The captive management team at USA Risk Group is uniquely qualified to help you form and utilize a captive or RRG. We offer both setup (formation/licensing) and ongoing services.
The formation and licensing process comprises two elements: the structuring of the captive and application for admission to the state of domicile. Services we provide are as follows:
- Assess and discuss the viability of a captive or risk retention group.
- Assist in formation, incorporation, and licensing of a captive or risk retention group.
- Prepare, submit, and monitor application to domiciliary regulators.
- Identify service providers, such as auditors, actuaries, attorneys, and bankers, and act as a liaison with them and with regulatory authorities.
- Advise on domicile alternatives, captive structure, retention levels, and capitalization.
- Assist with fronting arrangements, as well as reinsurance and excess insurance placements.
- Access both brokered and direct reinsurance markets.
- Establish investment management guidelines and monitor performance.
- Design and implement client-oriented accounting and insurance recordkeeping, control, and reporting procedures.
After your captive or risk retention group is established, we ensure its continued
success with these ongoing management services:
- Ensure ongoing regulatory compliance.
- Prepare regulatory financial reports, including annual and quarterly statements.
- Provide a home office and a local director, if required.
- Maintain all required accounting and other supporting records.
- Prepare financial statements for company management.
- Provide cash management services.
- Prepare policy documentation.
- Review and submit client business plan changes.
- Prepare premium tax returns and other required filings.
- Produce periodic and statutory financial statements and underwriting, statistical, and management reports.
- Serve as Directors and Officers.
- Arrange and coordinate Directors’ and Shareholders’ meetings, and prepare all meeting materials.