Mastering Risk Management Podcast Mastering Risk Management - Episode 40 - Wesley Sierk
Dec 1, 2021
In this discussion, Wesley Sierk, Managing Director of Risk Management Advisors, shares his nearly two decades of expertise in captive insurance. He reveals how businesses can revolutionize their risk management strategies through captives, especially in tough markets. The conversation delves into the complex dynamics of workers' compensation, emerging cyber liability trends, and the importance of jurisdiction in insurance setups. Wesley also emphasizes the need for collaborative communication among stakeholders to align risk strategies with organizational goals.
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Cannabis Captive
- A cannabis company needed $2M in D&O insurance to secure funding, but traditional premiums were exorbitant.
- A captive insurer offered better terms, saving the company substantially, demonstrating the niche benefits of captives.
Gun Training Captive
- A large gun training facility faced high premiums due to misclassification with carnival workers.
- A captive solution, backed by reinsurer assessment, offered tailored coverage, highlighting flexibility for unique risks.
Captive Domicile Selection
- Consider tax implications and treaties when choosing a captive domicile.
- Align the domicile with your business location and tax strategy to optimize accessibility to captive funds.