Captive Structure type filter selection
Learn more about Captive structures and how to choose the right one
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Alabama
2006
Unavailable
Unavailable
Unavailable
15-30 days
Unavailable
Average Cost
Commissioner discretion based on type / nature / volume of business; Single-Parent, $250,000; Association, $500,000; Industrial, $500,000; Cell, $250,000; Reciprocal, $1,000,000
Commissioner discretion based on type / nature / volume of business
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Reinsurance; Reciprocal
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-86.79113
32.806671
us-onshore
Text Link
Anguilla
Unavailable
Unavailable
$705,175,654
Unavailable
3-4 weeks
Unavailable
Unavailable
Unavailable
1.9:1
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies;
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-63.068615
18.220554
us-offshore
Text Link
Arizona
2002
Unavailable
$11,960,000,000
Unavailable
30-45 days
No routine exams except for Captive RRGs (generally every five years)
Varies
Single-Parent, $250,0000; Group, $500,000; Association, $500,000; Agency, $500,000; Protected Cell, $500,000
Varies based on risk profile
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups
176
151
5
10
Unavailable
5
-111.093735
34.048927
us-onshore
Text Link
Arkansas
2001
Unavailable
$397,454,000
$1,037,000,000
30 - 60 days
Unavailable
Unavailable
Association, $400,000; Industrial Insured, $200,000; Single-Parent, $100,000; Special Purpose, $300,000; Sponsored, $250,000; Producer Reinsurance, $300,000
Single-Parent and Industrial Insured not subject to any restrictions on allowable investments; Single-Parent, $150,000; Association (Stock), $350,000; Mutual insurer, $750,000; Industrial Insured, $300,000 (Stock), $500,000 (Mutual); Special Purpose, $300,000; Sponsored, $250,000; Producer Reinsurance, $300,000
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
16
12
Unavailable
Unavailable
Unavailable
2
-92.289597
34.746483
us-onshore
Text Link
Australia
Unavailable
Unavailable
Unavailable
Unavailable
3 months
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
133.775136
-25.274398
international
Text Link
Bahamas
Unavailable
Unavailable
Unavailable
Unavailable
30 - 60 days
Unavailable
Unavailable
General Insurance Business, B$100,000; Long-Term Insurance Business: B$200,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-77.39628
25.03428
us-offshore
Text Link
Bailiwick of Guernsey
Unavailable
5
Unavailable
Unavailable
4 - 6 Weeks
Unavailable
Unavailable
General Business, €100,000; Long Term Business, €250,000
Risk-based solvency regime tailored to Captives
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
138
Unavailable
Unavailable
123
61
-2.58949
49.448196
international
Text Link
Barbados
Unavailable
Unavailable
Unavailable
Unavailable
3 weeks
Unavailable
Unavailable
Class 1 (related risks), $125,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-59.543198
13.193887
us-offshore
Text Link
Bermuda
1978
16
$28,271,000,000
$144,744,000,000
2-4 weeks
Unavailable
Unavailable
Single-Parent (Class 1), $120,000; Group/SPC (Class 2, with <20% Third-Party business), $250,000; SPC/Group/Association/Agency (Class 3, with 20% to 50% Third-Party business), $1,000,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-64.75737
32.321384
us-offshore
Text Link
British Columbia
Unavailable
Unavailable
Unavailable
90 days or less
Unavailable
Unavailable
Single-Parent/Association/Sophisticated, CAD300,000
Unavailable
Single-Parent; Association
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-127.647621
53.726669
international
Text Link
British Virgin Islands
Unavailable
Unavailable
Unavailable
Unavailable
3-6 weeks
Unavailable
Unavailable
Property & Casualty Insurers, $100,000; Life & Health Insurers, $200,000
Property and Casualty Insurers (<$500,000 in new written premiums), $100,000; Property and Casualty Insurers ($500,000-$5,000,000 in new written premiums), 20% of NWP; Property and Casualty (>$5,000,000), $1,000,000 + 10% of the difference between NWP and $5,000,000); Life and Health Insurers, $250,000
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-64.639968
18.420695
us-offshore
Text Link
Cayman Islands
Unavailable
41
$14,100,000,000
$48,600,000,000
6 weeks or less
Unavailable
Unavailable
Class B(i) (At least 95% related business premium), $100,000; Class B(ii) (Over 50% related business premium), $150,000; Class B(iii) (50% or less related business premium), $200,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
286
127
Unavailable
Unavailable
154
-81.2546
19.3133
us-offshore
Text Link
Colorado
Unavailable
Unavailable
Unavailable
Unavailable
90 days
Unavailable
Unavailable
Single-Parent, $500,000 (may require additional)
Captive Return Premium Exemption (Section 10-6-128(1) C.R.S.) and Captive Receipt of Assets Exemption (Section 10-6-128(2)(e) C.R.S.)
Single-Parent; Group; Risk Retention Groups
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-105.782067
39.550051
us-onshore
Text Link
Connecticut
2012
10
$801,141,643
$3,248,835,378
1-4 weeks
Unavailable
Unavailable
Commissioner authority to reduced capital amounts based on Captive risk profile; Single-Parent/Special Purpose Financial, $250,000; Sponsored/Sponsored (Licensed as Special Purpose Financial Vehicle), $225,000; Association/Industrial Insured, $500,000; Risk Retention Group, $1,000,000;
Commissioner authority based on Captive risk profile
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
53
