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002: The Benefits of Setting Up A Captive Insurance Company - Wesley Sierk
Manage episode 374878903 series 3504504
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Wesley Sierk is the President and Lead Strategist for Risk Management Advisors, Inc, and a Board Member of The Due Diligence Project™.
Wesley is an expert in captive insurance design, implementation and management. He is a frequent speaker to industry associations as well as law and CPA firms on asset protection and how ordinary businesses can escape the hard/soft market of insurance by creating their own closely-held insurance companies.
He is the author of Taken Captive: The secret to capturing your piece of America’s multi-million dollar insurance industry.
In this interview we discuss:
- What is a captive insurance company?
- Why form a captive?
- What are the risks associated with forming and operating a captive?
- How Warren Buffet rates owning insurance companies amongst his other investments
- How Wesley’s clients’ range from boat builders, to energy drink companies, to a collection of 14 high end plastic surgeons, to a variety of manufacturing companies.
- How all of his captive clients are doing a minimum of $10 million dollars of revenue, an average of $50 million, and even a couple of clients in excess of $1billion in revenue
- The reason why traditional health insurance companies are not run as efficiently as the could be, and how setting up a captive insurance company can change this
Connect with Wesley Sierk at:
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