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Protected Cell Captive Reinsurance Companies

Protected Cell Captive Reinsurance Companies
Item# reinsure

ACC Warranty Services and ACC Reinsurance provide your business with a turn key Warranty Solution along with a platform for a Captive Insurance Company and Reinsurance Company Formation including:

ACC Captive Formation - Protected Cell Warranty Reinsurance Companies

ACC Feasibility Study


A limited analysis of the aspects of establishing a reinsurance company, which may include the following:

  • Identification of appropriate risk areas, and the development of related risk transfer solutions
  • Coordination of substantive and  structural input from other key in-house service providers or advisors and  professionals, including actuaries, insurance brokers, accountants  and lawyers
  • ACC outlines a plan to implement a  captive insurance structure
  • Determination of warranty premium ranges,  retentions, initial capital allocation and developing financial projections for a  captive structure
  • Consideration of fronting  arrangements and reinsurance opportunities for dealers
  • Discussion of reinsurance company accounting, tax, and  regulatory matters, and attention to how such issues are  addressed
  • Providing benchmarks for the  performance of the captive reinsurance structure
  • Where applicable or desirable,  financial models
Business Plan

  • Design of custom tailored business  plans that set out the operation and management of a captive insurance  company
  • Establishing 5-year pro forma  financial statements, including a balance sheet, an income statement and a  statement of cash flows

Licensing 


ACC manages the licensing process, including the following matters:

  • Providing a focal point for all  business entities and service providers
  • Preparation of application  documentation to submit to regulatory authorities
  • Meeting with regulators to discuss  each particular application for establishment/formation of a captive insurance  company
  • Continued interface with  regulatory representatives to ensure prompt attention to the application and  the timely completion of the formation process
  • Coordination and supervision of  incorporation of the company
  • Filing of the application,  supporting and supplemental information and payment of all licensing  ees

Captive Management

Accounting
Review and assistance with  preparation of a balance sheet, an income statement and statements of cash  flows on a monthly basis 

  • Moderation of NAIC and tax filings  in conjunction with strategic partners, or through coordination of services  with retained professionals
  • Coordination of annual insurance  company audits
  • Submission of annual reports to the insurance regulators

Underwriting and Policy Issuance

  • Benchmark coverage and related premiums
  • Preparation of all documentation including: applications, policy documents, renewal invitations and premium  payment confirmations and related notices
  • Review of third-party insurance documentation, including reinsurance agreements
  • Biannual underwriting  review
  • Liaison with in-house actuary and other professionals and service providers as required
Claims

  • 24/7/365 Live Claims Management
  • Custom Web-Based Claims Application
  • Coverage  review
  • In-House claims administrators (300+)
  • In-House legal counsel
  • Production of all settlement documentation
  • Provision of quarterly claims reports
  • Annual audit of claim settlements
  • Assistance with claims reserves and liaison with actuary
Regulatory Compliance

  • Monitoring of brokerage, banking  and financial statements
  • Quarterly financial  review
  • Quarterly review of compliance with local insurance and corporate legal requirements
  • Periodic review of solvency, capital adequacy and asset allocation requirements
  • Production of annual compliance reports
Actuarial

  • Coordinating in-house actuarial service to address capital adequacy, reserve valuations, premium, rating adequacy

Corporate

Captive corporate governance and secretarial service, including items such as:

  • Liaison with registered office
  • Liaison with registered agent
  • Production of corporate  minutes
  • Production of corporate  resolutions
  • Coordination of general corporate law matters and compliance
  • Liaison with legal counsel in the captive domicile

General

  • Liaison with insurance regulators
  • Liaison with in-house service providers, including:
    • Actuary
    • Auditor
    • Accounting
    • Registered Office
    • Registered Agent
    • Legal counsel
    • Investment Advisor/Manager/ Wealth Manager
  • Regular discussion and updates with clients


Dealer Owned Reinsurance Companies For:

RV Manufacturers, Auto Dealers, RV Dealers, Agencies, Lenders

 

There was a time when reinsurance and captive insurance was strictly the domain of large corporations.  Recent innovation in this sector has meant that reinsurance is now accessible to small and medium-sized enterprises, including auto dealers, RV dealers and RV manufacturers.

 

A captive, in its purest form, is a company set up by its owners  to insure the risks of its parent. This can offer several advantages in comparison with insuring through the commercial market:

 

  • The insuring of unusual risks or multiple small risks
  • Avoid paying overhead and profit margins to an insurer
  • Premiums relate to actual insured claims - not the market at large 
  • Direct access to the wholesale reinsurance market
  • Benefits from the investment income on retained premiums
  • The retention of the excess of net premiums over paid claims
  • Taxation efficiencies: The payment of the insurance premium is deductible in arriving at profits and receipt is at the group's offshore captive which is tax exempt up to one million dollars per year
  • Improved risk management and cost of risk

 

In the past many some small to medium sized firms have found that the benefits of a captive were outweighed by the start-up and on-going costs.  This is where we come in!

