[PPT] - Captive Insurance Companies: Business, Estate Planning and Asset PowerPoint Presentation

SLIDE 1

Captive Insurance Companies: Business, Estate Planning and Asset Protection Considerations

Best Practices for Structure, Implementation and Choice

f Domicile Through Industry-Specific Case Studies

Today’s faculty features:

1pm East ern | 12pm Cent ral | 11am Mount ain | 10am Pacific

The audio portion of the conference may be accessed via the telephone or by using your computer's

speakers. Please refer to the instructions emailed to registrants for additional information. If you

have any questions, please contact Customer Service at 1-800-926-7926 ext. 10.

TUES DAY, APRIL 29, 2014

Presenting a live 90-minute webinar with interactive Q&A

Kevin Allgood, S enior Vice President, Hub International, Westmont, Ill. Michaeline Gordon, Principal, Dolgin Law Group, Chicago Lou S chendl, Manager, Timberview Captive, Peoria, Ill. Robert K. Wold, AFIS , CLCS , Vice President, Hub International, Westmont, Ill.

SLIDE 2

Tips for Optimal Quality

S

und Qualit y

If you are listening via your computer speakers, please note that the quality

f your sound will vary depending on the speed and quality of your internet

connection. If the sound quality is not satisfactory, you may listen via the phone: dial 1-866-961-9091 and enter your PIN when prompted. Otherwise, please send us a chat or e-mail sound@ straffordpub.com immediately so we can address the problem. If you dialed in and have any difficulties during the call, press *0 for assistance. Viewing Qualit y To maximize your screen, press the F11 key on your keyboard. To exit full screen, press the F11 key again.

FOR LIVE EVENT ONLY

SLIDE 3

Continuing Education Credits

For CLE purposes, please let us know how many people are listening at your location by completing each of the following steps:

In the chat box, type (1) your company name and (2) the number of

attendees at your location

Click the S

END button beside the box If you have purchased S trafford CLE processing services, you must confirm your participation by completing and submitting an Official Record of Attendance (CLE Form). Y

u may obtain your CLE form by going to the program page and selecting the

appropriate form in the PROGRAM MATERIALS box at the top right corner. If you'd like to purchase CLE credit processing, it is available for a fee. For additional information about CLE credit processing, go to our website or call us at 1-800-926-7926 ext. 35.

FOR LIVE EVENT ONLY

SLIDE 4

Program Materials

If you have not printed the conference materials for this program, please complete the following steps:

Click on the ^ symbol next to “ Conference Materials” in the middle of the left -

hand column on your screen.

Click on the tab labeled “ Handouts” that appears, and there you will see a

PDF of the slides for today's program.

Double click on the PDF and a separate page will open.
Print the slides by clicking on the printer icon.

FOR LIVE EVENT ONLY

SLIDE 5

Captive Insurance Companies

Business, Estate Planning, and Asset Protection Considerations

Dolgin Law Group, LLC

Attorneys at Law

SLIDE 6

Disclosure

IRS CIRCULAR 230 DISCLOSURE: To ensure compliance with Treasury

Department regulations, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used for the purpose of (i) avoiding penalties that may be imposed or recommending to another party any transaction or matter addressed herein.

The examples contained herein are hypothetical and do not reflect specific strategies

developed for actual clients. They are for illustrative purposes only.

Dolgin Law Group, LLC

Attorneys at Law

6

SLIDE 7

What is A Captive?

A captive insurer (or “Captive”) is a special-purpose insurance company formed

primarily to underwrite the risks of its parents or affiliated groups.

It is classified as an Alternative Risk Transfer (“ART”) entity versus a Traditional Risk

Transfer (“TRT”) entity.

Performs the same functions as TRT. It Issues polices, collects premiums, and pays

claims.

It is formed to finance-underwrite the risk of its owners or related entities, which gives

those owners maximum control of their at risk dollars.

A Captive traditionally supplements pre-existing risk management and financing

procedures.

Does not offer insurance to the public.
Regulations governing Captives are typically less onerous than those regulations

governing traditional commercial carriers

7

SLIDE 8

The Basic Captive Structure

Parent Corp. Risk Pool Captive

Premiums Pays Claims Pays Claims Premiums

8

SLIDE 9

History of a Captive

The history of Captives can be traced back hundreds of years to ship owners where

they would share, exchange, and transfer risk.

