Captive Management Services
The Staff of RK Advisors, LLC established Wilmington Trust's captive management practice in 2005, let captive management offices in Charleston SC, Burlington VT, Wilmington DE, Las Vegas NV and Georgetown in the Cayman Islands. We were instrumental in revising the Delaware Captive Insurance Statute in 2005 and established the Delaware Captive Insurance Association (“DCIA”), of which Mr. Klumpp served as the founding president (retired in November 2014) and as a member of the Board of Directors since its inception.
What is a Captive?
A captive insurance company, or "captive" is an insurance company owned by the entity or group of entities it insures. It is a formalized form of self insurance. Originally used by large corporations, captive today can be a cost effective insurance solution for thousands of entities.
What are the benefits of a Captive?
Enhance risk management
Regulate deductibles and SIR's
Enhanced coverage availablity
Direct access to reinsurance markets
Improved claims handling and data collection
Reduced insurance costs
Asset protection
Profit center creation
Possible tax and cash-flow benefits
Captive Management Services
RK Advisors offers a full range of services for planning, creating, and operating a captive
Captive Design and Establishment
Pre-Feasibility Study (Free)
Feasibility Study
Assisting with ownership organizational design, domicile choice, business plan, insurance programs, and fronting and reinsurance arrangements
Incorporation Services
Establishing the captive's registered office
Providing qualified, locally based managers and/or board members
Establishing the captive's operating accounts
Preparing the license application
Interfacing with regulators
Ongoing Operation
Maintaining the corporate records, including preparation of minutes
Preparing annual regulatory reports and filings
Preparing monthly financial statements
Handle accounts receivable and accounts payable
Administering collection of claims data
Quarterback (Arrange and follow through completion)
Annual audit by independent certified public accountants
Annual actuarial analysis and certification
Annual tax return filing
RK Advisors is committed to helping our clients meet or exceed their financial objectives by taking on as much of the formation and management of your captive insurance company as you need to allow you to focus on what you do best …. grow your business.
Contact:
Richard Klumpp
302.561.5258