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February 2023 Edition
Last year I sent out these positive takeaways as to why you should talk to us now about forming your captive vs. waiting until the end of the year. So many people took our advice, and we were able to implement their captive well before the end-of-the-year deadline.

Don’t let another year pass without implementing a captive. So here are some positive takeaways for talking to us now, verses in the 4th quarter:
  • First, starting early lets you avoid the stressful year-end rush. 
  • Second, starting early in the year allows you time to coordinate your captive insurance coverages with your commercial insurance coverages. 
  • Third, starting early allows you time to investigate ownership options. 
  • Finally, starting early allows you to pay your premiums throughout the year rather than paying a lump sum at year-end.
Call me today to set up a meeting. Let’s start early!

As always, if you have any questions about implementing a Captive, call me directly or visit our Captive 101 section on our website by Clicking Here.

Sincerely,
Larry Papola
Lawrence J. Papola, Jr.
President
1-833-US-CAPTIVE
(1-833-872-2784)
Vermont Adds 41 Captive Insurers

Vermont added 41 captive insurers last year, compared with 45 new formations in 2021.
Some 22 captives were dissolved in 2022, bringing the state’s total licensed captives to 639, up 3.1% from 2021.
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Captive Claim Highlight
Client Profile
Industry: Insurance
Specialty:  Independent Insurance Agency​
Location: Pennsylvania
Claim Information
Description: One of our Insureds had a state business bureau pass a new rule reducing compensation for insurance brokers. This rate-change negatively impacted the renewal revenue of the firm in a loss of ~$50,000. The Insured was able to recover the lost income through their Captive's Actual Net Loss Insurance Policy "Legislative and Regulatory Changes" coverage. 
Line of Coverage:  Legislative and Regulatory Changes
This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $50,000.
*Please note that each claim will undergo an independent investigation and thorough review process. Various components specific to the claim at hand will be assessed thoroughly to determine if the loss is covered by the policy.
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Happening This Month
2/2: Groundhog Day
2/3: National Wear Red Day
2/4: World Cancer Day
2/9: National Pizza Day
2/12: Super Bowl Sunday
2/14: Valentine’s Day
2/20: National Love Your Pet Day
2/20: President’s Day

This Month is Observed as:

Black History Month
American Heart Month

Strong Pace of Captive Formations
New captive insurance company formations continued to be strong in 2022, and captive formations are expected to remain at a high level in 2023 amid continued high rates in the traditional commercial insurance market, captive regulators say.
Why Form a Captive?
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There are numerous potential advantages to forming a captive insurance company. Captive insurance companies are formed for both economic and risk management purposes. By forming a captive insurance company, a business can dramatically lower insurance costs in comparison to premiums paid to a conventional property and casualty insurance company.
North Carolina Added 62 New Captive Insurance Companies in 2022
North Carolina licensed 62 new captive insurance companies in 2022, increasing the domicile's total number of captives to 294.

State captive regulators said they expect captive formations will continue to be strong this year.
Get Your Insurance Quotes From The:
Insurance Experts provides expert knowledge and assistance to individuals, families, and business owners who are making decisions about the proper insurance coverage for their needs. We’re here to help you cover losses you shouldn’t have to on your own.

Let our team of experts guide you through the daunting task of selecting the right insurance coverage for you or your business:
  • Life
  • Disability
  • Long-Term Care
  • Business
  • Personal
  • Captive
  • More...
48 South Service Road
Suite 400
Melville, NY 11747

Office: 1-833-US-CAPTIVE
     (1-833-872-2784)
Fax: 888-929-6565