what we do

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Captive Insurance Memorandum

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Captive Formation

Corprotect has a unique process in forming and licensing a new captive insurance company. It begins with a thorough examination of the client’s current commercial policies. Each policy is reviewed for gaps, limitations and
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Captive Formation

Corprotect has a unique process in forming and licensing a new captive insurance company. It begins with a thorough examination of the client’s current commercial policies. Each policy is reviewed for gaps, limitations and exclusions. Additionally, we work with each client to identify other areas of exposure that are not covered through their current commercial insurance policies. Next, we have an actuary analyze the client’s profile to calculate policy rates. All of this information is presented to the client in a feasibility study that outlines the strengths and weaknesses of the captive program.

Once the feasibility study has been provided to the client we then proceed towards forming and licensing the captive. Our service includes all insurance underwriting, policy issuance, financial analysis, legal, accounting, tax, actuarial and licensing requirements.

We can form the captive in any number of jurisdictions, but prefer domestic jurisdictions for the best and most efficient licensing and ongoing regulatory overview.

Captive Management

When it comes to managing our client’s captives it is our intent to make the process as easy on our clients as possible. Through years of experience we have streamlined our systems and management services in an effort to minimize
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Captive Management

When it comes to managing our client’s captives it is our intent to make the process as easy on our clients as possible. Through years of experience we have streamlined our systems and management services in an effort to minimize the time commitment of the business owner in the management and ongoing maintenance of their captive. Our management services include:

Accounting

Our in-house accounting staff not only manages our client’s insurance companies from issuance of premiums to monthly financial reporting, it also assures suitable tax and audit treatment.

Compliance

We monitor jurisdictional regulatory statuses as they occur and assure that our clients are taking full advantage of the opportunities available under the law.

Actuarial

We utilize experienced third party actuaries that help ensure that our clients’ captive insurance companies maintain proper financial solvency.

Claims Management

We work with our clients to establish custom-tailored risk funding structures to create the highest possible level of asset protection. We also assist our clients in paying claims and aggressively defending actions.

Legal

Our firm retains highly qualified legal counsel to provide our clients with valuable advice in areas such as regulatory compliance, corporate structure, and tax accounting.

Audit

Risk structures may be subject to annual financial audits depending on the regulations of the respective domicile. Our team and affiliated partners will help provide the necessary attestation services to maintain compliance.

Taxation

Our CPAs and tax experts will assure all required tax documents are filed on a timely basis and that risk structures are compliant with IRS safe harbor rulings and other tax laws.

Captive
Rescue

There are a number of reasons a captive owner may wish to hire a new company to take over the management of their captive. Some of the most common reasons for changing a captive manager include:

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Captive Rescue

There are a number of reasons a captive owner may wish to hire a new company to take over the management of their captive. Some of the most common reasons for changing a captive manager include:

Inadequate servicing of the captive

Dealing with a non-localized company/relationship

Out of whack servicing fees

Unease about the overall captive structure

Concern about the captive meeting risk shifting and risk distribution

A desire to domesticate an offshore captive

Converting a cell to a single parent


Our firm offers a free no obligation consultation on captive rescue cases.

Risk
Consulting

Effectively managing business risk is critical in today’s ever-changing world. It’s important for business owners to understand their true risk exposure as well as the different vehicles available to mitigate and manage their business
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Risk Consulting

Effectively managing business risk is critical in today’s ever-changing world. It’s important for business owners to understand their true risk exposure as well as the different vehicles available to mitigate and manage their business risk. We work with our clients to:

Reduce third-party insurance costs

Custom tailor policies & coverage

Have better control over claims

Access the reinsurance market

Capture insurance company profits when possible

Become a Partner

If you are passionate about bringing new ideas to your client relationships, become a Corprotect partner today.

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