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Captive insurance audits
The members of the Dixon Hughes Captive Team are well versed in the requirements and application of statutory accounting principles, with the application of GAAP to insurance companies, and in the nuances of the captive insurance market. Dixon Hughes can help you determine if captive insurance companies can benefit your business and assist you with your audit requirements.
Businesses considering forming captive insurance companies must analyze the tax and financial consequences of such a move, select a location that best suits their needs, and determine whether establishing a pure or group captive is more appropriate.
Nearly all jurisdictions require audited financial statements on a GAAP basis.
- To meet unique insurance needs
- To provide a self-funding mechanism
- To reduce the impact of the insurance industry’s underwriting price cycles
- To take advantage of the favorable loss and risk
- To provide opportunities for the organization to improve risk controls by centralizing the risk management function
- To increase control over funds flowing through the organization
- Possible favorable tax benefits
In addition to audit and tax services, we assist our insurance company clients with a variety of other services, including captive feasibility study evaluation and GAAP basis financial statements.
Dixon Hughes is a proud member of the
the South Carolina Captive Insurance Association and the Vermont Captive Insurance Association.
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