Insuring your business. Ensuring your future. Private Insurance Companies

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1 Insuring your business. Ensuring your future. Private Insurance Companies

2 Private Insurance Company Basics A Captive Insurance Company provides insurance for its owner. Types of Captive Insurance companies: Pure Single parent Group Rent - a - captive Private Over 80% of Fortune 500 Companies use a form of a Captive Insurance Company. Enterprise Risk Strategies Page 2

3 Private Insurance Company Growth With the continued awareness and recognition of opportunity, the captive insurance company concept is now entering the middle market through the use of Private Insurance Companies. Number of Captives Worldwide 7,000 6,000 5,000 4,000 3,000 2,000 1, Source: Captive Insurance Company Directory Enterprise Risk Strategies Page 3

4 Private Insurance Company Benefits Protect assets Investment income Reduce insurance costs Business expense Versatility unmatched Profit Wealth transfer Custom coverage Estate planning Wealth accumulation

5 Who Should Consider a PIC? Private / Closely held organization Highly compensated professionals Minimum gross revenue of $5 million Significant Uninsured Risk Consistently profitable Entrepreneur Strong personal cash flow Enterprise Risk Strategies Page 5

6 What Type of Business Can Have a PIC? Construction Finance Energy Healthcare Retail Transportation General Contracting Professional Athletes And many more... Enterprise Risk Strategies Page 6

7 PIC Basic Concept Business Premiums Premiums are a business expense ERS Insurance PIC Premiums are not taxable income for the PIC PIC Owner 1. Surplus builds on tax deferred basis 2. Liquidation at long-term capital gains rate Assets Enterprise Risk Strategies Page 7

8 Who Can Own the PIC? Individuals Trusts / FLPs LLCs Partnerships Corporations Enterprise Risk Strategies Page 8

9 Premium to Assets This is what it looks like... An example of a Private Insurance Company s financial performance with annual premiums of $1 million PIC Structure Premium $1,000,000 Claims: Mean Claims Amount $50,000 Standard Deviation $10,000 Custom Claims Loss: Year Claim Amount Custom Claims Loss 1 3 $250,000 Custom Claims Loss 2 7 $1,000,000 Maximum Distribution Percentage 3.0% Expenses Set-up Fee $50,000 Management Fee (starts in year 2) $39,000 Minimum UP & Re Fee (Threshold = $1.0 Mil) $30,000 If Above Threshold (% of Premium) 3.0% Benefit of PIC= Net Premiums + Investment Returns (after tax) Using PIC $8,160,872 NOT Using PIC $5,842,529 Net Benefit $2,318,343 Net Benefit of PIC 39.7% ROI on Gross Premiums 23.2% Distribution Planned Distribution Yes Rate 5.0% Start Date (year of distribution, must be >2) 3 Frequency (every N years) 1 Years Inside PIC 10 Business Structure LLC Planned Liquidation Yes Investment Returns First Year - Cash Return 0.25% Expected Yield 3.0% Expected Capital Appreciation 4.0% Asset Type Tax Status Taxable Tax Rates Federal Rate 39.0% State Rate 5.0% Capital Gains Tax 23.8% *Actual setup fees will vary depending on domicile chosen and whether captive type is a Pure, Sponsored Cell or Delaware Series Business Unit. Enterprise Risk Strategies Page 9

10 Premium to Assets Cumulative Benefit of PIC vs Cumulative Benefit Not Using PIC Millions $10 Cumulative Value Using PIC Net Distributions (using PIC) Cumulative Value Not Using PIC Net Distributions (not using PIC) $5 Year $0 Enterprise Risk Strategies Page 10

11 The Details If you have something at risk, you think differently. ~ HENRY KRAVIS

12 The Code TITLE 26 > Subtitle A > CHAPTER 1 > Subchapter L > PART II > 831 Tax on insurance companies other than life insurance companies: General rule: Taxes computed as provided in section 11 shall be imposed for each taxable year on the taxable income of every insurance company other than a life insurance company (b) Alternative tax for certain small companies (1) In general In lieu of the tax otherwise applicable under subsection (a), there is hereby imposed for each taxable year on the income of every insurance company to which this subsection applies a tax computed by multiplying the taxable investment income of such company for such taxable year by the rates provided in section 11 (b). Companies to which this subsection applies (A) In general This subsection shall apply to every insurance company other than life (including interinsurers and reciprocal underwriters) if- (i) the net written premiums (or, if greater, direct written premiums) for the taxable year do not exceed $1,200,000, and (ii) such company elects the application of this subsection for such taxable year. The election under clause (ii) shall apply to the taxable year for which made and for all subsequent taxable years for which the requirements of clause (i) are met. Such an election, once made, may be revoked only with the consent of the Secretary. c) Insurance company defined For purposes of this section, the term insurance company has the meaning given to such term by section 816 (a). [1] Enterprise Risk Strategies Page 12

