About Taken Captive
"It is my belief the insurance industry is broken and successful business people
should take advantage of the federal laws that allow them to escape the hard and
soft market cycles of traditional insurance and start their own insurance companies."
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A veteran of the insurance industry for more than 14 years, Sierk has summarized
the key components of the captive insurance industry in this insightful, practical
guidebook. Sierk believes that the very wealthy and sophisticated investors-the
entrepreneurs and CEOs, the architects, real estate developers and builders, the
professional athletes and entertainers, the hedge-fund managers and venture capitalists-should
be considering alternative risk- financing strategies that are substantially more
flexible than those offered by the traditional insurance industry. As this book
reveals, in many cases these types of professionals should do more than purchase
insurance, rather they should own their own insurance company, a captive insurance
company.
Sierk uses many examples to break down complex topics into easy-to-grasp guidance
that covers basic definitions, the reasons to form a captive, the risks that can
be underwritten, the formation process, and the process of managing a captive. He
also covers the key tax advantages as well as the pitfalls for those who don't follow
IRS and state insurance-regulatory guidance. Sierk discusses the history of the
captive industry, the differences between offshore and onshore domiciles and the
advantages of operating in certain jurisdictions.
For anyone interested in learning more about this underutilized risk-financing strategy — from
the basics through advanced concepts — Taken Captive will undoubtedly be an invaluable
resource.
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