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Covering All the Angles
Risk Management Advisors is a consulting firm dedicated to the design, implementation and management of captives. From its Los Angeles, California office, R Wesley Sierk, president and lead strategist for Risk Management Advisors explains why companies require a captive consultant: “Most people don’t truly understand how a captive functions in the market and they usually don’t have the expertise to craft a captive on their own. To create an effective captive, they need to figure out what kind of risk should or should not be taken by the captive.”
Total understanding when asked what sets Risk Management Advisors apart from other managers, Wesley states: “Many of our clients may have talked to other captive managers or providers and the feedback we receive is that many either understand the risk management side, or the tax side. Very few organisations have a complete knowledge of both “As a captive manager, once a client gives us the green light, we create the insurance company for them and manage the entire process from the risk management to the taxation, as well as all the regulatory aspects.” As the promotion of captives remains an integral part of the industry, Risk
Management Advisors ensures it is in a position to market the benefits effectively to new clients. Sierk says: “Our business has been built on referrals. Once we have organised an excellent captive programme for a client, they often tell other colleagues within their industry.” Sierk is also active politically. He is an adviser to the US Congress on tax issues which affect small businesses. This, he says, aids his expertise and knowledge.
A healthy interest The thriving US economy, tough insurance market and recent losses by large carriers have caused the captive industry to experience large growth. Sierk says: “Captive growth has been robust and there has been a lot of change. The majority of our clients have been developers and contractors in the past few years, but most of the interest currently has been from the healthcare market, specifically, nursing homes and surgical centers. Many manufacturers and service businesses are also taking a closer look at captives.” The focus of Risk Management Advisors has traditionally been with middle market companies. “This area has been expanding rapidly. We haven’t traditionally done any work with publicly traded companies,” continues Sierk “Middle market companies have been under-served from the traditional insurance market for years. Some carriers have looked at them as a cash cow and designed programs that lacked creativity and thoroughness. We find many of the middle market captives are overpaying for their premium and do not really understand all the policies they are buying. “Through the idea of Risk Management, we consult with the clients and help them understand their traditional insurance, identify holes in coverage and identify certain aspects that would . …….Cont.
To know more about Covering Angles and Risk Management please refer to http://riskmgmtadvisors.com/
About the Author
R. Wesley Sierk, III is the President and Lead Strategist for Risk Management Advisors, Inc. He is an expert in executive compensation, corporate benefit planning, alternative risk transfer, and captive insurance formation and management. Sierk has more than 14 years experience helping highly profitable, closely-held businesses limit their risk exposure and taxes through qualified plan structures, onshore and off-shore entities, and trust arrangements. He works primarily with homebuilders, manufacturing companies, real estate developers, and sports and entertainment professionals.
To know more about this author visit http://riskmgmtadvisors.com/
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