DALLAS, Aug. 25, 2015 /PRNewswire/ -- Ryan, a leading global tax services firm, has been honored with the captive insurance industry's first-ever U.S. Captive Service Award for the best "Cell Company Initiative" for its innovative approach to protected-cell captive management.
A captive insurance company is a privately held company—not an insurance product—that insures the risks of its parent company by issuing policies, collecting premiums, and paying claims similar to a conventional insurer. A protected cell company (PCC) is a corporate structure with a hub and spoke design, in that it has a central core organization linked to separate cells that have their own assets and liabilities. A PCC shares all of the administrative and regulatory traits of a traditional insurance company; however, unlike a more traditional insurance company, the structure of the protected cell increases administrative efficiencies, while maintaining statutorily protected assets within each individually owned cell.
"When Ryan formally introduced its sponsored Protected Cell arrangement to the captive insurance marketplace in 2010, regulators, business owners, risk managers, and advisors lacked a full understanding of the approach," said Ken Kotch, Ryan Principal and National Practice Leader for Ryan's Captive Insurance Division. "Five years later, the protected cell arrangement is more common to captive administration and has earned an award category for the first time in the history of the U.S. Captive Service Awards."
"At Ryan, we have recognized the benefits of protected cell administration for half a decade, and we are honored to win the inaugural U.S. Captive Service Award in this category," said G. Brint Ryan, Chairman and CEO of Ryan.
The U.S. Captive Service Awards are awarded annually by the industry-trade publication, Captive Review, to recognize excellence in the delivery and management of captive insurance and celebrate innovation, commitment, and expertise in the captive insurance field. More firms than ever before entered the only awards series dedicated to the captive insurance industry, with 74 firms vying for awards in categories designed to specifically identify excellence and professional distinction in various captive insurance-related disciplines.
For more information regarding Ryan's Captive Insurance Division, click here.
Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the seventh largest corporate tax practice in the United States. With global headquarters in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a three-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 2,100 professionals and associates serves over 12,000 clients in more than 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at ryan.com.
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