7 December 2016Accounting & tax analysis

Captive Alternatives brings in new service for captive managers

Captive Alternatives (CapAlt), the insurance consultancy that produced the Protected Captive business model, has introduced a new business entity: CapSure Accounting, that will provide captive accounting services to captive managers.

According to the company the formation of the new entity is timely, given the burden imposed by the recently authorised IRS Notice 2016-66.

“IRS Notice 2016-66, enacted just 8 weeks prior to the end of the year, has added an immense reporting burden to captive owners during their busy season,” said CapAlt CFO and COO David Kirkup.

“In response, CapAlt has created CapSure Accounting which will provide scalable, high quality captive accounting services to captive managers in the 831b space.”

CapAlt’s press release stated: “Many captive managers produce their financials in low-end QuickBooks software or spreadsheets. The result is low scalability, poor quality control and weak customer service. CapSure Accounting’s solution allows captive mangers to focus on business development and customer service, confident that the back-office captive accounting is being attended to.

“CapSure Accounting will provide a 2016-66 disclosure reporting service to new accounting clients enrolled by year end. In addition, clients will gain access to an industry first scalable solution using an ERP accounting system, automated bank statement retrieval and white label accounting package with custom schedules such as surplus calculations, premium flow illustrations and funds held analysis.”