Sparks, Maryland (PRWEB) September 23, 2011
Mike DiMayo and Kevin Myers, Principals of Oxford, in conjunction with Delaware approved service providers, designed a conservative program to help business owners and high net worth clients better manage enterprise risks by forming Captive Insurance Companies. Oxford Insurance Company received its Certificate of Authority from the Delaware Department of Insurance in November of 2010, and Oxford has put together a true “Dream Team” to help promote and manage their Captive Insurance Company. Jeff Simpson of Stewart Law Firm, who was instrumental in founding the Delaware Captive Insurance Association, has been retained as Oxford's legal counsel. Their Captive Manager, Dick Goff of the Taft Companies, has been actively managing Captives since 1976.
Over the past several months, the Oxford Research Group, LLC has conducted numerous advisor meetings to help provide education and training to professional advisors throughout the country. "These meetings provided an excellent opportunity for us to meet with Financial, Legal, Accounting and Investment Advisors to discuss the many advantages of developing a Captive risk management strategy. We can assist in the design of compliant strategies to help preserve, manage and grow financial capital and to effectively manage business risks in a cost-effective and tax-advantaged manner."
The Oxford team and their top flight service providers in risk management, captive management, actuarial, accounting & legal are looking forward to working with small & medium businesses to help design a flexible, creative and conservative structure that best suits their unique business needs.
Small to mid-sized privately held businesses can benefit from risk management tools that help effectively manage enterprise risks and control insurance costs. To that end, the business owner should consider establishing his own Captive Insurance Company (CIC). A CIC is an insurance company that is formed to cover risks of its parent company. Premiums paid by the operating company to its CIC for property and casualty coverage should be tax-deductible to the parent company. “While the tax advantages of a captive Insurance company are substantial and should not be overlooked, each captive should be set up for bona fide business purpose without regard to the tax advantage” states Dick Goff.
A CIC is established as a stand alone business entity and offers many advantages to the parent company. Policy features, coverage and limits can be drafted to meet specific enterprise exposures. This allows for improved loss control, more efficient underwriting, improved claims review and processing. In general, the CIC is capable of delivering better service to the operating company. Importantly, by forming a CIC, a business can dramatically lower insurance costs in comparison to premiums paid to a conventional property and casualty insurance company. By establishing one's own insurance vehicle, such costs and profits can be retained within the same economic family. The CIC may be owned by an individual, a corporation or a trust, presenting a number of flexible planning opportunities.
For more information contact:
Oxford Research Group, LLC
913 Ridgebrook Rd, Suite 218
Sparks, MD 21152
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