Company formed to insure the risks of its parent corporation. Reasons for forming a captive insurance company include:
1. Instances when insurance cannot be purchased from commercial insurance companies for a business risk. In many instances companies within an industry form a joint captive insurance company for that reason.
2. Premiums paid to a captive insurance company may be deductible as a business expense for tax purposes according to current Internal Revenue Service rules. However, sums set aside in a self insurance program are not deductible as a business expense. Therefore, although costs will be insurred in creating and operating a captive, they may be rouped over time by tax savings.
3. Reinsurance can be obtained through the international reinsurance market. Reinsurance is essentially insurance for an insurer, and therefore, the captive does not have to bear the entire risk of loss if it has an established reinsurance program. While premiums must be paid for reinsurance, the structure of the reinsurance program can be layered to keep premiums relatively low in comparison to the amount of protection provided against catastropic losses. In contrast, self-insurance programs, because they are not insurers as such, cannot obtain reinsurance, and thereby must retain all risk.
4. Investment returns can be obtained directly on its invested capital.
However, competent personnel to manage and staff the company can be costly; and further, a catastrophic occurrence or series of occurrences could bankrupt the captive-which is why reinsurance through a stable reinsurer is critical.
naics code for captive company
yes
*Direct insurance company *Captive insurance company *Reinsurer However, there are no clear separation between buyers and sellers in reinsurance. Insurance company maybe a buyer (outward reinsurance) and a seller (inward reinsurance)
A company that offers cheap household insurance is a company that provides insurance for more household items than the average insurance company at a lower rate. An example of such a company is GEICO.
Security Life of Denver Insurance Company
naics code for captive company
yes
*Direct insurance company *Captive insurance company *Reinsurer However, there are no clear separation between buyers and sellers in reinsurance. Insurance company maybe a buyer (outward reinsurance) and a seller (inward reinsurance)
Captive insurance can be obtained from a number of insurance and management companies. Active Captive Management, The HDH Group, Montera Management, and Red Hook Risk Services all sell captive insurance policies.
Captive Agent
yes if it is a captive company yes if it is a captive company
Company formed to insure the risks of its parent corporation. Reasons for forming a captive insurance company include:1. Instances when insurance cannot be purchased from commercial insurance companies for a business risk. In many instances companies within an industry form a joint captive insurance company for that reason.2. Premiums paid to a captive insurance company may be deductible as a business expense for tax purposes according to current Internal Revenue Service rules. However, sums set aside in a self insurance program are not deductible as a business expense. Therefore, although costs will be insurred in creating and operating a captive, they may be rouped over time by tax savings.3. Reinsurance can be obtained through the international reinsurance market. Reinsurance is essentially insurance for an insurer, and therefore, the captive does not have to bear the entire risk of loss if it has an established reinsurance program. While premiums must be paid for reinsurance, the structure of the reinsurance program can be layered to keep premiums relatively low in comparison to the amount of protection provided against catastropic losses. In contrast, self-insurance programs, because they are not insurers as such, cannot obtain reinsurance, and thereby must retain all risk.4. Investment returns can be obtained directly on its invested capital.However, competent personnel to manage and staff the company can be costly; and further, a catastrophic occurrence or series of occurrences could bankrupt the captive-which is why reinsurance through a stable reinsurer is critical.
An agent (captive) works directly for a single insurance company and is limited only to that company's offerings. A broker represents many insurance companies and can therefor provide you a multitude...
Insphere is not an insurance company, but a captive agency/brokerage hybrid that provides policies for certain well-established health insurance companies such as Humana, Aetna, and United Health. They also offer supplemental plans and agency memberships. The company is owned by the Blackstone Group, which has a highly reputable portfolio of businesses.
The term captive rate is used in insurance payment quotes. It means the rate a person will need to pay to cover things that are not part of the insured's regular policy. For example, a person getting insurance for a home will need flood insurance to be added in some cases. The captive rate will be the additional fee paid for this type of insurance.
Depending on the location, a captive insurance agent (an agent that is contracted through a company, ie: state farm, farmers etc.) in their first year should make between $35-$50k
There is an insurance company called Federal Life Insurance Company.