January 2024 Edition

I hope you had a Happy New Year and 2023 was successful for you and your clients.

For captives, we had another amazing year. More companies came on board after seeing the benefits from other clients. So, we were very busy taking care of referrals from clients and partners. Especially with the continuing rise in commercial insurance over the past few years.

As we start the new year, now is an excellent time to review your business plan and see how you can benefit from implementing a Captive Insurance company.

Sincerely,

Larry Papola

Lawrence J. Papola, Jr.

President

LPapola@US-Captive.com

1-833-US-CAPTIVE

(1-833-872-2784)

US Property-Casualty Industry Posts

9-Month Underwriting Loss

The US property-casualty insurance industry posted a $32.2 billion net underwriting loss through the first 9 months of 2023, according to A.M. Best.

The underwriting loss during this year's first 3 quarters was $7.6 billion worse than the loss posted over the same period in 2022, Best said.

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Captive Education

Conferences & Webinars

Check out the Captive

Calendar of Events

Events & Webinars

World Captive Forum

January 24-26, 2024 | Orlando, FL

Celebrating its 33rd year, Business Insurance looks forward to providing the high-caliber educational content and meaningful networking opportunities World Captive Forum is known for.

Captive Claim Highlight

Client Profile

Industry: Banking

Specialty: Investment Management Firm

Location: Connecticut

Claim Information

Description: One of our Insureds was issued an Information Document Request (IDR) from the Internal Revenue Service (IRS) for one of their benefit practices. Through their Captive's Actual Net Loss Insurance Policy "Administrative Actions" coverage, the Insured was able to recoup “extra expenses” associated with this document request.

Line of Coverage: Administrative Actions

This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $5,000.

*Please note that each claim will undergo an independent investigation and thorough review process. Various components specific to the claim at hand will be assessed thoroughly to determine if the loss is covered by the policy.

Happening This month:

1/6: Epiphany

1/9: Law Enforcement Appreciation Day

1/15: MLK Jr. Day

1/19: National Popcorn Day

1/27: Holocaust Remembrance Day

This Month is Observed as:

National Mentoring Month

National Glaucoma Awareness

National Blood Donor Month

Why Form a Captive?

There are numerous potential advantages to forming a captive insurance company. Captive insurance companies are formed for both economic and risk management purposes. By forming a captive insurance company, a business can dramatically lower insurance costs in comparison to premiums paid to a conventional property and casualty insurance company.

Captives 101

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Let our team of experts guide you through the daunting task of selecting the right insurance coverage for you or your business:

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Melville, NY 11747

Office: 1-833-US-CAPTIVE

(1-833-872-2784)

Fax: 888-929-6565

US Property-Casualty Industry Posts

﻿9-Month Underwriting Loss

9-Month Underwriting Loss