We are very pleased to announce that CIC Services, LLC’s Senior Account Manager, Dylan Lawhorn, has earned his Associate in Captive Insurance (ACI) designation from the International Center for Captive Insurance Education (ICCIE).
As generative AI becomes embedded in business operations, it’s also fueling a surge in sophisticated cyberattacks, leaving traditional cyber insurance policies dangerously outdated. From deepfakes and voice cloning to AI-generated phishing and chatbot manipulation, today’s threats don’t fit neatly into yesterday’s policy language.
In today’s digital age, small and mid-sized businesses (SMBs) face significant reputation risk from viral social media backlash, which can be devastating due to their limited resources and reliance on community trust. Unlike large corporations that have crisis management teams and financial cushions, SMBs are more vulnerable to public criticism.
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.