Alternative Risk Transfer and captive insurance options are continuing to increase in popularity. Currently, we are seeing the topic presented to mid-sized business owners by investment advisors, bankers, accountants, legal counsel as well as insurance agents.
Not every firm is a viable candidate for a captive insurance solution. In fact, few companies truly qualify to make the leap from the traditional insurance model.
At PayneWest, as we work with our clients, we see a variety of scenarios. Some clients are a candidate for a captive solution today. Some clients are better suited for traditional insurance solutions. And some firms conclude that they are not currently a candidate for a captive solution, but with focused work they plan for a future transition by gaining control over their claims, lowering loss ratios, adopting best practice loss control techniques, perfecting processes, etc.
To start or join a captive is to become an owner in your own insurance company. Making the decision to move away from the traditional insurance market to a captive requires thoughtful consideration of your situation and goals, identification of your risk tolerance, financial analysis and a knowledgeable team.
PayneWest employs and works with captive specialists who can help company leadership determine if a captive insurance solution is right for their firm. We will be with you every step of the way, from viability study to shareholder meeting.
Captive types:
- 831(a)
- 831(b)
- Single parent
- Group
- Association
- Employee benefits
- Stop loss