31
Unavailable
2
24
17
-73.087749
41.603221
us-onshore
Text Link
Curaçao
Unavailable
Unavailable
Unavailable
Unavailable
60 days or less
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent; Group; Risk Retention Groups
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-68.990021
12.16957
international
Text Link
Delaware
1984, rewritten in 2005
Unavailable
$4,307,000,000
$47,798,000,000
60 days or less
Unavailable
Unavailable
Must be maintained in as cash, irrevocable letter of credit, or any assets as approved by the Commissioner who has discretion to prescribe additional capitalization; Single-Parent, $250,000; Agency, $250,000; Association, $250,000; Branch, $250,000; Special Purpose, $250,000; Industrial Insured, $500,000; Sponsored, $500,000; RRG, $1,000,000;
Maintained in as cash, irrevocable letter of credit, or any assets as approved by the Commissioner who has discretion to prescribe additional surplus
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
670
262
50
1
353
Unavailable
-75.52767
38.910832
us-onshore
Text Link
Denmark
Unavailable
Unavailable
Unavailable
Unavailable
180 days
Unavailable
Unavailable
Long-Term (Direct), €3,200,000; Other (Direct): €2,200,000; Reinsurance Captive: €1,000,000; Reinsurance company: €3,000,000
Unavailable
Single-Parent
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
9.501785
56.26392
international
Text Link
District of Columbia
2000, rewritten in 2004
Unavailable
Unavailable
Unavailable
20 days or less
Unavailable
Unavailable
$100,000 for all companies
Single-Parent, $150,000; Association (Stock), $300,000; Agency/Rental/(Mutual) Captive, $500,000; Protected Cell/RRGs, 3:1; Higher for other Captives
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
194
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-77.03637
38.89511
us-onshore
Text Link
Dubai
Unavailable
1
$71,000,000
$550,000,000
Unavailable
Unavailable
Unavailable
Class 1 (Single-Parent), $150,000; Class 2 (20% unrelated), $250,000; Class 3 (Group), $1,000,000; PCC, $50,000 per Cell
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose
Unavailable
5
Unavailable
Unavailable
Unavailable
Unavailable
55.296249
25.276987
international
Text Link
Egypt
Unavailable
Unavailable
Unavailable
Unavailable
4 weeks
Unavailable
Unavailable
Unavailable
Unavailable
Risk Retention Groups
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
30.802498
26.820553
international
Text Link
Federated States of Micronesia
Unavailable
Unavailable
Unavailable
Unavailable
30 days
Unavailable
Unavailable
Single-Parent (with or without third party risk), $100,000; Multiple Corporate (modified PCC), $1,000,000 Core and $100,000 Cell
1.3 to 1
Single-Parent; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
150.550812
7.425554
international
Text Link
Florida
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent, $250,000; Industrial, $500,000
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-81.760254
27.994402
us-onshore
Text Link
France
Unavailable
6
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
15
Unavailable
Unavailable
Unavailable
Unavailable
1.888334
46.603354
international
Text Link
Georgia
1989, updated in 2019
Unavailable
$7,100,000,000
Unavailable
30 days or less
Unavailable
Unavailable
Single-Parent, $250,000; Association, $500,000; Agency, $250,000; Industrial Insured, $500,000; and Risk Retention Group, $500,000
Unavailable
Single-Parent; Association; Protected Cell/Segregated Portfolio companies; Risk Retention Groups
56
46
9
Unavailable
Unavailable
1
-82.900075
32.165622
us-onshore
Text Link
Germany
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Non-Life insurers, €2,500,000 (except third-party liability, credit and deposit risks); Non-Life insurers, €3,700,000 (if third-party liability, credit and deposit risks); Life insurers, €3,700,000; Captive Reinsurers, €1,200,000; Life and Non-Life insurance business, €6,200,000 (EU Solvency II Directive)
Unavailable
Single-Parent
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
10.451526
51.165691
international
Text Link
Gibraltar
Unavailable
Unavailable
Unavailable
Unavailable
2-3 months
Unavailable
Unavailable
Solvency II in Financial Services Act 2019 and the Financial Services (Insurance Cos.) Regulations 2020; General Business (by class of business), £2,500,000 or £3,700,000; Long-Term Business, £3,700,000
Directive 2009/138/EC of the European Parliament and of the Council (Solvency II Directive)
Single-Parent; Group; Protected Cell/Segregated Portfolio companies; Special Purpose
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-5.353585
36.140751
international
Text Link
Guam
Unavailable
Unavailable
Unavailable
Unavailable
30-45 days
Unavailable
Unavailable
Single-Parent, $50,000; Group, $100,000; Industrial Insured (Stock), $150,000; Protected Cell, $150,000
Single-Parent, $100,000; Group (Stock), $150,000; Industrial Insured/Group (Mutual insurer)/Protected Cells, $200,000
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
144.793731
13.444304
international
Text Link
Hawaii
1987
14
$17,410,794,567
$34,500,000,000
30 days or less
Unavailable
Unavailable
Single Owner (Reinsurance only), $100,000; Single Owners (Direct & Reinsurance), $250,000; Multi-Owner (Association or Risk Retention), $500,000; Sponsored, $500,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
263
237
Unavailable
16
9
10
-155.582782
19.896766
us-onshore
Text Link
Hong Kong
Unavailable
Unavailable
HK$1,754,000,000
Unavailable
Unavailable
Unavailable
Unavailable
HK$2,000,000
