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Captive Alternatives (CapAlt), an Atlanta-based insurance consultancy specializing in Private Insurance, has raised more than $20,000 for RIP Medical Debt, a nonprofit that raises funds to relieve unpayable medical debt. CapAlt has domiciled their insurance company in Puerto Rico since 2016 and have seen firsthand as the island has struggled to recover financially from the natural disasters that have plagued it in recent years. At the start of the campaign, CapAlt and RIP Medical Debt identified more than $2 million owed by individuals in Puerto Rico who met strict criteria for low income eligibility. CapAlt appealed to their clients and employees and, as a result, more than 1,000 people across Puerto Rico received letters in the mail stating that their medical debt has been purchased and erased without taxes or penalties.

– Inc. magazine today revealed that Captive Alternatives is No. 3202 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. Our inclusion on the Inc. 5000 list for the fourth consecutive year is a testament to our commitment to innovation and service, the hard work of our team, and the quality of our Private Insurance model,” said CapAlt Founder and CEO Mark Jacobs. Not only have the companies on the 2020 Inc. 5000 been very competitive within their markets, but the list as a whole shows staggering growth compared with prior lists as well. CapAlt’s pioneering risk management strategy, Private Insurance, enables businesses and organizations to self-insure selected risks, transfer high exposure to third parties, and financially reward themselves for effective risk management.

With a place on its Dirty Dozen list since 2014, several high-profile Tax Court losses for certain 831(b) captives, and the establishment of 12 new special examination teams, the IRS is clearly intent on bringing down abusive micro-captives. With a place on its Dirty Dozen list since 2014, several high-profile Tax Court losses for certain 831(b) captives, and the establishment of 12 new special examination teams, the IRS is clearly intent on bringing down abusive micro-captives. However, for the vast majority of small and middle-market business owners, risk strategy is a vital focus in an unpredictable economy, and captive insurance can be an important piece of a comprehensive enterprise risk management plan. These include: the use of independent actuarial services to determine premiums; the use of professionally accepted actuarial methodologies; the implementation of the key insurance mechanics of risk transfer, risk sharing, and risk distribution; and the use of third-party claims management services.

Captive Alternatives is anticipating a rise in emerging and non-traditional risks, such as cyber, reputational, supply chain and employee benefits, which it sees as among the key drivers for growth this year. Mark Jacobs, chairman and CEO of Captive Alternatives, said: “Employee benefits, in particular, I see as a big area of growth. Employers want to stay competitive by offering excellent benefit packages, but the commercial market is so volatile that employers will increasingly move to self-insurance and alternative market options. Living in such a connected world is exciting and leads to rapid innovation but we’ve also seen the dark side, with cyber-attacks, data breaches and even global health crises like the recent coronavirus spread,” he explained.