Captive Insurance Program
What is it?
A captive insurer is generally defined as an insurance company that is wholly owned and controlled by a company to insure the risks of its owner (corporation). The owner of the captive insurer benefits from the captive insurer’s underwriting profits.
What makes this product better:
-
Provides enhanced risk management for corporations
-
Insures risks outside of the normal commercial property and casualty coverage
-
Provides additional coverage if the corporate is under insured
-
Covers other risks that are not available on the commercial insurance market
-
Insures the deductible of the commercial property and casualty coverage
-
Provides tax benefits
-
Tax deductions on premiums paid by the client
-
Income tax savings for both the captive and the parent company
-
Estate and asset protection
-
Estate tax savings for the corporate shareholders
-
Provides asset protection from business and personal creditors
Applications for Captive Insurance Program:
-
For corporations looking to enhance their risk management strategy
-
Corporate shareholders looking for additional accounting and tax benefits
-
Estate planning and wealth transfer
