Interested In Captive Insurance Planning & Setup?
Then You Want To Talk To The Experts!
A Captive Insurance Company (CIC) is an insurance company that insures the risks of its owners, hence the name “captive”. If the CIC losses and expenses are low, then the CIC owners make money. A CIC is a real insurance company licensed in a jurisdiction (called a “domicile”) that is favorable to the regulation and expense of operating a CIC, such as North Carolina. The CIC must be properly capitalized and operated like a legitimate insurance company, such as having binding, written policies.
For an operating business that self-insures many risks every day, a Captive Insurance Company can address the financing of these risks in a manner that saves substantial income taxes and adds to the bottom line.
Setting up your CIC can be complex and confusing but Webb & Morton are founding members of the North Carolina Captive Insurance Association and winners of the "Domicile of the Year."
Captive Insurance Company Benefits
- Reduce your risk of exposure
- Reduce the cost of insurance for high-risk concerns
- Reduce your taxes owed
- Premiums collected by the CIC are tax exempt
- Policy payouts are taxed at dividend or long-term capital gains rates
If you are interested in learning whether this planning can be beneficial to your company, then please contact us.
Want to learn how a Captive Insurance Company can help your business?
Webb & Morton Can Help!
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