Trucept has revealed its plans to accelerate growth through the set-up of a captive insurance company.
The announcement, which was made in the firm’s to Q2 2020 figures, said the captive is set to increase annual payroll processing and extended capabilities.
It stated: “With the addition of segregated captive cells through the parent, an end-to-end business solution could be expected within 18 months.”
“The company will then be in a position to provide a host of reliable services by under the business outsourcing market segment including a paycheck processing company, insurance agency, insurance company via a captive, and a third-party administrator (TPA) that manages all claims”, it added.
Also in its Q2 results, Trucept said it has experienced five consecutive quarters of profitability and projects $400 million in annual payroll processing in 2020 with 40 percent gross profit equating to $8.4 million.
It also reported revenues of $4.9 million in June, an increase from $2.3 million in Q1, and a gross profit of $2.9 million, an increase from $1.3 million in Q1.
The firm said it is projecting a business valued at $412 million in 2020 that will increase to $516 million with a 12 percent compound annual growth rate.
