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Farm to Table

What is Captive Insurance?

Captive Insurance is defined as an insurance company that is wholly owned and controlled by its members or insured’s.

In essence, for those that qualify you will “own your own insurance company”.

Why Consider Captive Insurance as an option?

A collection of business owners can realize many benefits from using a captive as part of its risk management program.

Significant advantages include the ability to share in the creation of its own insurance policies, underwriting profit, and investment income.

By utilizing a captive, as opposed to relying on traditional insurance, the captive owners essentially retain the premiums paid into the captive, earn income from the investment of the funds, and retain potential underwriting profit.

Key Advantages to Captive Insurance
  • Tax deduction for the participating company for the insurance premium paid to the captive;
  • Various other tax savings opportunities, including gift and estate tax savings for the shareholders and income tax savings for both the captive and the parent;
  • Opportunity to accumulate wealth in a tax-favoured vehicle;
  • Distributions (dividends) to captive owners at favourable income tax rates;  Based on profitability.
  • Asset protection from the claims of business and personal creditors;
  • Insuring risks that would otherwise be uninsurable. (Cannabis, Cannabis Beverages)
E-mail our specialist now to start the conversation: Joshua Kearley