Captive insurance differs from mutual insurance in a variety of ways. Mutual insurance companies and business entities are largely owned by their policy holders or other public interests. A captive insurance company is wholly owned and controlled by its insureds.
This is often used to insure risks of its owners, and its insureds benefit from the captive insurer’s underwriting profits. It is often used by insureds who opt to put their own capital at risk by creating their own insurance company. This includes working outside of the commercial insurance marketplace to achieve their risk financing objectives.
Larson Company started in 1975 working in the insurance industry. Our vigorous growth over the course of the years has allowed us to expand our services into a broad range of sectors. This also includes helping entities meet their captive insurance needs.
Our insurance and tax professionals can help assess your risks and goals. This includes making sure you are compliant with the various government regulations that influence the captive insurance marketplace.
If you would like we can also help you draft the communication documents and contracts needed for the investors to understand the risks and potential profits of joining your captive insurance venture.
If you are in the Southern Utah area and you need help setting up a captive insurance entity, you should call 801-313-1900 to schedule a consultation appointment with the representatives at Larson Company.