JACKSONVILLE, FL--(Marketwired - May 8, 2014) - Sunset Capital Assets, Inc. (OTC: SSBN), a Nevada corporation, traded on the Over the Counter (OTC) markets "pink sheets" as SSBN, announced today the Company is forming and licensing its first Captive Insurance Company, Sunset Capital Assurance, SPC. The Company is being formed through its subsidiary company Alternative Risk Concepts, LLC (ARC). Sunset Capital Assurance, SPC will be a Segregated Portfolio Company domiciled in the Cayman Islands for the purpose of developing other Segregated Portfolios or cell captives within the company.
The first captive cell to be licensed will provide workers' compensation coverage to the staffing industry with premium estimates in excess of $20 million within the first three years. Other captive cells are in various stages of development and represent several different industries and lines of insurance coverage.
Monica Thomason, principal of ARC, states, "We firmly believe it's time we bring the benefits of captives to small and mid-sized organizations. We are excited to be able to offer affordable and flexible options to companies looking to create better, more cost-effective risk management and insurance programs. One of the unique advantages of the Sunset Capital captive is the expertise and resources we offer in the development of startup programs and the capacity to partner with our clients and take risk with them. This option allows us to provide real, value-added services to our clients and to distinguish our offerings from others in the alternative risk market."
The alternative risk market, and captives in particular, continue to be a popular means of risk financing for business insurance, with an estimated 40 percent of major U.S. corporations and many multinational companies owning one or more captives. Thomason states, "In many cases the traditional marketplace fails to respond to the needs of certain groups of businesses. We are looking to fill that void and offer an alternative to the traditional insurance marketplace and cater to those companies that are looking to control their own destiny by providing risk management services and being rewarded with potential significant underwriting profits from lower loss ratios."
Bert Watson, Sr., Chairman of Sunset Capital Assets, comments, "We are extremely enthusiastic about the synergies the captive market brings to Sunset Capital Assets' business model. The incremental benefits and expertise this revenue source will bring to our partners, joint ventures, clients and financial platform of services is very appealing. Our projections estimate Sunset Capital Assurance will add $11.5 million in earnings per year to our firm."
Sunset Capital Assets, Inc. is a diversified financial services firm focusing on acquisition and investment in banks, mortgage companies, real estate, title insurance, insurance, auto sales and financing, commercial financing, investment banking, and management consulting service primarily in the Southeast United States.
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