‶It’s complex. And Phil puts it all in play… I’ve grown my business very profitably since 2009 and it’s a direct corelation to Phil.″
‶The captive space is a very niche-y industry that serves a critical function for specific kinds of businesses. An early client of ours in the healthcare industry was doing everything right, businesswise, yet struggling to make ends meet due to an unsustainably high insurance premium. Once we set up a captive so they could self-insure, things turned around. We pride ourselves on finding innovative business solutions, but for a client who needs a captive, there is really no other way for them to stay in business. Forty years ago, before captives began to catch on, they would have been out of business.″
– Phil Tortorich, Founder | TORCH LAW
Our captive insurance clients typically own a successful company despite constant high-risk exposure. Think: energy, construction, manufacturing, technology, private equity. Their single biggest business challenge is the equally constant struggle with their commercial insurer. Captive insurance allows them to control the process and timing of their claims handling.
How does it work? A business essentially sets up its own customized insurance company, the captive, and:
In addition to structuring and executing captives, we work with state legislatures to help them understand the impact that captive insurance can have on the state’s business community.
Does captive insurance sound like something that could improve the predictability and financial security of your business? We’d love to talk about it.
How do we help our Captive Insurance clients?
We’ll let one of them tell you.
‶Phil and I designed and implemented a novel series LLC business structure specifically for captive insurance. It’s complex. And Phil puts it all in play. When I’m doing big deals, I’ll bring him in the pre-salecycle. Phil does such a good job of understanding where a client has been and where they’re at and where they’re trying to go, and he probes through good questions on tax and legal that gets them to a quicker mindset of understanding the value of what I do. I’ve grown my business significantly since 2009 and it’s a direct correlation to Phil.
He’s got that personality, that charisma, and he has that enjoyment about life in general where he just builds good relationships with folks wherever he goes. He’s kind. When he’s talking to you, he pierces you with those eyes, he listens, and he’s genuinely interested in who you are and what you’re saying. I trust him with everything. 110%. There’s nothing I hold back. I tell him my deepest worries, and I know that he’ll talk to me as a friend, as a lawyer, as a business owner. I trust his insight and perspective across all of those. He’s my inner circle.
Another big piece about him is he understands the political aspects of the business, and to watch him walk that line as a lawyer, it’s fascinating. We were asked by Nevada to give input on how they can make their legislation better for the captive insurance industry. That’s a real compliment that the state of Nevada is asking us how they can do it better. That’s Phil. He’s looking at the legislation, keeping in mind the Secretary of State, the Department of Insurance, and coming up with a framework that works for both divisions. And he rides the political shifts better than anyone. The new regs just came out so he’s going through it and determining what kind of impact it has on our clients.
You have to see somebody in action to know who they are, what their gifts are, and how that transfers into who they are as a human being, and you look at who Phil is with his daughter, his commitment to her, his love and compassion, that’s the gift of Phil. He is always focused on his responsibility to help the other person succeed. Big heart. I absolutely love him. I’d do anything for him.″
– LS
