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Looking to read about ways we are serving the business community through the innovative use of captive insurance companies? If CIC Services is in the news, you’ll be able to read it here. Check out where we’ve made the most recent headlines below.
Product recalls, once rare, have become a constant threat, with nearly 2,500 recalls reported in the U.S. by November 2024. These events, often triggered by issues like labeling errors, production flaws, or undisclosed allergens, can severely impact a company’s finances and reputation.
In September 2024, Tropical Storm Helene struck Western North Carolina and Eastern Tennessee, causing widespread devastation and completely submerging iconic areas such as Asheville’s Art District and Biltmore Village under floodwaters.
The year 2024 was a pivotal moment for U.S. businesses, exposing them to a range of risks, including economic pressures, geopolitical tensions, supply chain disruptions, regulatory changes, and cybersecurity threats. Businesses that proactively planned, diversified operations, and invested in technology and workforce training fared better.
In September 2024, Tropical Storm Helene caused widespread devastation in Western North Carolina and East Tennessee. Floodwaters damaged properties, disrupted power and utilities, and left roads impassable, forcing many businesses to halt operations.
As technology evolves, businesses must remain vigilant, investing in robust cybersecurity and exploring solutions like captive insurance to protect their valuable trade secrets and maintain competitiveness in the digital age.
Looking to read about ways we are serving the business community through the innovative use of captive insurance companies? If CIC Services is in the news, you’ll be able to read it here. Check out where we’ve made the most recent headlines below.
Product recalls, once rare, have become a constant threat, with nearly 2,500 recalls reported in the U.S. by November 2024. These events, often triggered by issues like labeling errors, production flaws, or undisclosed allergens, can severely impact a company’s finances and reputation.
In September 2024, Tropical Storm Helene struck Western North Carolina and Eastern Tennessee, causing widespread devastation and completely submerging iconic areas such as Asheville’s Art District and Biltmore Village under floodwaters.
The year 2024 was a pivotal moment for U.S. businesses, exposing them to a range of risks, including economic pressures, geopolitical tensions, supply chain disruptions, regulatory changes, and cybersecurity threats. Businesses that proactively planned, diversified operations, and invested in technology and workforce training fared better.
In September 2024, Tropical Storm Helene caused widespread devastation in Western North Carolina and East Tennessee. Floodwaters damaged properties, disrupted power and utilities, and left roads impassable, forcing many businesses to halt operations.
As technology evolves, businesses must remain vigilant, investing in robust cybersecurity and exploring solutions like captive insurance to protect their valuable trade secrets and maintain competitiveness in the digital age.
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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.
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.
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.
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.