risk management

Plexus Introduces 2018 Summer Internship Program

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Deer Park, IL, April 18, 2018. -- The Plexus Groupe, a national insurance brokerage, is proud to introduce its Summer Insurance Internship Program. The Insurance Internship Program allows students entering their junior or senior year in Fall 2018 to apply. Interns will gain valuable real-world business and insurance experience in a workplace environment annually honored as one of the "Best Places to Work in Insurance" by Business Insurance magazine and Best Companies Group. The firm seeks a pair of interns for its Deer Park, Ill. office. It also looks to fill one position in its Dallas office. The paid insurance internship program runs from Monday, June 11 through Friday, August 3.

"We're excited for the launch of our insurance internship program," said Stephanie Martinez, Plexus VP of Human Resources. "It's a wonderful opportunity for students pursuing a career in insurance, a fast-paced field that employs three million nationwide. Also, a field that is undergoing considerable change because of technology. These are exciting times for our firm and we are looking forward to working with these students."

Internship Qualifications

In order to qualify for a Plexus insurance internship, candidates must have a 3.0 GPA or higher. Candidates will preferably major in Risk Management, Insurance, Human Resources, Business, or Finance. Employee Benefits will have two internships open: one in Deer Park, one in Dallas. One intern will work with Plexus's Property & Casualty team in Deer Park.

The Plexus Groupe will nominate interns for the Council of Insurance Agents and Brokers' Scholarship. This will give them a chance to win $5,000 towards their college educations.

Who is The Plexus Groupe

Plexus offers expertise in employee benefits, property and casualty, corporate retirement plans, personal lines insurance, human resources administration / consulting, benefits technology services, and mergers and acquisitions. In each of the last eight years, the firm has been honored as one of the "Best Places to Work in Insurance" by Business Insurance magazine and Best Companies Group. Headquartered in suburban Chicago (Deer Park), Plexus also has offices in Chicago (Loop), Dallas and Oklahoma City.

For more information on Plexus's 2018 Summer Internship Program, please contact the firm at 847-307-6100 and ask to speak to a Human Resources team member, or visit the firm's Career Opportunities page to apply.

Microcaptives: Small names, big undertakings?

Today’s topic is microcaptives. But before discussing microcaptives, we should first review what a captive is.

A captive is a risk management strategy employed by companies. In short, the company becomes its own insurer, using its own money to pay claims. The upside? Companies who know their risk outlook better than an outside insurer might be on their way to underwriting profits. The downside? It takes plenty of time and resources, and there is a good deal of risk. Such is life in the insurance business – and a captive places a firm right into the insurance field. 

Microcaptives are captives, but on the small side; to qualify, the annual premium must be less than $1.2 million. As with captives, they offer risk management advantages for companies. Microcaptives can also offer tax advantages, as up to $1.2 million in premium income can be excluded from taxation. When running smartly and soundly and above-board, microcaptives can make perfect sense for some firms.

However, microcaptives have also been used as tax shelters by firms, and the IRS has begun to zero in on these schemes. Per IRS guidance, the most egregious of the scams are set up largely to take the premium deduction, with companies paying their captives larger-than-reasonable premiums while keeping other insurance in place to manage commercial risks.

We’ll say it again: captives must be risk management tools first. They are insurance businesses. Companies simply looking to work an angle have to know the IRS is watching.

For more information about microcaptives, contact a Plexus client service team member at 847-307-6100. You can also contact us via the Web at plexusgroupe.com