Greatest of HK$2,000,000 OR 5% of the net premium income OR 5% of the net claims outstanding
Single-Parent
Unavailable
4
Unavailable
Unavailable
Unavailable
Unavailable
114.169361
22.319303
international
Text Link
Illinois
Unavailable
Unavailable
$5,900,000
Unavailable
Varies
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent; Association
2
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-89.398528
40.633125
us-onshore
Text Link
Ireland
Unavailable
Unavailable
€1,800,000,000
€7,900,000,000
6 months
Unavailable
Unavailable
Set by Solvency II directive based on the outcome of the Solvency II Own Risk and Solvency Assessment
Set by Solvency II directive based on the outcome of the Solvency II Own Risk and Solvency Assessment
Single-Parent
Unavailable
64
Unavailable
Unavailable
Unavailable
Unavailable
-8.24389
53.41291
international
Text Link
Isle of Man
Unavailable
Unavailable
£1,000,000,000
Unavailable
Approximately 8 - 12 weeks
Unavailable
Unavailable
Revised risk-based methodology; Restricted, £50,000 + 10% of net written premium up to £2,000,000 + 5% net written premium after £2,000,000; Reinsurance, £100,000; General, Greater of £150,000 or 15% of net written premium
Revised risk-based methodology; Restricted, £50,000; Reinsurance, £100,000; General, £150,000;
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
Unavailable
87
Unavailable
Unavailable
7
3
-4.548056
54.236107
international
Text Link
Jersey
Unavailable
Unavailable
Unavailable
Unavailable
6 weeks
Unavailable
Unavailable
£100,000 or at discretion of regulator
Property/Casualty, 17.5% of net premiums; Life, 2.5% of long-term business fund
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-2.13125
49.214439
international
Text Link
Kansas
1988
Unavailable
Unavailable
Unavailable
90 days or less
Unavailable
Unavailable
Single-Parent, $100,000; Industrial (Stock), $200,000
Single-Parent, $150,000; Industrial (Stock) $300,000; Industrial (Mutual) $500,000
Single-Parent; Association; Risk Retention Groups; Special Purpose Financial
1
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-98.484246
39.011902
us-onshore
Text Link
Kentucky
2000, updated in 2005
Unavailable
$129,000,000
$77,300,000
3 months
Unavailable
Unavailable
Single-Parent, $250,000; Consortium/Association, $500,000; Industrial Insured, $500,000; Sponsored, $500,000; Agency, $500,000; Special Purpose, $250,000
3:1
Single-Parent; Association; Group; Risk Retention Groups; Special Purpose
32
23
6
3
Unavailable
Unavailable
-84.27002
37.839333
us-onshore
Text Link
Labuan
Unavailable
5
$624,600,000
Unavailable
30 days
Unavailable
Unavailable
A paid-up capital of a Labuan company unimpaired by losses for the following:; Single-Parent/Group/Association/Multiple, RM 300,000; Rent-A-Captive/Cell, RM 500,000
General, The greater of surplus of assets over liabilities equal to or more than the working funds OR 20% of the net premium income for the preceding year; Life, The greater of surplus of assets over liabilities equal to or more than the working funds OR 3% of latest actuarial valuation of the liabilities
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose
Unavailable
37
Unavailable
Unavailable
26
32
115.2305
5.28311
international
Text Link
Liechtenstein
Unavailable
Unavailable
Unavailable
Unavailable
3 months
Unavailable
Unavailable
Premium $146,316,000
$13,600,000 by Solvency II requirements
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
9.555373
47.166
international
Text Link
Louisiana
2008
Unavailable
$424,164,915
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent: $500,000; Association: $1,000,000
Unavailable
Unavailable
3
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-91.962333
30.984298
us-onshore
Text Link
Luxembourg
Unavailable
5
Unavailable
Unavailable
3-6 months
Unavailable
Unavailable
Reinsurance Captives, €1,200,000; Commercial Reinsurer, €3,600,000
Unavailable
Single-Parent; Group
195
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
6.129583
49.815273
international
Text Link
Maine
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent, $200,000; Industrial Insured, $500,000; Association, $750,000; Risk Retention Group, $1,000,000; Sponsored Cell, $750,000
None
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups
3
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-69.445469
45.253783
us-onshore
Text Link
Malta
1997, updated in 2009
Unavailable
Unavailable
Unavailable
10 weeks
Unavailable
Unavailable
Solvency margin set in accordance with European Union directives
Solvency II requirements
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
14.375416
35.937496
international
Text Link
Mauritius
Unavailable
Unavailable
Unavailable
Unavailable
2 weeks
Unavailable
Unavailable
Single-Parent, MUR 3,000,000 (US $86,750); Class 1, MUR 5,000,000(US $144,600); Class 2 & 3, MUR 10,000,000 (US $290,000)
Unavailable
Single-Parent; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
57.552152
-20.348404
international
Text Link
Michigan
2008
Unavailable
$3,020,174,788
Unavailable
30 days
Unavailable
Unavailable
Single-Parent, $150,000; Single-Parent (Non-Profit), $250,000; Association/Group (Stock), $400,000; Association/Group (Mutual), $750,000; Industrial, $300,000; Homogenous Cells, $500,000 ($150,000 if <10); SPFV, $250,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
26
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-85.602364
44.314844
us-onshore
Text Link
Missouri
2007
4
$8,600,000,000
$16,300,000,000
30 days or less
Unavailable
Unavailable