13 Private Insurance Company Basics The net written premiums (or, if greater, direct written premiums) for the taxable year do not exceed $1,200,000 Non-qualifying year 2,000 1, Premium in $K Written premiums cutoff? Enterprise Risk Strategies Page 13

14 Safe Harbors On December 30, 2002 the IRS issued three revenue rulings regarding the deductibility of insurance premiums. The IRS provides safe harbor if a PIC s operations fall under one of the following three revenue rulings: IRS Safe Harbors for Private Insurance Companies Pool ( ) Multiple Subsidiaries ( ) Group Private Insurance Company ( ) Enterprise Risk Strategies Page 14

15 Basic Structure of PIC Insurance Policies Business Premium ERS Premium ERS Insurance Reinsurance (risk sharing and distribution agreement) Private Insurance Company Reinsurance Premiums Enterprise Risk Strategies Page 15

16 Basic Risk Structure (PIC Reinsures ERSI) $1M claim made example Risk Pool: $250K - $1M Risk pool distributes remaining $750K per quota-share: $750K x 3% = $22,500 per participating PIC Retention: $0 - $250K Related company s PIC responsible for first $250K 1. Facultative certificate = reinsure first $250K layer of direct business risk 2. Quota-share certificate = 3% of each excess layer above $250K Enterprise Risk Strategies Page 16

17 PIC Considerations Initial creation expense and capital Exposure to risk shifting and risk distribution Limited to 14 months Limited to 3% per loss in ERSI exceeding $250,000 ERSI will participate in paying of any shared loss Enterprise Risk Strategies Page 17

18 Enterprise Risk Strategies Company Overview Attention to detail allows ERS to deliver innovative solutions.

19 Enterprise Risk Strategies (ERS) Private Insurance Company Management, Turnkey Services, Consulting, Formation Majority owned by Montage Investments Over 100 combined years of alternative risk and insurance experience IRS compliant / IRS safe harbor Turnkey Private Insurance Company, consulting, incorporation and management Industry approved underwriting and policy forms Team of CPAs, attorneys, business and insurance professionals ERS does not replace any existing insurance professionals Enterprise Risk Strategies Page 19

20 Experienced Team Robert Nizzi, President Responsible for the overall operations of ERS, focusing on business development. Bob has over 20 years of experience in the insurance industry, including over 15 years specifically in alternative risk financing. Bruce Slapper, Executive Vice President Primary responsibilities include client and product development. Bruce began his career in retail and wholesale insurance in He has been a key participant in the design, formation and operation of alternative risk / Private Insurance Company programs for a number of nationally recognized corporations. His expertise covers a varied client base and is consistently focused on client solutions. Luis Filipe, Vice President As Vice President, Director of Captive Operations, Luis is responsible for the management of all PIC s and is the Financial officer for the Insurance Operations. Luis began his career in the PIC Management industry in 1999 in the Cayman Islands moving to Arizona in 2006 to join USA Risk Group. Prior to that, he was with Liberty Mutual, and a Controller at Canadian Surety. Luis received a BBA from York University and obtained the Chartered Management Accountant (CMA) designation in Enterprise Risk Strategies Page 20

21 Claims management Private insurance company management Audit Actuarial Taxes Overview of Services We manage your insurance company so you can manage your business. Accounting Domicile regulatory Reinsurance Risk management Enterprise Risk Strategies Page 21

22 ERS Insurance (ERSI) Exchanges a portion of the insurance premiums received from affiliates (related risks), in return for premiums from non-affiliates (unrelated risks). Satisfies requirements regarding risk shifting and risk distribution Satisfies requirements for insurance premium deductibility under Revenue Rule Lowers variation in annual claim costs, providing earnings consistency to PIC Enterprise Risk Strategies Page 22

23 Insurance Policies and Rates Industry-based policy forms have been customized to fit our PIC Program. Coverages not readily available in the insurance marketplace Insurance policy exclusions Self insured exposures Premiums are determined by utilizing: Industry based rates Underwriters Actuaries Enterprise Risk Strategies Page 23

