Any company can say it’s a captive insurance management firm, but what does that mean? Does that mean the insurance management firm secures your license to act as a captive insurance company then leaves you to operate it yourself? Does that mean the insurance management firm sells you on a captive insurance structure that supports their risk pool but reduces your return on investment? Does it mean that the insurance management firm provides insurance expertise, but doesn’t have the related business partners to provide a well-rounded business entity?
At Venture Captive Management, LLC, we believe that acting as your captive insurance management firm means that we offer you a “turnkey” operation that supports your risk funding goals but leaves you free of the day-to-day insurance company operations. We know you are busy running your business; i.e., doing what you do best. We understand that running an insurance company is not your primary business. You only need to be guided to make sound management decisions on funding the risk of running your business.
Our team of competent, highly-skilled professionals offers you expertise in the following areas:
How Captive Insurance Management Works
In the initial stages of creating your captive insurance program, we’ll help you determine who the appropriate beneficial owner is, what your risks are, which risks are suitable for self-funding, and what the parameter for that self-funding should be. We’ll help you decide the lines of coverage to be insured in your captive and the amount of risk you can financially manage in your captive. We’ll craft a policy of insurance to cover the exposures specifically for your risk, and through our professional business partners we’ll help you determine the appropriate premiums for the risk. In the initial stages of creating your captive, we’ll act as your insurance underwriting team, and we’ll file all the necessary documents to domicile your company in the venue that’s appropriate to meet the needs of your organization and to meet the regulations of the venue.
Once the captive is established, we will account for all financial transactions relating to your captive insurance program. We will account for premiums in and administrative costs paid. Through our professional business partners, we’ll account for claims management expenses and payments made to plaintiffs. Also, through our professional business partners, we’ll determine tax payments required and provide you with a compliance audit to meet the requirements of the domicile.
As your captive grows and creates a rhythm of cash flow, we will help you determine an investment strategy suitable for insurance companies and facilitate your insurance company investments.
Finally, as your captive reaches its successful conclusion, we will consult with you on the appropriate exit strategy, transferring ownership to heirs, selling the captive to new owners, or liquidating the company to realize the accumulated cash.
As your captive insurance management firm, we act as your business partner to ensure that you have the professional support you need to make your risk funding structure a successful profit center.