Each year, the brightest stars in the captive insurance industry gather in Vermont to celebrate those chosen as the tops in their field by Captive Review, a leading online and traditional publisher covering the risk management and captive insurance communities. Due to the risk posed by the ongoing pandemic, this year’s winners were announced October 7 in a virtual awards event that included South Carolina-based CPA firm Bauknight, Pietras & Stormer, P.A. (BPS), recognized as the Top Tax Advisory Firm to the U.S. captive insurance industry.
Though virtual, the celebration was no less special for Benjamin Glenn, CPA, a BPS shareholder who leads the firm’s captive insurance tax advisory group. “For a privately held, regional tax and assurance firm to be selected as the best tax advisor in the highly specialized and demanding niche area of tax law is an incredible honor. BPS has built a wealth of expertise in this area that we utilize on a daily basis for clientele across the country. Winning this award validates our efforts and reflects positively on our team and clients who rely on our counsel,” he said.
Each year, Captive Review showcases the incredible talent in the U.S. captive community, recognizing winners in 22 categories as the “gold standard.” The awards are judged independently, with experts from across the industry analyzing entries and choosing the winners. Although BPS has been a finalist in both the Tax Advisory and Audit and Accounting categories in the past, this is the first time the firm has taken home the top award.
Captives are insurance companies established to insure the risk of the owners. Captive insurance legislation has been enacted in approximately 30 states and the District of Columbia. According to the Insurance Information Institute, in 2019 there were more than 3,000 captive insurance companies in the United States.
Shareholder Christian Stormer, CPA, helped launch the BPS captive insurance practice in the early 2000s. At the time, the South Carolina General Assembly had just passed legislation which made the state an attractive domicile for new and existing captives. “We made the commitment to develop the knowledge and skillsets to advise U.S. companies forming captive insurance companies in South Carolina. Since that time, our client portfolio has grown to over 150 captives domiciled in states across the country,” Stormer said.
He adds, “Winning the Captive Review award proves that clients don’t care about the location of their tax and audit advisors; they’re looking for a unique and highly specialized level of expertise.”
In the Captive Review awards, the judge noted why BPS earned top honors: “I chose Bauknight Pietras & Stormer as number one given their commitment to the captive industry, their team of experienced professionals, and the wide range of risks they are able to effectively manage on behalf of their clients.”
Shareholder Bryan Hudson, CPA, ACI, oversees the captive insurance practice on a firm-wide basis. He says winning the Captive Review’s award for Top Tax Advisory Firm in the United States speaks volumes about BPS’ depth of captive-focused services. “Very few firms offer what we do. Our tax and audit professionals work hand-in-glove and are supported by a strong administrative team. We invest in our people to stay ahead of the curve to ensure the best advisory services to our captive clients.”
BPS welcomes companies interested in exploring the possibility of establishing a captive insurance company or require advice on an established captive to connect.