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What is a Member-Owned Group Captive?
One of our past Presidents turned us onto this topic and speaker after gaining this insight!
Date: Tuesday, December 10, 2024 (2nd Tuesday)
Time: Registration/Networking - 5:30 pm, Dinner - 6:15 pm, Speaker - 7:15-8:30 pm
Where: Elizabeth's Bar & Restaurant - 825 Cromwell Ave, Rocky Hill, CT 06067
Buffet: Chicken Milanese, Eggplant Parmesan, Sweet Sausage Rose over Penne, Marinara over Penne, Salad, Roasted Potatoes and Vegetables
Important ---> Register on our website.... PAY AT THE DOOR only
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RSVP online, preferably by Dec 5th for Headcount and pay at door - COST:
IMA (or NABA) Professional Members - $25
Professional Non-members - $30
Full-Time Students - FREE
Technical Speaker only (no meal) - $ 5
We're here to help. Should you encounter any problems with the online registration process, please Email us at: Hartford@IMAChapter.org
Cancellations not made within 24 hours of event will be subject to full payment.
Rich Varrato
Your speaker: Rich Varrato
Rich Varrato is one of the Principals and Co-Founder of The Magnolia Agency. Something that most people don’t know about Rich is that he was a PGA Golf Professional for 12 years prior to his insurance career. His golf career was the perfect training ground for his transition to agency ownership as exceeding customer expectations was always something Rich prided himself on. Another little known fact, Rich gave thousands of lessons in his career and actually gave Adam Levine from Maroon 5 a lesson.
Rich writes some of the largest construction and home healthcare agencies in New England and has a passion for collaborating with our carriers to find the best solutions for our clients. Rich is often described as hard-working, determined, competitive, and laser-focused on achieving his goals when he commits to doing something. He looks forward to leading the sales team in Essex for a long time.
When Rich isn’t working, he enjoys spending time with his family, watching the New York Giants, golfing, and traveling.
Rich currently resides in Essex with his wife, Jessica with their daughter, Maggie Rose and son Jack.
What you will Learn:
What is a Member-Owned Group Captive?
- Definition and explanation of a member-owned group captive.
- Distinction between traditional insurance and captive insurance.
- What types of businesses are eligible?
Benefits of Member-Owned Group Captives
- Cost Savings: Lower insurance premiums and potential for profit sharing.
- Customization: Tailored coverage specific to the needs of the group members.
- Control: Greater control over claims management and loss prevention strategies.
- Stability: More predictable insurance costs and reduced market volatility impact.
Financial and Tax Advantages
- Tax Benefits: Potential for tax advantages, including deductions for premiums paid.
- Investment Income: Ability to earn investment income on premiums and reserves.
Structure and Operation
- Ownership: Explanation of how members jointly own and govern the captive.
- Capitalization: Initial capital requirements and ongoing funding.
- Governance: Role of the board of directors and committees in managing the captive.
Risk Management and Loss Control
- Risk Pooling: Diversification of risk among member companies.
- Loss Prevention: Implementation of proactive loss control programs.
- Claims Management: Efficient and effective claims handling processes.
Regulatory and Compliance Considerations
- Regulatory Environment: Overview of regulatory requirements and compliance.
- Domicile Selection: Many captives are domiciled in the Grand Cayman’s
- Grand Cayman’s: Why are so many captives domiciled here?
Case Studies and Examples
- Real-world examples of successful member-owned group captives.
- Testimonials and success stories from captive participants.
Questions and Discussion
- Open floor for questions from the audience.
- Encourage discussion on specific concerns and interests of the attendees.
Conclusion
- Recap of the key benefits and considerations.
- Encouragement to explore the potential of member-owned group captives for their clients.
Attendees:
Everyone, including non-members, would need to create a profile on the IMA Login page in order to register online. Please email Hartford@IMAChapter.org for assistance, if needed.
Please note that photos and/or social media posts may occur at or after the event in promotion of this current and/or future IMA events. By registering or walking into this event, your release is presumed unless you directly specify that you do not consent upon registering at the entrance to the event.