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Since 2005, CIC Services, LLC has helped clients in New York discover their own game-changing financial vehicle. This discovery is the financial advantages afforded to business owners and professionals derived from owning their own insurance company.
All risk is financial.
An insurance company is a powerful financial vehicle that can provide tremendous added value to businesses and business owners. CIC Services LLC helps clients set-up, own and operate their own insurance company – known as a captive insurance company.
First and foremost, a captive insurance company can provide more effective risk management and casualty insurance protection to a parent company or companies.
Owning a captive insurance company can enable business owners to more effectively address the following wants and needs:
A captive is a unique but REAL casualty insurance company. It includes its own corporation, insurance license, reserves, policies, policyholders, and claims. It is a formal way for business owners to self-insure, and captives are generally formed to insure the risks of owners and related or affiliated third parties.
There are many risks that all businesses regularly face and informally self-insure. It’s worth noting that businesses informally self-insure with after-tax dollars, meaning that a businesses’ “rainy day fund” is usually comprised of retained earnings that have already been taxed. With a captive in place, businesses can formally insure risks not normally insured by third party insurers.