A 100-year-old Chicago-based closely held manufacturing company had environmental issues that developed over time. Their customers also developed potential issues that would threaten the livelihood of thousands of small businesses. Over the course of their company history, they have grown into a major force in their industry with a distribution network covering all of North America, Europe, and Australia.
Banks & Associates was engaged to help with risk management and develop business plans, financial models and a CRM (customer relationship management) system. Our work included group facilitation and planning to educate insurance underwriters, business owners, and other related industry members to understand the ramifications and the workings of captive insurance.
The result of our engagement was the establishment of an offshore captive insurance company to cover industry-related environmental issues that saved hundreds of thousands of dollars in insurance and claims cost.