Single-Parent, $250,000; Industrial Insured, $500,000; Association, $500,000; Branch, $250,000; Special Purpose Life Reinsurance, $250,000; Sponsored, $500,000
Discretion of regulator
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose Financial
55
44
1
Unavailable
1
1
-91.831833
37.964253
us-onshore
Text Link
Montana
2001
Unavailable
$508,760,000
Unavailable
2-4 weeks
Unavailable
Unavailable
Single-Parent, $250,000; Association/Industrial Insured, $500,000; Single-Parent Reinsurance, $125,000; Protected Cell (Homogenous), $500,000 ($150,000 if <10); Special Purpose (Commissioner’s discretion)
Series Captives only, 4:1 premiums to surplus
Single-Parent; Association; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose
262
84
Unavailable
7
154
17
-110.362566
46.879682
us-onshore
Text Link
Nebraska
Unavailable
Unavailable
Unavailable
Unavailable
30-45 days
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-99.901813
41.492537
us-onshore
Text Link
Nevada
1999
7
$380,000,000
Unavailable
30 days or less (if not RRG)
Unavailable
Unavailable
Single-Parent, $200,000; Association/Sponsored, $500,000; Agency, $600,000; Rent-a-Captive, $800,000; RRG, $1,000,000 (preferred minimum)
Unavailable
Single-Parent; Association; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; MicroCaptives
254
76
7
8
154
5
-116.419389
38.80261
us-onshore
Text Link
Nevis
Unavailable
Unavailable
Unavailable
Unavailable
10-14 days
Unavailable
Unavailable
Single owner, $10,000; Multiple Owners (2-4), $20,000; Multiple Owners (5+), $50,000
Unavailable
Single-Parent; Association; Group
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-62.5833
17.15
us-offshore
Text Link
New Jersey
Unavailable
Unavailable
Unavailable
Unavailable
30 days
Unavailable
Unavailable
Single-Parent, $250,000; Association, $750,000; Industrial, $500,000; Sponsored, $500,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-74.405661
40.058324
us-onshore
Text Link
New York
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
$250,000.00
Unavailable
Single-Parent; Risk Retention Groups
Unavailable
37
Unavailable
Unavailable
Unavailable
Unavailable
-74.005974
40.712776
us-onshore
Text Link
New Zealand
Unavailable
Unavailable
Unavailable
Unavailable
20 weeks
Unavailable
Unavailable
Only permits NZ based Captive insurers with insurance business in NZ.
Unavailable
Single-Parent
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
174.885971
-40.900557
international
Text Link
North Carolina
2013
49
$1,600,000,000
Unavailable
2-4 weeks
RRGs examined by NCDOI no less than every 5 years; Other Captive insurers: Not subject to an NCDOI examination schedule (NCDOI uses annual audit reports completed by independent CPAs). Non-RRG Captive insurers, NCDOI's examines when issues can not be resolved through other means.
Travel expenses of examiners
Single-Parent, $250,000; Association/Group, $500,000; RRG, $1,000,000; Cell, $250,000; SPFV, $250,000
Automobile Liability Writers, NCDOI maximum limit of 2:1 premiums to surplus; Other Insurers, Requirement varies depending on business plan
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
311
234
Unavailable
10
730
46
-79.0193
35.759573
us-onshore
Text Link
Norway
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
8.468946
60.472024
international
Text Link
Ohio
2014
Unavailable
$3,556,000,000
$6,200,000,000
30 days
Unavailable
Unavailable
Single-Parent, $250,000; Protected Cell, $500,000
Based on business model
Single-Parent; Protected Cell/Segregated Portfolio companies; Special Purpose Financial
Unavailable
8
Unavailable
Unavailable
Unavailable
Unavailable
-82.907123
40.417287
us-onshore
Text Link
Oklahoma
Unavailable
Unavailable
$403,240,000
Unavailable
Under 30 days
Unavailable
Unavailable
Single-Parent, $250,000; Association, $750,000; Industrial Insured, $500,000; Sponsored, $500,000; RRG, $1,000,000; Special Purpose & Branch, $250,000 (or determined by the Insurance Commissioner)
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
60
34
1
Unavailable
8
2
-97.092877
35.007752
us-onshore
Text Link
Oregon
2012
Unavailable
$1,082,000,000
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent, $250,000; Association, $750,000; Captive Reinsurer, $300,000,000
Unavailable
Single-Parent; Association
14
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-120.554201
43.804133
us-onshore
Text Link
Panama
Unavailable
Unavailable
Unavailable
Unavailable
90 days
Unavailable
Unavailable
General Terms, $150,000; Long-Term risks or both, $250,000
Unavailable
Association; Group
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-80.782127
8.537981
international
Text Link
Puerto Rico
Unavailable
Unavailable
Unavailable
Unavailable
20 days
Unavailable
Unavailable
Class 1 Single-Parent, $500,000; Class 2 Association, $500,000; Class 3 Protected Cell companies, $500,000 Preferred (No statutory requirement)
Single-Parent (Class 1), 5:1 or amount adjustable by surplus premium relationship to exposure; Association (Class 2), 5:1 or 3:1 regarding third party risk; Protected Cell company (Class 3), 3:1
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-66.590149
18.220833
us-offshore
Text Link
Rhode Island
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent, $100,000; Association, $400,000; Industrial, $200,000
R.I. Gen. Laws § 27-43
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-71.477429
41.580095
us-onshore
Text Link
Singapore
Unavailable
3
Unavailable
Unavailable
6 to 8 weeks
Unavailable
Unavailable
SG$400,000 (US $285,000)
