Springfield Illinois Captive Insurance
Since 2005, CIC Services LLC has helped business owners in Springfield, IL better manage risk and double the size of their financial war chest.
CIC Services, LLC helps both small and medium size businesses and business owners set-up and own their own insurance company. There are many benefits to owning a captive insurance company.
A captive insurance company can provide casualty insurance coverage to the parent company.
A captive insurance company can formally insure business risks not currently covered by third party insurance.
By owning its own insurance company a business is able to retain earnings as a pre-tax expense. And, retaining earnings pre-tax (as insurance reserves in the captive) results in a bigger base of assets that can grow through investments.
Reserves in the captive can lower future insurance costs. As reserves accumulate, a business may shift a portion of its risk management onto it captive and away from third party insurers. Over time, the company’s captive insurance company will build up reserves that give the business greater flexibility to make strategic financial choices.
Reserves of a captive insurance company can be taken as dividends to the owners of the captive insurance company at a future date. Often in business, timing is everything. A captive that builds strong reserves gives business owners flexibility to take dividends at opportune times.
When properly structured, the assets of the insurance company are secured from creditors.
CIC Services LLC works with business owners to ensure their captive insurance company is viewed and managed as part of a company’s overall risk management financial strategy.