Providing Captive Insurance Audit and Tax Support
Driven by opportunities to protect assets, mitigate risks and contain costs, the captive insurance market is growing at an unprecedented rate. As a captive account manager, you are absorbing new captives into your portfolio at a dizzying clip. You need a qualified accounting firm with the insurance industry experience to keep your portfolio companies in compliance with a diverse range of complex requirements.
An in-depth knowledge of the insurance industry
Bennett Thrasher has the experience and understanding of the captive insurance market you need. Our audit and tax professionals serve a growing number of captive insurance companies domiciled throughout the United States and internationally, including:
- Single-parent captives
- Association and group captives
- Cell captives
- Risk retention groups
Our team members have served the insurance industry for many years in positions with Big Four accounting firms and major corporations, including those domiciled outside the United States. This in-depth knowledge of the insurance industry means that we know where the risks reside, enabling highly efficient audits.
We actively participate in captive associations throughout the country, and we are approved to conduct regulatory audits by departments of insurance in numerous states.
Comprehensive Accounting and Tax Advisory Support
Bennett Thrasher helps captive insurance companies fulfill their business objectives through comprehensive accounting and tax advisory support, including:
- Auditing financial statements in accordance with governmental and statutory auditing standards in various states of domicile and abroad
- Planning for federal and state income tax liabilities, including preparation of Forms 1120, 1120-PC and 1120-L
- Consulting on the advantages of captive insurance, including recommending captive managers, attorneys, actuaries and other business advisors who can help establish and manage the captive insurance company
- Increasing tax savings for micro-captives through preparation of the 831(b) small company election
- Representing taxpayers in the event of an IRS examination
With dozens or even hundreds of captives in your portfolio, you don’t have time to worry about whether each annual audit and tax filing is completed correctly and on time-or to spend time constantly retraining auditors on the nuances of the insurance industry.
At Bennett Thrasher, each captive insurance client receives attention from our most experienced professionals. While we deliver a high level of expertise, we also are able to maximize our efficiency to manage the cost. As auditors of note for several large captive managers, we are able to leverage critical mass to build additional efficiency into our audit process.