Offshore General and Life Business, Assets must not be less than liabilities; Onshore General Business, Surplus of assets over liabilities equal to the highest of SG$400,000 OR 20% previous year's net premiums OR 20% previous year's claims liabilities
Single-Parent
87
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
103.819836
1.352083
international
Text Link
South Carolina
2000
Unavailable
$3,500,000,000
Unavailable
30 days or less
Unavailable
Unavailable
Single-Parent, $250,000; Industrial Insured, $500,000 (Stock); Mutual Surplus, $500,000; Association, $500,000 (Stock); Mutual surplus, $750,000; Sponsored, $250,000
Typically 3:1, not greater than 5:1. Depends on the nature, scale, and complexity of the insured risks.
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
221
73
1
48
29
13
-81.163725
33.836082
us-onshore
Text Link
South Dakota
Unavailable
Unavailable
Unavailable
Unavailable
30 days or less
Unavailable
Unavailable
Trust Captive, $100,000; All other Captive types, $250,000
Trust Captive, $100,000; All Other Captive types, $250,000
Single-Parent; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-99.901813
43.969515
us-onshore
Text Link
St. Lucia
Unavailable
Unavailable
Unavailable
Unavailable
60 days
Unavailable
Unavailable
Class A(1), Greater of $100,000 and 10% of net retained annual premium; Class A(2): Greater of $150,000 and 20% of the first $5,000,000 of net retained annual premium + 10% of any net retained annual premium in excess of $5,000,000; Class B, $150,000; Class C(1), Sum of the margin required for Classes A(1) and B; Class C(2), Sum of the margin required for Classes A(2) and B
Unavailable
Single-Parent; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-60.978893
13.909444
us-offshore
Text Link
Sweden
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
18.643501
60.128161
international
Text Link
Switzerland
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent; Group
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
8.227512
46.818188
international
Text Link
Tennessee
1978, rewritten in 2011
Unavailable
$2,410,000,000
Unavailable
Less than 30 days
5 years, reduced if unaudited.
Unavailable
Single-Parent, $250,000; PCC, $100,000; Association/Industrial Insured, $500,000; RRGs, $1,000,000
No statutory guidance
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
165
97
2
9
555
57
-86.580447
35.517491
us-onshore
Text Link
Texas
2013
Unavailable
$11,800,000,000
$34,400,000,000
60-120 days
Unavailable
Unavailable
$250,000
Unavailable
Single-Parent
79
77
Unavailable
Unavailable
Unavailable
Unavailable
-99.901813
31.968599
us-onshore
Text Link
Turks & Caicos Islands
1989
Unavailable
Unavailable
Unavailable
4 weeks
Unavailable
Unavailable
$100,000 + Adjustment for company size/business line
Unavailable
Single-Parent; Group; Protected Cell/Segregated Portfolio companies; MicroCaptives
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-71.797928
21.694025
us-offshore
Text Link
U.S. Virgin Islands
Unavailable
Unavailable
Unavailable
Unavailable
45 days
Unavailable
Unavailable
Single-Parent, $75,000; Industrial Insured (Stock), $100,000; Industrial Insured (Mutual), $100,000; Association International (Stock), $125,000; Association International (Insurer), $125,000
Single-Parent, $100,000; Industrial Insured (Stock), $125,000; Industrial Insured (Mutual), $125,000; Association International (Stock), $125,000; Association International (insurer), $250,000
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-64.896335
18.335765
us-offshore
Text Link
Utah
2003
38
$3,000,000,000
$7,073,725,450
1-2 weeks (initial review). Certificate of Public Good issued while process is completed.
5 years; All may qualify for audit-in-lieu of examination.
Unavailable
Single-Parent, $250,000; Industrial Insured, $700,000; Association, $750,000; Sponsored, $500,000 with $200,000 from Sponsor/Core
Traditional insurance guidance recommended as a best practice
Single-Parent; Group; Protected Cell/Segregated Portfolio companies; MicroCaptives
439
361
2
Unavailable
57
11
-111.093731
39.32098
us-onshore
Text Link
Vanuatu
Unavailable
Unavailable
Unavailable
Unavailable
2 weeks to 3 months
Unavailable
Unavailable
General insurance classes, $100,000; Life and Long-Term insurance classes, $250,000
Ratio of premium to capital, 3/4 to 1.
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
166.959158
-15.376706
international
Text Link
Vermont
1981
38
$31,000,000,000
$231,000,000,000
30 days or less (45 for SPFI)
5 years or more frequently as needed
Unavailable
Single-Parent, $250,000; Sponsored, $100,000; Association/Industrial Insured, $500,000; RRG, $1,000,000; SPFI, $5,000,000
No firm rules. Starts with 3:1 with explanation if different leverage is appropriate.
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose
659
405
15
85
534
62
-72.577841
44.558803
us-onshore
Text Link
Virginia
Unavailable
Unavailable
Unavailable
Unavailable
90 - 120 days
Unavailable
Unavailable
Stock companies, $1,000,000
Non-Stock companies $4,000,000
Single-Parent; Association
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-78.656894
37.431573
us-onshore
Text Link
West Virginia
Unavailable
Unavailable
Unavailable
Unavailable
60 days
Unavailable
Unavailable
Single-Parent, $100,000/$150,000; Association, $350,000/$350,000; Association (Mutual), $0/$600,000; Industrial Insured, $250,000/$250,000; Industrial Insured (Mutual), $0/$400,000
Unavailable
Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-80.454903
38.597626
us-onshore
Text Link

