Captive insurance companies, once the exotic plaything of large corporations, are now open and advantageous to much smaller companies. But most accountants don’t know enough about captive insurance companies to advise their business clients on the advantages of starting their own, according to Brian McCormick and Jerry Messick of Elevate Captives LLC.
“Captive insurance companies exist to serve those that own them,” said Messick, managing director of Elevate Captives. “They’re not new—most large corporations have them. In fact, Allstate was at one time the captive insurance company for Sears.”
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