Key Points From This Episode:
• Wesley shares the realizations and learnings which led him to found his company, Risk
Management Advisors.
• An explanation of what captive means in the context of insurance companies.
• When it makes sense for a business to set up their own private insurance company.
• What captive insurance can look like in the construction industry.
• The industry which struggles most to get insurance.
• Different laws that govern insurers and reinsurers.
• Why Wesley refers to insurance companies as investment vehicles.
• How Risk Management Advisors help their clients get a much higher yield.
• What Risk Management Advisors do and don’t do for their clients.
• Costs of setting up an insurance company, and the management fee that Risk Management
Advisors charge.
• Examples of things to be wary of in the insurance industry.
• The importance of buying reinsurance.
• Good claims versus bad claims.
• How captive insurance can benefit private equity.
• The premise of Wesley’s first book, You Can Make It, But Can You Keep It?
• Wesley shares some examples of where things can go wrong when moving money offshore.
• Advice from Wesley around building financial resilience.
• Why you shouldn’t name your business after yourself.
• Where the value of a business lies.
• A strategy Wesley recommends for holding onto your money.
• How companies with captive insurance benefited during the COVID-19 pandemic.

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Episode 19 - Wes McCormick