The Feasibility Study: What To Expect

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The Feasibility Study: What To Expect

“That makes perfect sense. I still don't understand.” This brief exchange with a real client neatly sums up captive exploration: simple in concept, complex in practice. Forming a captive means that your business will own an insurance company, pay for its own losses, and pocket any profit. The “what” makes sense. The “how” is more tricky.
Sam Espinosa
|
April 12, 2024
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Introduction

This remark from a real client neatly sums up captive exploration: simple in concept, complex in practice. 

Forming a captive means that your business will own an insurance company, pay for its own losses, and pocket any profit. The “what” makes sense. The “how” is more tricky. 

Forming A Captive: The Home-Building Analogy

Imagine that you purchased a plot of land. You can visualize living in your dream home. But, building it is an intricate dance involving numerous professionals, regulations, and significant financial investment. 

And still, millions of people do it enthusiastically. That’s because the process is predictable and the reward is secure, despite the risks. 

Starting a captive is like building an insurance dream home. Complicated, but predictable and quite rewarding. The result is owning your own insurance–and all its profit. 

Among Fortune 500 companies, 90% own at least one captive. They trust the process and the payoff. Critically, they also have the resources to dedicate an in-house team to the task.  

XN estimates that forming a captive takes 300 to 400 total hours of work, input from 10 distinct expertise, and the coordination of many overlapping work streams. For a mid-market business focused on growth, the investment is daunting. 

