The recent article published by Strategic Risk, “How SMEs Can Tackle Product Liability Risks,” by Randy Sadler, Principal Chief Marketing Officer at CIC Services, highlights the escalating challenges of product liability risks faced by businesses in an era of globalization and increased consumer awareness. Large corporations can weather legal damages, but smaller enterprises lack financial […]
The recent article published by Insurance Thought Leadership, “Insuring Risks Amid AI’s Constant Evolution,” by Chris Gallo, Managing Director at CIC Services, highlights how AI’s rapid advancement brings undeniable benefits to businesses, including enhanced efficiency, automation, and customer service. However, the unregulated landscape of AI poses significant risks, such as cybersecurity threats, regulatory concerns, and […]
The recent article published by Captive Insurance Times, “Noah Miller CIC Services,” by Frances Jones, Noah is interviewed about his experience working at CIC Services and his future aspirations for working in the captive industry including the main benefits of captives and his main influences. Read the full article here
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.
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.
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.
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.
Choose the captive manager with a proven track record of fighting for its clients, and winning.Learn more.