Up to the 1950’s 100 Captives had been formed.
1970’s and 1980’s saw significant growth in the captive industry due to captive laws

passed in Colorado, Tennessee, and Vermont, and federal legislation making it easier to operate similar interest captives.

Tax Reform Act of 1986 congress passed IRC 831 (b) election for captive insurance.
By 1995 3,200 Captives had been formed.
In 2008 there were close to 6,000 Captives in existence worldwide, and more than

40% of all major U.S. corporations operating at least one Captive.

9

SLIDE 10

The Captive Space

Ownership

Pure/Single Owner
Small Captive
Pure/Group Ownership

–Industry –RRG

No Ownership

Sponsored

–Protected Cell

Association
Fronting with Re-Insurance

International Risk Management Institute www.irmi.com Captives and the Management of Risk by Kathryn A. Westover Captive Practices and Procedures by Kathryn Westover Taken Captive R. Wesley Sierk, III

10

SLIDE 11

Current Captive Market

11

SLIDE 12

Profits and Trends

Out of every $1 you pay as premium,

roughly $0.60 goes to cover the expected losses, $0.40 for commissions & administrative expenses.

The insurer holds that $1 and invests it,

earning investment income.

Insurers set up a reserve for future

losses as a liability on their books, thereby deferring the recognition of income (and therefore income tax).

With a captive, you can flip the situation

so these advantages become yours.

How to Profit from and Insurance Company Current Trends In the Insurance Industry

Carriers are tightening underwriting

standards.

Increasing Premiums (hardening

market).

New target combined loss ratio is 95%.
2013-2014 2%-3% Property & G/L

Increase.

2013-2014 5%-10% Worker’s

Compensation Increase.

12

SLIDE 13

What is Uninsurable Risk?

The fishermen know that the sea is dangerous and the storm terrible, but they have never found these dangers sufficient reasons for remaining ashore.

Vincent Van Gogh

Insurable Risk

Boat & Building-Property
Slips and Falls-Third Party General Liability Claims
Staff and Employee Issues-Workers Compensation
Profits-Business Interruption

Uninsurable Risk

Toxic Sea or Pollution
Over fishing
Regulatory Body or Administrative Actions
Loss of a Key Client or Market
Anything That Keeps The Fisherman Up at Night

13

SLIDE 14

Managing Risk

Risk Control

The goal of the risk control techniques is to reduce the frequency and severity of losses as much as possible with the resources available.

Exposure Avoidance
Loss prevention
Loss Reduction
Segregation

Risk Financing

If losses cannot be avoided, they could

ccur; and they must be paid for. Two
ptions exist.
Risk Retention
Risk Transfers

14

SLIDE 15

Holistic Risk Management

1990’s Holistic Risk Management Trend or Enterprise Risk Management (ERM) By identifying and proactively addressing risks and opportunities, business enterprises protect and create value for their stakeholders, including owners, employees, customers, regulators, and society overall. (ERM)

Hazard Risk
Liability torts, Property damage, Natural catastrophe
Financial Risk
Pricing risk, Asset risk, Currency risk, Liquidity risk
Operational Risk
Customer satisfaction, Product failure, Integrity, Reputational risk
Strategic Risk
Competition, Social trend, Capital availability

15

SLIDE 16

Determining & Assessing Risk

Establishing Context
Identifying Risks
Analyzing/Quantifying Risks
Integrating Risks
Assessing/Prioritizing Risks
Treating/Exploiting Risks
Monitoring and Reviewing

SEVERITY FREQUENCY

RETAIN SHARE TRANSFER

16

SLIDE 17

Why Form a Captive?

Premium Stability
Premium Deductibility
Cost Savings
Exert Control
Cash Flow
Profit Center
Coverage Availability
Improved Risk Management
Works seamlessly with existing risk management

team

Simple and as hands off as you desire
Access to Reinsurance
Favorable Regulations & Tax Treatment
Asset Protection
Unique strategies for philanthropy goals

17

SLIDE 18

Selling a Captive-Defining the Team

Trusted Advisors

CPA
Attorney

Consultants

Program Manager or Captive Manager
Insurance or Risk Consultant

Takeaway

Never pre-judge a Captive opportunity.