Thankfully, there is a realistic path forward. Enter The Captive Manager. 

The Role of Captive Managers

Captive Managers can drastically reduce the workload by providing expertise, coordination, and management services to demystify and streamline the process–like the general contractor that orchestrates the construction of your home.  

Every captive management firm is a little bit different, from the services they offer to their pricing structure. Some specialize in certain types of captives, others in certain industries or lines of coverage. 

The nuanced role of captive managers is incorporated throughout the discussion below. 

Initiating The Process: An Upfront Assessment

The captive journey begins with an upfront assessment, akin to a soil test before building a house. You lay the groundwork with a Captive Manager by discussing your business, insurance needs, and objectives. This is also an opportunity to gauge the manager's approach and align their expertise with your needs.  

The Assessment is a crucial yet non-committal step, often offered as a free consultation.

During the Assessment, you will likely discuss the implications of a few key decisions, including:

  • Domicile: Where should you register your captive? The unique rules of a domicile can impact the types of coverages allowed, admin responsibilities, financial requirements, and taxation. 
  • Structure: What type of entity should you form? There are many types of captive structures, so choosing the one that matches your goals is important. 
  • Policies: Which policies should you include? Your captive policies will have implications on required capital, collateral, fronting, and reinsurance, to name a few.  
  • Operations: How will you manage day-to-day operations? Claims handling, investment management, and compliance are examples. Captive managers may provide these services, recommend partners, or incorporate your existing vendors. 

Feasibility Study: Designing Your Insurance Blueprint

Once your assessment is complete, the process to form your captive officially begins with your decision to initiate a Feasibility Study.  

A Feasibility Study is the architectural blueprint of your captive, a data-driven analysis performed by actuaries. Depending on the complexity involved (namely, the types of coverage under consideration), the study can cost between $20,000 and $50,000. It's a significant investment, owed to the extensive time and specialized expertise required to validate the business plan for your insurance company. XN works with its clients to help make feasibility studies more seamless. To learn how, contact us.

Some of the aspects under assessment include: 

  • Risk Exposure: Examining historical data and future projections to understand potential losses and the financial implications for your captive.
  • Cost and Coverage: How much money you will need to cover the risk you plan to include in the captive.  
  • Regulatory Compliance: Ensuring your captive can meet all legal requirements in its chosen domicile.
  • Financial Viability: Analyzing the captive's potential for profitability and its capacity to cover claims, including premium calculations and capital requirements.

An Intro to The Study 

The Feasibility Study mirrors the unseen analytical process behind traditional insurance policies, setting costs and coverage based on actuarial science. You are creating an insurance company after all, so this work is necessary to ensure that you are prepared.

Fittingly, the Feasibility Study process is collaborative. Actuaries provide the scientific rigor to validate the intentions you have for your captive. The combination of the two allows your captive to safely meet its goals. 

As such, this stage may require adjusting your expectations. But, like learning upfront that your dream home needs a different type of foundation, it's for the better. Actuaries are not just calculating numbers; they're safeguarding your investment against potential challenges.

Completing the Feasibility Study is not a commitment to build a captive. It is simply part of the required documentation that would eventually be approved by regulators, if and when you proceed. 

Feasibility Study, Phase 1: Collecting The Data 

Actuaries collect your business and insurance information to start their analysis. Most of what is needed can found in the following documents: 

  • Financial Statements
  • Past Policy Applications 
  • Summary of Insurance
  • Current Insurance Policies
  • Recent Loss Runs 
  • Loss Prevention Manuals
  • Loss Control Documents
  • Future Growth Plans

Feasibility Study, Phase 2: Loss Projection & Premium Analysis 

Once the analysis starts, the first deliverable is often a Loss Projections and Premium Analysis. 

Loss Projection: An estimation of future losses, or Loss Distribution, for the coverages under consideration, factoring in Loss Probability (the likelihood of experiencing a given level of loss). Here is an example of how that might look: 

Source: SIGMA Actuarial Consulting Group

The Loss Probability determination is used to define your captive’s capacity–the max amount of loss it can support. 

Loss Projections include the full spectrum of anticipatable losses. From that range, actuaries select a Loss Pick, the official estimation of losses that will determine your captive’s Premium. 

The loss pick is typically conservative enough to protect the captive against unforeseen circumstances and pass the scrutiny of regulators.  Each actuary firm applies their own standard to selecting a loss pick, with calculations to support their reasoning. 

Premium Analysis: This is the total amount you need to fund the captive, with extenuating context like regulatory concerns. It typically contains a Pricing Summary, with various Retention Level scenarios. 

This information adds clarity when determining the financial cost of retaining the desired amount of risk. 

