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Address

6850 TPC Drive, McKinney, TX, 75070, Suite 108

Open Hours

9:00 A.M - 5:00 P.M CST

Services

Our services

As Risk Management and Risk Planning experts, we provide comprehensive customized management services inclusive of consultation assessment, insurance, policy, underwriting, pricing claim processing, captive regulatory and tax compliance. Our accomplished experts offer alternative risk financing options or alternative risk transactions (ART) tailored to our clients’ unique business profile.

Our primary objective is to understand your Risk Tolerance, Business Strategy and Risk Enterprise as a whole so as to advise on the proper alternatives that match your profile.

Our service breakdown is typically as follows:

Tailored Risk Management Consultation

Risk Management Services are customized for each individual client. CRP spend considerable time getting to know our clients’ companies, their affiliated entities, structure, revenue, specific exposures, contract risks, risk tolerance and more. Once Risk/ Exposures are identified, defined and the risks quantified then a decision is taken as to which risks/exposures will be retained, transferred or avoided.

Once this step is completed, the appropriate Risk transfer mechanisms (coverage, limits, deductibles, captives and ART initiatives) are designed. CRP partner with our clients and manage the process together to achieve their Risk Management goals.

Alternative Risk Transactions (ART) Solutions

CRP, have extensive experience offering alternative risk financing options. These options include Self-Insurance, deductibles, Risk Retention Groups, Aggregate and basket retentions, maintenance deductibles, Captives, and other ART initiatives. Each client’s needs vary based on their own risks, exposures and risk tolerance. A feasibility study can assess a client’s risk profile, including past loss history and suggest Alternative Risk Management structures unique to a particular business enterprise.

CRP’s experienced alternative risk professionals have access to multiple partners including “A” Rated primary insurance companies, reinsurance companies, third party claim administrators dedicated to your specific goals.

Our goal is simply to design an alternative risk program that includes the accumulation of surplus, creates risk management as a profit center and promotes an accumulation of assets through investments.

Several Alternative solutions and products available include:

  • Single Parent Captives
  • Incorporated Cell Captives
  • Group Captives
  • Risk Retention Groups
  • Loss Portfolio Transfers
  • Self-Insurance
  • Large Deductible Aggregates or Excess of Loss Deductibles
Benefits in participating in tailored Alternative Risk initiatives may include
  • Stability in assessing insurance costs
  • Increased cash flow
  • Creation of a profit center
  • Accessing the Reinsurance market
  • Creating an alternative to Traditional Risk transfer products
  • Transferring wealth/risk to entities/individuals
  • Capture Underwriting Profits
Captive Actuarial Feasibility Studies (CAFS):

After reviewing a client’s risk profile, current insurance policies and cost, CRP will suggest alternative risk management program that is suitable and CRP will commence a CFS.

CRP will determine the formation and viability of a Captive specific to the business as per our evaluation of the insured and uninsured risks. CFS’s are completed by an actuary to determine premium and capital needs associated with the risks.

CRP then works out the inclusion of serious risks which are not covered currently because a client’s company may have decided not to buy it or the insurer didn’t approve them. A CFS has a comprehensive Business Risk assessment, Strategic Risk management plan, Best Captive Structure and Best Asset Management Strategy. Most importantly a CFS will suggest a suitable exit strategy

Selection of Domicile:

After completion of the CFS, CRP will choose the appropriate domicile for the client’s insurance company.

Captives are licensed in many jurisdictions. In the last 10 years 30 different states in the United States allow captives. Some have only a few captives, and others, such as Utah, Vermont and Delaware have over 300 captives each. The state of Texas started allowing captives since 2013. Currently all our Captives are based out of North Carolina.

Captive Formation Services

Upon completion of all above steps and determining the appropriate domicile for you, we will move ahead with the actual process of forming a captive for our clients. CRP will work to set up the business structure (corporation, LLC, etc.) for the captive, and submit the application to the appropriate regulatory authorities.

Upon approval of application, CRP provides guidance on bank accounts, and other related activities needed to start the captive insurance program.

Captive Management Services

CRP offers customized management services tailored to a client’s needs. As per the formation of the Captive and based on client specific requirements CRP will structure management services accordingly.

CRP will manage an office for the client in the chosen domicile, arrange meetings with a board of directors and stake holders.

If needed CRP will appoint official staff for the Captive however CRP will remain as a contractor. CRP will coordinate on the client’s behalf with insurance consultants, tax and legal experts, auditors and all government regulators.

CRP will carry out all activities of the captive, from regular updates on the captive’s performance, filing of all regulatory and tax forms, and prompt handling of claims. CRP will strategize and manage services as per the best industry standard so that all the issues are taken care of on time.

Regulatory Compliance and Regulation

As a part of management services CRP advises on all regulations and regulatory compliance issues so that the client is well informed.

CRP will prepare documents required by the domicile and file reports as per the requirement of the insurance law, handling all queries and responding to correspondence from the regulatory authorities.

Premium Financing

Premium financing involves the lending of funds to a person or company to cover the cost of an insurance premium. Premium finance loans are often provided by third party finance entity known as a premium financing company; however insurance companies and brokerages occasionally provide premium financing services through premium finance platforms.