18

SLIDE 19

Industry Candidates

Contractors
Builders & Developers
Car Dealerships
Manufacturers
Real Estate
Retail
Pharmaceuticals
Agribusinesses
Hotel Chains
Service Providers
Medical Profession
Healthcare Facilities
Professional Service Practices
Franchisor
Franchisees
Restaurant

19

SLIDE 20

Captive Prospect Profile

Generally speaking if a company meets one or more of the following business criteria they could be a candidate for a small captive insurance program:

A closely-profitable business
Pretax profits of at least $500,000
Gross revenues equal to or greater than $5 million
Stable cash flow
Substantial self insured/ uninsured business risk

It is important to note field is very broad. There is not a one size fits all model every Captive is unique in some way.

20

SLIDE 21

Captive and Estate Plan Strategy

Estate and gift planning should be considered in tandem with a Captive Insurance

Company (“Captive”) strategy

Dolgin Law Group, LLC

Attorneys at Law

21

SLIDE 22

What is a Captive?

Must meet definition of “insurance” for tax purposes, (bona-fide risk management

purposes, reasonable premiums, and adequate capitalization)

Must be able to establish appropriate “risk shifting” and “risk distribution” (Helvering v.

LeGierse, 1941)

Dolgin Law Group, LLC

Attorneys at Law

22

SLIDE 23

What Is a Captive?

A Captive insurance company must be taxed as a “C” Corporation
Possible to create multiple classes of stock, vesting schedules, liquidation

preferences, etc.

Key employee incentives
Premiums paid are deductible as “ordinary and necessary” business expense under

IRC §162

Premiums will not be taxable income under 831(b)
Investment income will be taxed as ordinary income at corporate marginal rates

Dolgin Law Group, LLC

Attorneys at Law

23

SLIDE 24

What Is a Captive?

If the Captive is profitable, profits can be accumulated, distributed as dividends, or

paid out to shareholders upon liquidation

Dolgin Law Group, LLC

Attorneys at Law

24

SLIDE 25

Business Fit for a Captive

Profitable ($500,000 or more in profits) businesses with uninsured risk
Businesses where owner(s) are looking for asset protection, wealth accumulation

and/or wealth transfer

Dolgin Law Group, LLC

Attorneys at Law

25

SLIDE 26

Benefits of a Captive

 Shareholders of Captives

As earnings accrue in the entity, the value of investment increases on a tax-

deferred basis

Distributions of dividends are currently taxed at favorable tax rates

Dolgin Law Group, LLC

Attorneys at Law

26

SLIDE 27

 Shareholders of Captives

As earnings accrue in the entity, the value of investment increases on a tax-

deferred basis

Distributions of dividends are currently taxed at favorable tax rates of 15% to

20%.

If the shareholders of the Captive are family members of the owners of the

parent company-income insures to them

Benefits of a Captive

Dolgin Law Group, LLC

Attorneys at Law

27

SLIDE 28

Definition of Insurance

 Risk Shifting

Risk Shifting is established in a Captive by the payment of the premium in

exchange for the assumption of liability to make payment if the risk matures

Dolgin Law Group, LLC

Attorneys at Law

28

SLIDE 29

 Risk Distribution

Case law has defined this concept as follows:

 Risk distribution occurs when particular risks are combined in a pool with

ther, independently insured risks

 By placing risks in a larger pool and increasing the total number of independent, randomly occurring risks, the business benefits from the mathematical concept of the law of large numbers in that the ratio of actual to expected losses tends to approach one

Definition of Insurance

Dolgin Law Group, LLC

Attorneys at Law

29

SLIDE 30

Case Law History of Captives

 In Humana v. Commissioner (881 F.2 247 (6th Cir. 1989)), the Captive won a victory  This case involved a parent with a group of operating subsidiaries paying premiums to a Captive subsidiary  The Court of Appeals held that the payments made by the subsidiaries would be deductible as insurance whereas the payments made by the parent would be disallowed, under the rationale of the prior decisions (Carnation Co. v. Commissioner and Clougherty Packing Co. v. Commissioner)  The case established that brother-sister entities related to the Captive could legally pay insurance premiums to the Captive and derive valid tax deductions

