Recyclers Group training event is themed “The Challenge of Change” with cutting-edge resources, information, and events.
For many profitable businesses, there is a simple, well-proven path to form a second, profitable business. Simply put, businesses can choose to OWN THEIR OWN INSURANCE COMPANY, known as a captive insurance company. In so many ways, a captive insurance company is the perfect second business (or third, or fourth…).
We’ve got trouble right here in the U.S. for small and mid-market businesses. 2020 was a disaster and 2021 is looking even worse with continued civil unrest, border chaos, the threat of an over-reaching DOL and other bureaucratic entities, international chaos, unreliable “green energy” as Texas learned the hard way, and impending regulations on businesses and looming tax hikes.
This is an important time for advisors to small and mid-market companies to put on their “part-time CFO” hat to help business clients prepare for the decade ahead. This includes CPAs, P&C insurance brokers and financial advisors. This webinar will provide a step-by-step guide to help you introduce captive insurance as a risk management and financial strategy to your small and mid-market business clients.
There is trouble in River City, and owning a captive insurance company is the best strategy for companies to employ to prepare for it.
Businesses who implement ERM programs combined with a captive to plan for unforseen risks stand a better chance of surviving, and passing to the next generation.
Improved Cost Controls
Captive owners can leverage their ERM and captive programs to improve their negotiating ability when renewing their commercial insurance coverages.
Wealth Accumulation
Profitable captives will see their reserves grow over time to significant sums which can be utilized by their owners for retirement or other life cycle needs.
Advantageous Tax Treatment
Insurance companies are the only entities allowed to expense projected future expense against current-year revenues (claim reserves). Small captives (premiums of $2.2M or less per year) may also elect to only be taxed on their investment income, potentially resulting in substantial tax savings for their owners.
Insurance Profits
Utilizing your captive to reduce or replace your commercial insurance coverage with policies issued by your captive allows you to capture insurance profits previously realized by the carriers.
Improved Risk Management
Adding a captive and ERM program will result in a higher awareness and enhanced strategies for how your organization thinks about and plans for all risks.
Asset Protection
The assets held by a properly organized and managed captive enjoy a very high degree of protection from both the business’ and business owner’s creditors.