GPW and Associates, Inc.
GPW and Associates, Inc. (GPW)
3101 N. Central Ave., Suite 400
Phoenix, AZ 85012
GPW offers a unique combination of captive and reinsurance management services which provide clients with knowledgeable, efficient, and comprehensive service.
GPW’s team of experts includes casualty and life actuaries, CPAs, attorneys, and Associates of Captive Insurance.
The GPW approach to the formation and management of a captive is a
1) Risk assessment
2) Feasibility study
3) Formation of captive
4) Management services
Steps One and Two: Assessment & Feasibility
GPW works with you to strategically identify and assess the specific risks of your company. The assessment identifies both uninsured and underinsured risks of your company.
Following the risk assessment GPW provides a comprehensive feasibility study which presents the results of the risk assessment and outlines the next steps necessary for the formation of a captive insurance company. Pertinent items of the feasibility study are:
· Risk Management – The strategy for the captive to manage, underwrite, and mitigate risk. Presentation of the risks identified and the actuarially determined premiums for the risks.
· Financial Analysis – Proforma financial statements presenting underwriting results, investment income, and operational costs, including taxes for the current and future years.
· Regulatory Evaluation – A thorough discussion of various domicile requirements to help you identify the domicile best suited for the captive.
· Capital Requirements – Capitalization requirements and various ways the capitalization may be met.
· Governance Establishment – Discussion of the items necessary following the formation of the captive to ensure the captive acts in compliance with the regulatory domicile requirements.
Steps Three and Four: Formation and Management Services
After your selection of a domicile, GPW works with the domiciliary regulators to ensure the timely formation of your captive. The time required to form the captive is highly dependent on the domicile.
After formation, GPW provides managerial services to ensure the captive operates at its maximum potential. These services include:
· Financial Results & Analysis – Analysis of captive operations in comparison to industry standards.
· Regulatory Liaison – Generate all regulatory filings for the captive with ample time to review prior to submission. Assurance all filings, taxes, and fees are issued timely.
· Guidance – Strategic advice on the captive’s role within the parent company’s risk management policies.
· Claims Management – Work with TPAs and reinsurers on claims. As necessary, the parent company will be involved.
· Communication – Will be clear and concise. If there is a “gray area” GPW ensures everyone understands the issue.
For more information on the GPW captive approach, contact any of the following experts. You will be glad you did!
W. Rae Brown, CPA, ACI
AVP, Captive Insurance Solutions
Ethan Allen, JD
Director – Business Development
Director – Captive Initiatives