Dolgin Law Group, LLC

Attorneys at Law

30

SLIDE 31

Legal History of Captives

After the Humana decision, the IRS set out safe-harbor rules
The IRS now challenges transactions they see as abusive on a “facts and

circumstances” case by case basis

Dolgin Law Group, LLC

Attorneys at Law

31

SLIDE 32

Revenue Ruling 2002-89

 IRS safe-harbor if less than 50% of the risk insured by a single-parent Captive (and the rest from unrelated parties)

Dolgin Law Group, LLC

Attorneys at Law

32

SLIDE 33

Revenue Ruling 2002-90

 Single-parent Captive insuring 12 domestic subs of parent but no risk outside the family

No one sub accounts for less than 5% nor more than 15% of the risk

 Who can own a Captive:

Children and Family
Trusts for the benefit of Owner’s Beneficiaries
Family Partnership/LLC
Key Employees

Dolgin Law Group, LLC

Attorneys at Law

38

SLIDE 39

Captive Formation

 At the time of formation, common or preferred stock can be sold to:

The owners’ beneficiaries or trusts for their benefit
Key employees
Shareholders of the sponsoring entity
At retirement, death or disability, shares can be redeemed at capital gains rates

Dolgin Law Group, LLC

Attorneys at Law

39

SLIDE 40

A Captive can be formed inside a trust for children and grandchildren
The Captive can be gifted after formation
The captive can be sold later
To owners’ beneficiaries or trusts for their benefit
Key employees
Officers-shareholders of sponsoring entity

Revocable Trust Incomplete Non-Grantor Trust Business Captive Insurance Company

100% Premiums

100% Dolgin Law Group, LLC

Attorneys at Law

43

SLIDE 44

ASSET PROTECTION TRUST

As a C Corporation captive assets are protected from the owner’s creditors and the

creditor’s of the owner’s business

Using a foreign or domestic asset protection trust will allow for distributions to be

protected from creditors

Dolgin Law Group, LLC

Attorneys at Law

44

SLIDE 45

ASSET PROTECTION TRUST

Holding Company LLC Asset Protection Trust Business Captive Insurance Company

100%

Premiums

100%

Dolgin Law Group, LLC

Attorneys at Law

45

SLIDE 46

Dynasty Trust

Using a dynasty trust is appropriate if the captive owner desires to pass the captive

via a trust not owned by his or her estate

The owner of the Captive will receive the benefits of the captive insurance company’s

profits and distributions. The current estate tax rate is 40% for estate assets in excess of the current exclusion. Assume you have a properly structured captive insurance premiums of $1,200,000, the estate and gift tax savings could be $480,000 a year ($1,200,000 x 40%).

Dolgin Law Group, LLC

Attorneys at Law

46

SLIDE 47

Estate/Dynasty Trust

Revocable Trust Dynasty Trust Business Captive Insurance Company

Timberview Captive

The “Timberview” idea evolved from a thought that a Captive insurance

company could be a solution to a particular farmer’s future estate tax liability.

With the 7 farmers…it quickly evolved to be so much more!
A company that makes possible for farmers to control RISK to build, protect and

access wealth – and when the time is right, transfer it to the next generation.

This is about BUILDING WEALTH…
What are you doing with your $$$ today?

50

SLIDE 51

I don’t have to tell you about risks. Farmers manage them every day!

Weather
Timing (planting, harvesting and applying)
Farm Practices
Land fertility
Pest
Seed varieties
Market fluctuations
Geo-Political
Regulation

51

SLIDE 52

Major Issues Facing Farmers Today.

Higher grain prices
Higher input cost
Higher land cost and values
Increased risk to lawsuits, etc
Higher tax rates
Uncertainty in the future Farm bill and Federal Crop insurance
Increasing healthcare cost
Rapidly increasing Estates
Increased PROFITS

52

SLIDE 53

Increasing Profits

According to Farmdocs.com average Illinois grain farms net incomes. (http://www.farmdocdaily.illinois.edu/2011/05/profitability_and_farm_size_on.html) 1998-2002 $65 per acre 2001-2004 $95 per acre 2007-2009 $236 per acre ILLINOIS Farm Land Prices on average $10,000/acre to $15,000/acre

53

SLIDE 54

Strategies for increased profit…

Taxed deferred Retirement accounts
Equipment and Building purchases and improvements
Pay taxes and invest (Market, Land etc)
Timberview Captive?

Timberview Captive is a strategy that gives you increased control and access to your wealth.

