We Create & Manage Successful Insurance Companies.
Elevate Risk Solutions specializes in assisting clients with a complete solution to their insurance and risk financing programs, not just one element.
WHAT WE DO
Elevate Risk Solutions is first and foremost a provider of coordinated risk services. Our business consists of three key areas of focus: Coordinated Risk Solutions, Risk Management, and Captive Consulting.
We strive to be the most respected provider of risk solutions in the world and set an example for honest communication with Clients, Service Partners and Domicile Regulators. To do this, we will maintain a culture that supports our team members so they can provide extraordinary service while always maintaining direct, honest, and timely communication to those we work with. We will honor diversity and embrace new ideas.
Elevate Risk Solutions
Elevate Risk Solutions is first and foremost focused on what’s best for our clients. Our business consists of three key areas of focus:
01.
We Run Insurance Companies
We coordinate and manage all aspects of your captive insurance company, so you can focus on your business and the finer things in life. We love insurance, so you don’t have to.
02.
RISK MANAGEMENT
Good results start with good risk management. We help identify the best parts of your company’s risk profile and formalize a captive insurance program so you can profit from your own good loss experience. A well managed risk is a competitive advantage.
03.
CAPTIVE CONSULTING
We work with you and your agent (as requested) to blend your commercial insurance with a captive solution. From our CORE™ Review to regulatory filing, we provide expert advice and coordinate outside service providers, to produce a complete solution, with best of class financial reporting, governance, and transparency.
Coordinated Risk Solutions
To properly review your entire enterprise risk profile, we follow a defined three step process:
1. CORE™ Review
- Coordinated Overview of Risk Exposure
- Enterprise Risk Assessment – Full review of all potential risks within the enterprise, whether insured or not
- Data collection & review of all existing commercial policies
- Detailed independent actuarial analysis & cost-effectiveness review
- Identify possible insurance & reinsurance structures
- Pricing & 5-year pro forma analysis
- Develop program objectives & business purpose – start with the end in mind
2. Program Design
- Select best retention strategy and excess markets
- Large vs small insurance company analysis
- Coordinate with risk placement partners if needed
- Regulatory required tax & audit preparation, legal/corporate documents & actuarial report
- Captive Business Plan
- Capitalization & funding requirements
- 5-year pro forma financial statements
3. Program Implementation
- Place insurance wrap programs where needed
- Submit the regulatory application to incorporate and license the captive
- Coordinate and contract with service providers
- Capitalize captive
- Issue insurance policies
- Review quarterly progress and results
- Regulatory filing process
WHEN REVIEWING AN ACCOUNT, HERE ARE KEY QUESTIONS/TOPICS WE LOOK AT:
- What is your risk tolerance?
- Is your current broker’s financial interest aligned with yours?
- Are you a “buyer of insurance” or a “seller of your risk”?
- Does your captive manager only use outside professionals to eliminate conflicts of interest?
- Have you had an independent feasibility study performed? If so, was an outside, unaffiliated actuary employed for this process?
- Does your captive manager disclose and provide transparency of all captive fees and expenses?
- Does your captive manager have a national presence in multiple domiciles?
- Has your captive manager been involved in drafting captive legislation?
- Does your captive management have over 100 years of combined professional experience?
- Is your captive manager completely independent?
- Is your captive manager approved to give CPE and CLE continuing education credits for accountants and attorneys?
- Has your captive manager had articles published on the topic of captives?
After experiencing tremendous losses due to a natural disaster uncovered by my commercial carrier, I knew it was time to form a captive and shopped around for a captive manager...we couldn’t be happier that we chose Elevate.
Joe M.