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A “Captive” is an insurance company formed by a business owner for the purpose of insuring risks for their related and affiliated businesses. Captives can improve your clients’ risk management and risk financing, lower first-dollar insurance costs, fill gaps within existing coverage, improve cost control and internal cost tracking, create a profit center, and allow your clients access to the reinsurance market.
Read the article at the link below to learn about the upsides and downsides of Captive insurance companies, and see if they are right for your clients and their businesses.