WMS, LLC (WMS) provides turnkey Captive Insurance Services and Solutions to mid sized Insurance Agencies and Associations who are interested in implementing an Agency Captive or Association Captive, solution which is tailored to their individual Insurance Program needs.
We also assist businesses who are interested in using a Pure Captive to insure a portion of their commercial property and casualty risks in order to reduce or stabilize premiums, improve the availability and breadth of coverage, and economically insure risk exposures that are difficult or uneconomical to insure via traditional insurance markets.
Note: Before you engage in any Captive Insurance transaction or arrangement, you should first consult with an independent licensed attorney and CPA who are experts regarding the, state and federal, insurance and tax, laws and regulations relating to captive insurance so they can properly advise you.The insurance and tax laws/regulations (state & Federal) relating to insurance are complex and are beyond the scope of services provider by WMS, LLC.
We also assist businesses who are interested in using a Pure Captive to insure a portion of their commercial property and casualty risks in order to reduce or stabilize premiums, improve the availability and breadth of coverage, and economically insure risk exposures that are difficult or uneconomical to insure via traditional insurance markets.
Note: Before you engage in any Captive Insurance transaction or arrangement, you should first consult with an independent licensed attorney and CPA who are experts regarding the, state and federal, insurance and tax, laws and regulations relating to captive insurance so they can properly advise you.The insurance and tax laws/regulations (state & Federal) relating to insurance are complex and are beyond the scope of services provider by WMS, LLC.
Services
WMS provides a complete menu of turnkey Captive Insurance Company services from identifying the commercial property and casualty risks your Captive Insurance Company can insure to performing a comprehensive Captive Insurance Company Feasibility Study, Incorporating and Licensing your Captive Insurance Company in the Domicile which best meets your needs, Operating and Managing your Captive Insurance Company, performing all Underwriting, Regulatory/Compliance Reporting, etc. WMS provides one point of contact for all your Captive Insurance Company needs.
Before contacting WMS at (201)-995-9085 please provide us with your contact information for all (*) fields below and we will promptly respond to your information request.
All information you provide is confidential and WMS does not share, sell or disclose any information you provide to any other parties.
Please provide us with your contact information for all (*) fields below and we will promptly respond to your information request.
Note: Please provide a valid business email and website address as well as a business phone number or we will be unable to contact you.
All information you provide is confidential and WMS does not share, sell or disclose any information you provide to any other parties.
Please provide us with your contact information for all (*) fields below and we will promptly respond to your information request.
Note: Please provide a valid business email and website address as well as a business phone number or we will be unable to contact you.
WMS, LLC recommends that all client's request a PLR (Private Letter Ruling) for their Captive from the IRS pursuant to Rev. Proc.
1 Some insurance domiciles waive the annual requirement to have the Captives Financial Statements audited by a CPA Firm.
In such cases, the annual Audit fee would be zero.
Otherwise, an annual audit should cost between $1,500 and $5,000.
2 In order to satisfy IRS Safe Harbor Rules governing the Taxation of Captive Insurance Companies, virtually every Captive will require at least some amount of Reinsurance.
1 Some insurance domiciles waive the annual requirement to have the Captives Financial Statements audited by a CPA Firm.
In such cases, the annual Audit fee would be zero.
Otherwise, an annual audit should cost between $1,500 and $5,000.
2 In order to satisfy IRS Safe Harbor Rules governing the Taxation of Captive Insurance Companies, virtually every Captive will require at least some amount of Reinsurance.
By creating a Captive Insurance Company you will be able to directly access wholesale reinsurance markets which will enable you to reinsure risks at wholesale versus retail rates and receive lucrative reinsurance commissions and profits.
In addition, the insurance premiums which your Captive charges your existing businesses will be calculated based on their favorable claims histories instead of less favorable industry loss cost estimates.
A Captive Insurance Company will also allow you to reduce costs by eliminating broker and agent commissions, administrative charges, and insurer profits which account for 35% to 40% of the premiums you are currently paying to a traditional insurance company.
In addition, the insurance premiums which your Captive charges your existing businesses will be calculated based on their favorable claims histories instead of less favorable industry loss cost estimates.
A Captive Insurance Company will also allow you to reduce costs by eliminating broker and agent commissions, administrative charges, and insurer profits which account for 35% to 40% of the premiums you are currently paying to a traditional insurance company.
WMS, LLC does not have a formalized marketing program and does not have any marketing partners.
Our clients contact us directly or through their professional service advisors, to discuss their specific insurance needs.
Before contacting us, our clients and their advisors have already performed significant research regarding captive insurance and have usually already spoken to several other captive managers.
If you are a CPA, or attorney, or insurance agent/broker, or financial advisor, who is knowledgeable in the area of captive insurance, and have a client whose insurance needs can benefit from a captive insurance program, please contact us.
Our clients contact us directly or through their professional service advisors, to discuss their specific insurance needs.
Before contacting us, our clients and their advisors have already performed significant research regarding captive insurance and have usually already spoken to several other captive managers.
If you are a CPA, or attorney, or insurance agent/broker, or financial advisor, who is knowledgeable in the area of captive insurance, and have a client whose insurance needs can benefit from a captive insurance program, please contact us.
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