J. Smith Lanier & Co., founded in 1868, is the oldest privately held insurance brokerage in the Southeastern United States and one of the 25 largest of public and privately held insurance brokerages in the country. With 19 offices in five Southeastern states and nearly 600 associates, Lanier serves a wide variety of industries and clients including domestic, international, private, public, for-profit, non-profit, and governmental entities.
“We started working with Intuitive Captive Solutions in 2010,” says Steve Norton, Senior Vice President of Alternative Risk Financing at J. Smith Lanier & Co. “We wanted to offer leading edge and innovative enterprise risk captive products to our clients. Since that time, we have established several captives with Intuitive and have several others in the pipeline.”
Norton feels that offering captives helps to reinforce the firm’s relationships with existing clients and also helps to establish new client relationships. “We researched enterprise risk captives very thoroughly, and we scrutinized the risk pool models that are out there,” says Norton. “We found Intuitive’s model to be just that – ‘Intuitive’. It has the measures and controls in place we felt were necessary to protect our valued clients and their investments while offering real value to the captive owner.”
Keeping an eye on the captive market
Norton sees quite a bit of growth ahead for captives. As his firm continues to develop more business, clients are starting to ask more questions about captives. Norton believes there are firms out there promoting very questionable pooling facilities that are begging for a challenge by the IRS and their scrutiny is only going to increase. Intuitive’s facility has been tested and is closely monitored by their actuary and tax counsel.
“The team at Intuitive and their deliverables are very professional, thorough and well designed,” says Norton. “Intuitive is a great partner for J. Smith Lanier & Co. and we look forward to helping more of our clients achieve their financial goals with their assistance.”