24 Example Coverage Descriptions Governmental Actions Protection This coverage reimburses the Insured for expenses incurred as a result of administrative actions resulting in assessments, penalties, fines and sanctions, or any costs to ensure compliance with the rules, regulations and standards of any, local, county, state or federal government agency; any professional license(s) mandated by any local, state or federal government agency. Legal Expense Protection Reimburses Insured for legal costs / expenses paid by the Insured that are not covered under their primary market policy. Income Protection: Critical Employee This coverage reimburses the Insured for loss of business income sustained by the Insured caused by or resulting from the loss of a critical employee. Reimburses the Insured for costs incurred to recruit, relocate, and train the critical employee s replacement. Income Protection: Critical Contract This coverage reimburses the Insured for loss of business income and/or increased cost of supplies, products or services caused by or resulting from the loss of a critical contract. Income Protection: Critical Customer This coverage reimburses Insured for loss of business income and/or increased cost of supplies, products or services caused by or resulting from the loss of a critical contract. Enterprise Risk Strategies Page 24

25 Versatility Unmatched Intellectuals solve problems, geniuses prevent them. ~ ALBERT EINSTEIN

26 Case Study 1 Cover hidden risks Business Insurance premiums for hidden risks Private Insurance Company Most businesses have risks that they currently do not insure against PIC can write insurance policies to cover hidden risks PIC owners have greater control of claims process Premium payments are treated as a business expense The PIC can receive up to $1.2 million in total premiums per year to qualify Enterprise Risk Strategies Page 26

27 Case Study 2 Protecting assets Litigation Attorneys Private Insurance Company (protected assets) Creditors Business Debts Wealthy businesses and owners are litigation targets Creditors have no legal claim on PIC s assets Only PIC insured can make an insurance claim The PIC can receive up to $1.2 million in total premiums per year to qualify PIC structure creates independent wealth and investment diversification Foreign PICs may have extra layer of protection Enterprise Risk Strategies Page 27

28 Case Study 3 Building an investment portfolio Business 1 Premium Business owner Business 2 Business 3 Premium Premium Private Insurance Company Investments (stocks, bonds, mutual funds, other investments) Up to $1.2 million in premiums annually from one or more businesses Owner s investment advisor makes investment decisions: stocks, bonds, mutual funds, other investments Owner builds investment portfolio with underwriting profit Portfolio represents claim reserves of PIC, and must be managed with care Enterprise Risk Strategies Page 28

29 Case Study 4 Buy Sell Partner A Partner B 50% Private Insurance Company 50% Partners A and B own Business and the PIC A and B enter into Buy-Sell Agreement PIC contains several years of pre-tax premium payments, which could total several million dollars Upon buy-sell trigger, the PIC s assets can be used to purchase A s ownership interests Net Result: Ready cash to fund buy-sell Buy-sell funded with underwriting profit Enterprise Risk Strategies Page 29

30 Case Study 5 Doctors medical clinic Dr. A Dr. B Dr. C Dr. D Doctors medical clinic Private Insurance Company $ If Dr. A retires, then assets can be paid out of PIC to redeem Dr. A s ownership in the Medical Clinic and the PIC A group of doctors can each own stock in the Medical Clinic and the PIC A variety of insurance premiums can be written into the PIC If Dr. A wishes to retire, the PIC can redeem his stock with assets (e.g., 25% of the assets) of the PIC, and the remaining doctors can continue with the PIC Additional doctors can be added to the PIC over time Enterprise Risk Strategies Page 30

31 Moving Forward The best way to predict the future is to create it. ~ ABRAHAM LINCOLN

32 What s Next? 1. Client or advisor to complete Client Information Worksheet 2. ERS examines information provided by Client 3. Client and advisors to discuss with ERS 4. ERS prepares Viability Analysis 5. Client and advisors to discuss with ERS 6. Sign Agreement to form PIC Questionnaire Risk Audit and Viability Analysis Discussion with ERS advisors Private Insurance Company Incorporation Enterprise Risk Strategies Page 32

33 Disclaimer IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the U.S. Internal Revenue Service, we inform you that any U.S. federal tax advice contained in this PowerPoint is not intended or written to be used, and cannot be used, for the purpose of (a) avoiding penalties under the U.S. Internal Revenue Code or (b) promoting, marketing or recommending to another party any transaction or matter addressed herein. The views and statements expressed in this presentation are for general information only. ERS, LLC is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This presentation provides general information about certain legal and accounting issues and should not be regarded as rendering legal or accounting advice to any person or entity. As such, the information is not privileged and does not create a client relationship with the companies, or any of its employees. This presentation does not constitute an offer to represent you, and you should not act, or refrain from acting, based upon any information so provided. In addition, the information contained in this presentation is not specific to any particular case or situation and may not reflect the most current developments. Enterprise Risk Strategies Page 33

34 Contact Us Robert Nizzi, President Enterprise Risk Strategies Tomahawk Creek Parkway, Suite 200 Leawood, Kansas t: e: Insuring your business. Ensuring your future. Enterprise Risk Strategies Page 34

35 PPT-ERS-OV

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