Blog Post Written by Lynn H. Desmone
Finally! We’re feeling a thaw here in Pittsburgh and are ready to embrace spring! While winter might be a time of hibernation for some, not here at Capterra Risk Solutions. We were busy over the winter forming several new captives, three of which were organized in a relatively new domicile for us, Utah. The Utah Captive Insurance Division was most helpful in getting these new captives up and running and the staff has been a real pleasure to work with. We now have captives located in several domiciles, both onshore and offshore.
In addition to working with business owners to assess their fit for forming a captive, we’ve been working closely with the regulators in several domiciles, staying abreast of changes such as new filing requirements in Delaware and tightened regulations in Anguilla due to increased focus from the International Monetary Fund regarding all financial institutions domiciled there. Each domicile has its own challenges and opportunities. Several states have recently enacted new legislation making the organization of a new captive in a U.S. domicile an attractive option.
Is a captive insurance company a fit for you? As an additional risk management tool, a captive insurance company allows you, the business owner, to determine how much risk to retain, as well as insure risks that may be traditionally “uninsurable” or cost prohibitive. Risks like warranty programs, loss of a key contract or key employee, these all fit well into a captive insurance company. Want to learn more? Please give us a call, or send us a comment or question!