54

SLIDE 55

Timberview Captive

Protected Cell/Incorporated Cells/Series LLC

– Pure Captive within a Series LLC structure

Optimal Combination of Retention and Risk Sharing.
Think of Timberview as an apartment/condominium building. Timberview itself is

the building, the SBUs are the apartments/condos.

55

SLIDE 56

What risks are insured…

Administrative Actions – Covers cost resulting from EPA and other regulators.
Pollution Liability – traditional farm and ranch policies cap coverage at $100,000
Product and Liability Recall – Will provide more extensive coverage for things like

aflatoxin etc.

Agribusiness Continuity – Provides cash flow to the farm operation in the event of

an unforeseen circumstance involving machinery, key employees etc.

Crop Supplement 71% - 90% - Policy follows form of the Fed Crop policy. Same

schedule of insurance, acreage report and production reports.

56

SLIDE 57

Timberview – Actuarial Support

Program Design
Rating Models
Annual Reserve Valuation
Regulatory Compliance

57

SLIDE 58

Timberview – Risk Mitigation Strategy

Spread of Risk
Pool Excess Exposure
Coverages, Policy Limits Selected
Ratemaking Risk Margin
P&C Basket Aggregate Retention

58

SLIDE 59

Timberview – Excess Risk Pool

Est. Annual

Estimated SBU Avg # Acres Revenue Size Class Premium Risk 2,000 1,800,000 Small 250,000 160,000 3,750 3,375,000 Medium 500,000 300,000 7,500 6,750,000 Large 750,000 600,000

SBU SHARED RISK POOL SBU SBU SBU

59

SLIDE 60

Timberview – Excess Risk Pool

Example # 1 Example # 2 Premium: Direct 436,529 436,529 Ceded to Pool (196,438) (196,438) Assumed from Pool 196,438 196,438 Net SBU Premium 436,529 436,529 Losses: Direct 500,000 Ceded to Pool (200,000) Assumed from Pool 92,055 92,055 Net SBU Losses 92,055 392,055 Net UW Gain/ Loss 344,474 44,474

60

SLIDE 61

Financial Matters: Accounting, Audit, and Tax

Provide assurance over financial statements
Auditor - Independent, are not involved in “books and records”

 Required annually under insurance regulations

Complexities of insurance accounting

 Domicile Reporting  Actuarial Reporting

Prepare and file annual tax returns

 Domicile  IRS

61

SLIDE 62

Financial Matters: Flows of Cash

Cash into SBU
Initial capital
Premium
Investment income and capital gains
Cash out of SBU
Claims
Dividends/capital gains
Expenses (including income taxes)
Investment activities

62

SLIDE 63

Timberview Captive Structure: Series Business Unit (SBU)

With this design, the owner can start

shifting potential profit to the next generation while keeping full control

ver the business.
Moreover, the owner does not yet

have to address the ownership of the

perating business itself.

John Doe Doe Farm Operations, Inc. Doe Dynasty Trust Timberview Series 001 d/b/a - Doe Insurance Co.

$250K gift Premiums Policies 1 voting share 99 non-voting shares 100%

wnership

$250K capital contribution

63

SLIDE 64

Timberview Captive Structure: Steps

Step 1:

Form and fund a new irrevocable trust
r utilize an existing trust
Trust should be a dynasty trust.
Trust will generally be a “grantor trust”.

John Doe Doe Farm Operations, Inc. Doe Dynasty Trust Timberview Series 001 d/b/a - Doe Insurance Co.

$250K gift Premiums Policies 1 voting share 99 non-voting shares 100%

wnership

$250K capital contribution

64

SLIDE 65

Timberview Captive Structure: Steps

Step 2:

Form the captive insurance company

through Timberview by applying for a Series License.

The captive application must be

reviewed carefully to ensure that this arrangement is properly described.

John Doe Doe Farm Operations, Inc. Doe Dynasty Trust Timberview Series 001 d/b/a - Doe Insurance Co.

$250K gift Premiums Policies 1 voting share 99 non-voting shares 100%

wnership

$250K capital contribution

65

SLIDE 66

Timberview Captive Structure: Steps

Step 3:

Once the captive is established and

the policies are in place, then the fun starts.

Every time a premium payment is

made, it is a wealth transfer with no transfer tax issues.

