Captive insurance manager Capstone Associated Services celebrated its 15th anniversary today.
Capstone began in November 1998 with the formation of four captive insurance companies.
Today, Capstone is the largest third party administrator of property and casualty insurers for closely-held middle market companies in the US.
Capstone has also reported strong record growth among its middle market clientele. The captive manager’s clients are located in 28 different US states.
"Our continued growth is a reflection of the broadening acceptance of alternative risk planning beyond the larger, publicly held companies where captive planning is commonplace," said Clete Thompson, vice president of business development at Capstone.
Late in 2012, Capstone announced its 120th captive formation and this year expects to approach 150.
“The utilisation of captives among middle market companies over the past decade has been consistent and incremental,” said Thompson. "Forming a captive is among the best risk management and financial planning tools available for middle market businesses.”
“Capstone's clients use alternative risk financing strategies to reduce insurance costs, improve risk management, customise coverages and increase cash flow,” added Helen Nguyen, vice president of insurance operations at Capstone.
“Over 90 percent of Fortune 1000 companies and many successful mid-market companies have captives,” said Nguyen. “It is estimated that over 50 percent of all property and casualty premiums are written through captives.”
