PARCs and DACs
GPW offers a wide variety of financial and compliance management services to producer affiliated reinsurance companies (PARCs) domiciled either within the United States or outside. These services include:
New Company Formations
GPW assists in the formation of PARCs and domestic administrative corporations (DACs) in a variety of domiciles. A DAC is a variant of a PARC. While the PARC reinsures the producer's business, the DAC itself takes the risk directly. DACs are always located in the U.S. GPW is well-versed in the particulars of these structures and domiciles and helps clients determine which one is best to meet their needs. Once the structure and domicile for the new entity is determined, GPW is able to provide complete "turn key" services for the formation.
Professional Financial and Compliance Management Services
GPW provides the following services to PARCs and DACs:
- Preparation of statutory and/or GAAP financial statement
- Preparation of all required tax forms
- Assistance to auditors and insurance department examiners
- Preparation of domicile compliance forms and reports
- Preparation and maintenance of corporate records
- General bookkeeping services
GPW also provides a wide variety of additional services to PARCs and DACs.
Some of these services include:
- Analysis and evaluation of different producer- participation options 1) bonus, 2) retro, 3) PARC, 4) DAC
- Comparison of competitors' programs
- Assistance in negotiation or review of reinsurance programs and treaties
- Valuation of blocks of business and/or companies
- Feasibility studies for different F&I products
- Assistance with IRS audits and issues
- Expert Witness
Our senior management has over 100 years combined experience in the PARC industry. GPW currently manages over 600 PARCs and DACs.
For more information regarding these services, contact: Gregory Petrowski gpetrowski@gpwa.com, Charles Wanner cwanner@gpwa.com or Larry Prudhomme lprudhomme@gpwa.com.
For frequently asked questions concerning PARCs click here.
Call us at 602.200.6900 or e-mail us: info@gpwa.com
2700 North Third Street, Suite 3050, Phoenix, Arizona 85004-1129