The Building BITE

Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome David Guerino, SVP and Managing Director of Captive Insurance at KeyState Companies, and Scott Allan, Chief Risk Officer at STO Building Group. We begin the episode by discussing David and Scott’s professional careers in the construction and insurance industries that eventually lead them to partnering together in creating a captive. David works to help demonstrate some of the many nuances around setting up captives while Scott shares his firsthand experience in the matter. From there, we have a great conversation which is highlighted by our three key takeaways. 1. A Captive Is a Great Tool: Captives are formalized funding mechanisms that are regulated and can vary depending on where they are domiciled. As a potential risk mitigation solution, they are uniquely designed to help you manage and mitigate the cost of your risk. 2. There Is a Misconception Around How Risk Is Transferred: Just because you have formed a captive does not mean that the risk has been eliminated. It is important to educate owners and the C-Suite regarding best practices within the captive and discuss effective strategies when deploying their risk mitigation resources. 3. Partner With Strong Business Partners: Like all business relationships, it is important to make sure you are selecting strong partners that align with your business. Choosing the right team to be your Captive Manager can determine how effective your new risk mitigation strategy will be. These trusted relationships will play a key role in the current and future success of the program. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with David and Scott on “Understanding Captives as an Alternative.” Please like, share, and subscribe to this podcast!