John Doe Doe Farm Operations, Inc. Doe Dynasty Trust Timberview Series 001 d/b/a - Doe Insurance Co.

$250K gift Premiums Policies 99 non-voting shares 100%

wnership

$250K capital contribution

66

SLIDE 67

Timberview Captive Structure: Accessing Funds

John Doe Doe Farm Operations, Inc. Doe Dynasty Trust

$1mm 1 voting share 99 non-voting shares

Timberview Series 001 d/b/a Doe Insurance Co.

Deed to Farmland

Farmland

$1mm FMV

John Doe Doe Farm Operations, Inc. Doe Dynasty Trust Timberview Series 001 d/b/a Doe Insurance Co. Farmland

100%

wnership

Resulting Ownership:

$1mm Loan (limit set by Delaware DoI)

r

Dividend (approval by Delaware DoI) Up to Certain Limits: (negotiated with Delaware DoI) – Acquire non-marketable securities – Acquire real estate – Acquire marketable securities

Acquire Farm Equipment

1 voting share 99 non-voting shares 100%

wnership

100%

wnership

67

SLIDE 68

Year 1 Year 2 Year 3 Year 4 Year 5 Year 20 Upfront Deposit (25,000)

Capital & Surplus Contribution

200,000

Deductible Premium

800,000 800,000 800,000 800,000 800,000 800,000 Participation Fees */1 (75,000) (75,000) (75,000) (75,000) (75,000) (75,000) Investment Income */3 46,250 98,113 138,316 180,138 223,646 1,130,747 Fed Inc Tax (8,556) (18,151) (25,588) (33,326) (41,374) (209,188) State Inc Tax Rate 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% State Inc Tax Amount (428) (908) (1,279) (1,666) (2,069) (10,459) Annual Net Available for Claims 762,266 804,055 836,448 870,147 905,203 1,636,099 Cumulative Net Available for Investment 962,266 1,766,321 2,602,769 3,472,916 4,378,118 23,251,038 Year 1 Year 2 Year 3 Year 4 Year 5 Year 20 Gross Income 825,000 800,000 800,000 800,000 800,000 800,000 Participation Fees

Investment Income

41,250 64,802 89,726 115,529 142,241 676,830 Fed Inc Tax (on earnings) */4 (358,050) (347,200) (347,200) (347,200) (347,200) (347,200) Fed Inc Tax (on investments) */2 (10,106) (15,876) (21,983) (28,305) (34,849) (165,823) State Inc Tax Rate 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% State Inc Tax Amount (2,063) (3,240) (4,486) (5,776) (7,112) (33,841) Annual Amount Available for Investment 496,031 498,485 516,057 534,248 553,080 929,965 Cumulative Available for Investment 496,031 994,516 1,510,573 2,044,821 2,597,901 13,666,555 No Captive Captive No Captive Captive Income Taxes Gross Income Available 4,025,000 4,000,000 16,025,000 16,000,000 Investment Income 453,547 686,464 6,519,722 10,612,519 Expenses

(375,000)
(1,500,000)

Total Income 4,478,547 4,311,464 22,544,722 25,112,519 Income Tax (1,857,969) (126,996) (8,552,182) (1,963,315) Capital in Insurance Company 200,000 200,000 Post Tax 2,620,578 4,384,468 13,992,540 23,349,204 Potential Income Tax Savings 1,763,890 9,356,664 Withdrawing Money from Captive LTCG Taxes

(836,894)
(4,629,841)

Available 2,620,578 3,547,574 13,992,540 18,719,363 Estate Taxes Potential Estate Taxes (1,179,260)

(6,296,643)
To Heirs

1,441,318 3,547,574 7,695,897 18,719,363 Additional Benefit to Heirs 2,106,257 11,023,466

TAX ESTIMATE

20 Year Analysis

FINANCIAL SNAPSHOT - SCENARIO WITH CAPTIVE FINANCIAL SNAPSHOT - SCENARIO WITHOUT CAPTIVE

5 Year Analysis

68

SLIDE 69

Thank You

Kevin Allgood Hub International kevin.allgood@hubinternational.com Michaeline Gordon Dolgin Law Group mgordon@dolginlawgroup.com Lou Schendl Timberview Captive lschendl@timberviewcaptive.com Robert K. Wold Hub International robert.wold@hubinternational.com Dolgin Law Group, LLC

Attorneys at Law

69