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Jeremy Colombik, president of Management Services International, discusses common myths about the captive insurance industry: (1) all captives are tax shelters, (2) all captives are offshore, (3) captives do not provide additional coverages, (4) captives are not a good business decision, (5) only Fortune 500/1000 companies are good for captives.
Do the benefits of forming a captive insurance company exceed the costs? Jeremy Colombik, president of Management Services International, says this boils down to educating the client of all the benefits that a captive insurance company may offer.
Jeremy Colombik, president of Management Services International, says that what makes risk management profitable comes down to understanding that whether a business purchases insurance or not, the risk remains. Businesses can make their commercial insurance policies more efficient with a high deductible policy that moves risk into a captive insurer.
Conducting a feasibility study is an important part of determining whether a company should form a captive insurance company or join an existing captive insurer. In this video, Brady Young of Strategic Risk Solutions describes the key factors that should be considered in a captive feasibility study.
As discussed in the video "Key Components of a Feasibility Study" by Brady Young of Strategic Risk Solutions, conducting a feasibility study before forming a captive insurance company is essential. In this video, he outlines some of the most common mistakes captive owners make during feasibility studies.
Joining a captive insurance company is a significant undertaking that requires careful consideration. In this video, Michael J. O'Neill of ACIG advises organizations to involve an unbiased and thorough professional captive insurance consultant when reviewing all elements of the captive insurance company under consideration.
Captive insurance pioneer Hugh Rosenbaum explains the rationale behind the slogan, "Captive Business Is the Best Business," which largely relates to the degree of underwriting control captive owners may exercise and recognizes the captive's service to its members/original insureds.
Steve McElhiney, president and CEO of EWI Reinsurance, explains that successful captive insurers are formed with a sufficient degree of risk focus along with a long-term economic focus and direction.