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Christopher Gallo, CFE, has joined CIC Services as managing director
December 14 2020

Christopher Gallo, CFE, has joined CIC Services as managing director

Randy Sadler Captivating Thinking

CIC Services, a Knoxville-based risk management consulting firm and a leader in the captive insurance industry is pleased to announce that Christopher Gallo, CFE, has joined CIC Services as managing director.

Gallo’s experience with risk-based captive legislation, the examination process and annual accreditation reviews make him an ideal fit for CIC Services, helping meet the demands of alternative risk transfer (ART) programs and securing regulatory approval of ART structures.

“One major lesson I’ve learned from my career in insurance regulation is the critical importance of sustainable liquidity and cash flow, in any enterprise,” remarked Gallo. “This led me to pursue my second career in educating business owners on how a properly managed captive insurance company will allow such an enterprise to thrive in any economic environment.”

Before joining CIC Services, Gallo commenced his 35-year regulatory career in the state of Connecticut’s Financial Regulation Division. His financial regulation highlights include a rotation in the Swiss Financial Markets Supervisory Authority (FINMA) and a supervisory college panel role with the Dutch National Bank (DNB). His captive division highlights include True Risk Based Captive Legislation to the Connecticut Governor’s Office, Examiner in Charge for the Captive Division’s Report of Examinations, and the Captive Division NAIC Self Evaluation Guide for Interim Annual and Accreditation Reviews. 

“As our company has grown and expanded, we’re thrilled to fuel the momentum with experienced professionals like Chris Gallo,” said CIC Services Founding Principal and In-House Counsel Sean King. “Chris brings an extensive background in finance, risk management and insurance to the table that will serve our clients well.”

Gallo received his Bachelor of Science Degree in Administrative Science from Central Connecticut State University in 1982 and his Certified Financial Examiner designation in 2012. 

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9721 Cogdill Road, Suite 202
Knoxville, TN 37932
Phone: 865.248.3044
Fax: 865.966.1199

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Stronger Business Model

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.