Trusted Captive Insurance Manager
Tim Welles
Business Development
Tim’s 26-year financial services career began in 1989 as the Director of Risk Management for Pi Kappa Phi Fraternity where he oversaw the risk management and insurance programs for the fraternity’s four entities and 130 undergraduate chapters.
Early in his career as a financial services consultant Tim earned his CFP (Certified Financial Planner) designation and held the series 7 and 63 licenses. Tim has practiced as a financial consultant in the areas of employee benefits, investments, life insurance and qualified, and non-qualified retirement plans. In 2000, Tim co-founded, and was a principal, at Benefits Management Group, Inc. Much of Tim’s work during the course of his 25-year career has been with owners of privately-held companies.
Tim served as the Chapter Advisor of the Alpha Sigma Chapter (University of Tennessee) of Pi Kappa Phi for many years and is currently a member of the chapter’s housing corporation board. Tim has been a member of Cedar Springs Presbyterian Church in Knoxville, TN for approximately 20 years.
A native of Buffalo, New York, Tim received his BBA in Finance from the University of Oklahoma.
Tim, his wife of 24 years, and their children reside in Farragut, Tennessee.
Recent Industry News
Captive Insurance Requirements: Is Your Business a True Fit?
When small to mid-sized business owners explore alternative risk management strategies, they frequently find themselves evaluating captive insurance requirements to see if their company qualifies. For decades, a persistent myth has circulated that captives are reserved exclusively for multi-national conglomerates, massive shipping fleets, or heavy construction firms. This misconception causes highly disciplined, mid-market business owners […]
How Are Captive Insurance Companies Taxed?
Most businesses purchase insurance from a commercial carrier and give up control of the premiums they pay. A captive insurance company changes that arrangement by allowing a business to form or participate in an insurance company that covers selected risks. The captive collects premiums, pays covered claims, and retains funds that aren’t needed for losses […]
Captive Insurance Coverage: What Do Captives Commonly Insure?
Businesses often think about insurance in terms of the standard policies available from commercial carriers. Those policies provide essential protection, but they’re generally designed for broad groups of companies. When they don’t fully reflect one organization’s operations, loss history, emerging exposures, or tolerance for risk, captive insurance coverage can offer a more tailored approach. A […]
What Is a Captive Insurance Company?
A captive insurance company is a licensed insurance company owned by the business, business owner, or group of businesses it insures. Instead of sending all insurance premiums to third-party commercial carriers, a company can use a captive to insure selected risks through an insurance company it owns or controls. For business owners, CEOs, CFOs, CPAs, […]