Capstone becomes approved captive manager in Texas
Capstone Associated Services has been approved as a captive manager by the Texas Department of Insurance. This is the 8th jurisdiction where Capstone is licensed.
According to Capstone, recent legislative developments such as allowing captive insurers to pool risk with other captive insurers has made Texas more captive-friendly for mid-market businesses.
In affiliation with The Feldman Law Firm, Capstone said it has championed a successful turnkey approach to captive insurance planning, which includes leveraging the expertise of tax and corporate lawyers, certified public accountants (CPAs), and insurance professionals.
The initial design and implementation of captives involves anticipating changes in laws that may affect captive owners or their affiliated businesses. Additionally, Team Capstone monitors domiciles (onshore or offshore) to identify those that best align with the varying needs of their clients.
Stewart Feldman, chief executive officer and general counsel for Capstone, said: “Texas has not traditionally been a recognized captive domicile. Only in 2013 did Texas enact any captive legislation. As a result, Texas has a mere 29 licensed captives, with most captives affiliated with large companies, like AT&T.
"With its new enabling legislation recently extending to mid-market clients, Texas can now offer a credible alternative to more traditional domestic jurisdictions. In choosing to work with the Texas Department of Insurance, we remain steadfast in our objective of only providing top-level domiciles for our national client base.”