Talisman Casualty Claims Explains Captive Insurance Companies

November 18, 2019 - /PressAdvantage/ - Talisman Casualty, a Las Vegas, Nevada based insurance company, is reaching out to the wider community to explain captive insurance companies and how they work. Talisman Casualty is a specialist that provides alternative risk transfer options for liability and property insurance. More information about the company and the services they provide can be found at the following link: Talisman Casualty Claims.

According to Talisman Casualty, a captive insurance company is a wholly-owned subsidiary company that is created with the intent to provide risk-mitigation services for its parent company (or a group of related companies). The reasons for the creation of a captive insurance company can include the parent company not being able to find an outside firm to insure them against particular business risks, wanting to create tax savings by paying reduced premiums to the captive insurer, seeking insurance that is either more affordable or has better coverage for the parent company’s risks.

Talisman Casualty explains, “What you need to understand is that a captive insurance company is essentially a form of corporate ‘self-insurance.’ There are of course a number of financial benefits to creating a legally separate entity to provide insurance services to you. However, there are certain aspects you need to consider, like added administrative costs, overhead costs and the salaries of additional personnel. There are also complex compliance issues to consider. As a result, larger corporations predominantly form captive insurance companies.”

As Talisman Casualty explains, there are several questions relating to tax that come up when considering captive insurance companies—protection from tax assessments is one of the sought-after benefits for the parent company. The company says, “The tax concept for captive insurance companies isn’t all that complex, actually. The parent company will pay insurance premiums to their captive insurance company and deduct these premiums in their home country, which will more often than not be a high-tax jurisdiction. Usually, a parent company will situate the captive insurance company in places like Bermuda or the Cayman Islands because they are tax havens, and this allows the company to avoid adverse tax implications. Fortunately, as of today, several states within the United States allow the formation of captive companies.”

Talisman Casualty has many years of experience with captive insurance. The firm is part of a growing segment of the insurance market which boast over 7,000 captives licensed around the world, with global captive premiums exceeding $55 billion. The company operates out of Nevada and which has over 200 licensed captives generating around $4 billion of captive premium.

According to Talisman Casualty, one of the primary goals of creating a captive insurance company is to provide improved risk management for an organization. The risk management benefits of captive insurance companies can include increased financial efficiency of risk management, more flexibility in responding to changes in risk retention and risk transfer strategies, obtaining coverage for risks that are not usually available or economically feasible in the commercial insurance markets, obtaining access to reinsurance markets, reducing insurance administration costs and recapturing underwriting profits, and so on.

Talisman Casualty says, “At our firm, all of our captive insurance programs are carefully crafted to ensure that they meet the needs of our clients and their stakeholders. With a number of leading insurance industry experts in our ranks who specialize in captive insurance companies, we can assure you that you will get nothing but the best service. We can resolve your business issues and we can help you take risks you wouldn’t otherwise be able to take. We are proud to say that we have excellent working relationships with all of our clients, relationships that we value and nurture. We look forward to helping you with your captive insurance needs.”

Those who want to learn more about Talisman Casualty and the various services they provide can find more information on the company’s website. Additionally, the company also encourages interested parties to get in touch with them directly via email, phone or, alternatively, the form on their website. More information about the company can also be found at the following link: Talisman Casualty Insurance Company LLC.

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For more information about Talisman Casualty Insurance Company, contact the company here:

Talisman Casualty Insurance Company
800-318-5317
[email protected]
Talisman Casualty Insurance Company
7881 W. Charleston Blvd, Suite 210 Las Vegas, NV 89117

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