 

Many warranty vendors promote participating in a pooled captive or a non-controlled foreign corporation. The risk of using a pooled captive company outweighs the reward in most cases, as all of your assets and liabilities are linked to other members of the pool and therefore there is a risk that the failure of one reinsurance program will lead to the loss of assets relating to another or all members.

 

To address this, ACC promotes formation of Protected Cell Reinsurance Company (PCC), as a controlled foreign corporation.  A company made up of a core and individual protected cells, where the legal segregation ensures that no claim against one cell will be covered by the funds furnished by another.  This is perfect for corporations acting as a holding company for many brands.  Each brand has its own cell and stands alone for profit and loss.

 

There has now also been introduced the innovative Incorporated

Cell Company (ICC). An ICC, like a PCC, has cells but they are separately incorporated and distinct legal entities, offering an added layer of protection in the separation of assets and liabilities.

 

The use of a ACC for forming your cell company rather than forming a full-blown captive has distinct benefits for small to medium sized businesses and makes captive insurance and reinsurance more viable:
  • Lower Formation and Operating Costs 
  • Less Management 
  • Fast Set Up Times
  • Lower Minimum Formation Capital
  • Less Tax 

For more information about ACC Reinsurance programs please visit with us today by phone or e-mail! info@accws.com  or 1-888-299-9888





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Producer Owned Reinsurance Companies - PORC - VSC
Producer Owned Reinsurance Companies - PORC - VSC

The ACC Dealer Reinsurance Program offers auto and RV dealers additional opportunities to increase their bottom line. 

Dealers may elect to participate in either a standard retro / commission program or enter into a reinsurance relationship with us. 
A retro program allows a dealer to participate in any underwriting profits on the business he writes. Typically, the percentage of shared profits will increase as the dealer's volume of business increases. 
A producer-owned reinsurance company (PORC) allows the participating dealer to assume exposure for the performance of his individual book of business. This provides the dealer an opportunity to participate in the underwriting profit and loss as well as receiving investment income on the reserves held to pay claims. 

We use a protected captive arrangement in which your business is not affected by the performance or losses of other dealers.  Other companies promoting "pooled captive" reinsurance arrangements cannot offer the security or performance that our program provides.

Our agents will provide you with the all of the resources needed to help you determine which option is best suited for your dealership.
  

Standard Service Contract Program:
  • Profit is derived from the sale of the service contract
  • No contingent risk for you or your dealership
  • Standard "walk-away" warranty business

Reinsurance Program: 

A unique program structure
  • It's your insurance company.
  • You have the security of knowing your claims will be paid.
  • It allows you to develop a personal asset for retirement and estate planning.
  • It affords tax advantages that are unique to insurance companies.
Why choose an ACC reinsurance development plan
  • 100% Written Premium Ceded Monthly.
  • 100% Investment Income.
  • 100% Underwriting Profit.
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    It's your insurance company
    • Always maximum flexibility and security.
    • You build a substantial personal asset.
    • You control your Reinsurance Company's investments.
    • Your investments are established in your own separate account and your profits are not affected by other dealers.
    • You accumulate profit and wealth.
    What other considerations are there
    • Initial capitalization and formation costs are nominal.
    • Losses may be controlled by eliminating unnecessary, inappropriate or wasteful repairs while maintaining customer friendly policies and procedures.

Producer Owned Reinsurance Companies - PORC - VSC reinsurance




*** NOTE: Not available where prohibited - Not Available to Florida Residents. All offers are void where not allowed.

**All state laws apply. Certain federal laws may also apply. Contact us for more info at info@accws.com

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To obtain a free copy of any warranty by mail please send a request to: Warranty Requests at The Acc Warranty Group, 8888 Keystone Crossing, 13th Floor, Indianapolis Indiana 46260 stating your request along with your name and return address.

* This is an overview of coverage only - not an actual warranty.

** You must refer to the actual VSC vehicle service contract to obtain specific information about definitions; terms and conditions; coverages; benefits; claim instructions; exclusions; and special state requirements. We use the term "extended warranty" and "warranty"interchangeably with the term "vehicle service contract," variations thereof, or "VSC," throughout the web site.

Definitions are explained in this site under Magnuson-Moss. 

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**All Quotes are non-binding and are based upon the accuracy of information you have provided.
**All applications are submitted to the administrator of the insurance company for verification and acceptance. ____________________________________________________________
**Pre-owned plans require an acceptable vehicle inspection report to be completed and accepted prior to a claim being honored and/or a 30 day and 1000 mile waiting period.

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ACC

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