The premium analysis will incorporate regulatory considerations into the report, like capital and collateral requirements. Each domicile will have different rules based on the lines of coverage, policy limits, loss projections, required collateral, and fronting circumstances.*

*During the course of the Feasibility Study, a Captive Manager will work to develop a cost estimate for elements like reinsurance. These estimates (and eventually, the actual amounts once finalized) can be provided to the actuaries to incorporate into their financial projections that come in Phase 3. For more information on these processes and how they are used, visit our blog posts on Fronting and ReInsurance.

Below is an example of a Pricing Summary, which presents two options for how much risk will be retained by the captive, also called the Retention Level

Source: SIGMA Actuarial Consulting Group

The Pricing Summary allows you to:  

  • Develop an outline of cost allocation.
  • Identify the ideal policy types, structures, and scenarios that are feasible based on your stated risk appetite and retained earnings goals year over year
  • Demonstrate adequate structure and funding to state regulators 

Note: Multiple methods may be used to determine a reasonable premium amount, and oftentimes additional methods are provided by the actuaries, allowing you (and regulators) to review the reasonableness of the premium level suggested by the report.

Feasibility Study, Phase 3: The Financial Pro Forma

Once the initial analysis is complete, the actuaries develop a financial model to simulate your captive performance, often 5 years into the future, with expected and adverse scenarios. It will also indicate the elasticity of the cost allocations developed in the Pricing Summary.

The Pro Forma will include:

  • Income Statement, including growth rates and retained earnings
  • Balance Sheet
  • Cash Flow Statement

An example report is provided below to demonstrate the elements of a captive Pro Forma:

Income Statement

Source: SIGMA Actuarial Consulting Group

Balance Sheet

Source: SIGMA Actuarial Consulting Group

Cash Flow Statement

Source: SIGMA Actuarial Consulting Group

The Final Step: The Business Plan

Following the Feasibility Study, the focus shifts to finalizing a Captive Business Plan. 

This document packages the Feasibility Study with an explanation of your captive's strategic direction, management framework, and operational readiness.. It's the definitive guide that regulators review to approve your captive, highlighting its preparedness for success and compliance.

Some captive managers will prepare the business plan for you, and present it for review. 

Most Captive Business Plans will include the following sections: 

  • Executive Summary: Offers a concise glimpse into the captive's purpose, goals, and strategic direction. This allows regulators to quickly assess its intentions, alignment with the parent company’s risk management, and potential impact on the market.
  • Company Introduction & Strategy: The foundational story and strategic vision of a captive help regulators assess its viability and alignment with industry best practices. It also helps convey the seriousness, preparedness, and long-term commitment of the organization towards maintaining the captive. Regulators prefer a focus that extends beyond financial expediency to enhance risk management and insurance efficacy.
  • Captive Goals: Precise goals enable regulators to measure the captive's aims against industry standards and regulatory expectations. Well-defined objectives underscore the captive's role in enhancing market stability and fulfilling the parent company's insurance requirements.
  • Market Dynamics: An insight into the captive's market position and competition is vital. It assists in evaluating market viability, risk management adequacy, and the potential to influence the insurance ecosystem positively, all while serving its target audience effectively.
  • Leadership Team: Highlights the expertise and structure of the managing team to ensure that the captive is secure in the hands of knowledgeable professionals, committed to upholding high standards of regulatory compliance and ethical business practices. 
  • Target Audience & Risks: Understanding whom the captive aims to insure and the risks involved is crucial for assessing underwriting strategies, risk pooling mechanisms, and product suitability. This ensures the captive's offerings are precisely tailored to meet client needs and market demands. 
  • Coverage Lines: Scrutiny of coverage lines helps evaluate the captive's risk exposure and its capability to provide adequate coverage. This analysis is essential for ensuring the captive meets claim obligations and complies with insurance regulations, contributing to market resilience.
  • Capitalization Plan: A well-documented capital plan is crucial for assessing the captive's financial robustness and solvency. This scrutiny confirms the captive's preparedness to cover potential losses, uphold its underwriting commitments, and to survive adverse market conditions.
  • Service Providers: Assessing the captive's choice of service providers gauges its operational preparedness and commitment to industry standards. This evaluation ensures the captive is backed by professionals enhancing its compliance, stability, and success.

Making It Official: State Approval

At the conclusion of the process, your state’s Department of Insurance will issue a license officially authorizing your captive to provide insurance to your parent company.  Congratulations are in order—you now own your own insurance company!

Elevating The Process: XN Captive

The path to owning a captive is a significant undertaking that blends complexity with opportunity. 

XN Captive streamlines the captive journey, making it accessible, manageable, and optimized for mid-market companies. Our platform provides powerful tools for planning, real-time monitoring, and in-depth analysis, all designed to maximize your captive's potential.

To discover how XN Captive can transform your captive strategy, visit our Services page. 

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