What Capstone Associated Services, Ltd does

Capstone Associated Services, Ltd. is a Houston-based captive insurance management company founded in 1998 that forms and administers captive insurance entities for mid-market, closely-held U.S. businesses. Its core offering is turnkey management of 831(b) microcaptives, under which clients with meaningful uninsured or underinsured risk and approximately $1.5 million or more in pre-tax profits can elect 0% federal income tax on underwriting profits. The company retains and directly compensates the full multidisciplinary team needed to analyze, design, implement, and operate captives, including CPCU-certified underwriters, in-house accountants, claims managers, and contract administrators, supplemented by affiliated legal counsel The Feldman Law Firm LLP for IRS and state tax controversy support. Capstone also serves as the captive manager for 831(a) larger-corporation structures and 501(c)(15) small tax-exempt insurers, and offers IC-DISC export-tax planning as a complementary service.

The firm operates through a dual go-to-market: a direct engagement model in which Capstone's in-house team conducts feasibility studies and ongoing administration with business owners, and a referral channel of CPAs, insurance agents, brokers, and financial advisors who introduce captive planning conversations to their mid-market clients. Revenue is generated on a professional-services basis via a single turnkey fee that bundles feasibility, policy design, underwriting, claims, accounting, audit support, and ongoing management, with no publicly disclosed pricing. The company has formed over 200 captive insurance companies since inception, currently manages 80+ on an ongoing turnkey basis, and has led 57 tax matters to successful conclusions, including dismissal of three Tax Court cases. Recognition includes Top 20 Captive Industry Pioneer, top Enterprise Risk Captive Manager in the U.S., and 26th Worldwide Most Influential in the Captive Industry from Captive Review.

Customer segmentation spans at least ten verticals including agriculture, commercial real estate, construction, energy, healthcare, hospitality, manufacturing, retail, self-insured employers, and trucking. Capstone's competitive positioning rests on the depth of its in-house multidisciplinary team, the embedded relationship with The Feldman Law Firm LLP, and the operational complexity of displacing an incumbent captive manager given regulatory, domicile, and audit dependencies.

Name

Capstone Associated Services, Ltd

Legal name

Capstone Associated Services, Ltd.

Website

http://www.capstoneassociated.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

Capstone Associated Services, Ltd. is a Houston-based captive insurance management firm that forms and administers 831(b) and other captive insurance companies on a turnkey basis for mid-market, closely-held U.S. businesses across ten verticals, supported by affiliated legal counsel for IRS and regulatory compliance.

Ownership category

akta.pro rank

Product category

Captive Insurance Management

NAICS

Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411), Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Captive Insurance Advisory & Management (FSAEADAF)

Keywords

• Captive insurance management
• Alternative risk planning
• Captive insurance formation
• Self-insurance consulting
• Middle market risk management

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Turnkey Captive Insurance Management Services: Capstone provides comprehensive turnkey services for captive insurance planning and management, including feasibility study, underwriting, claims processing, accounting, CPA independent audit, insurance policy design, IRS tax controversy support, state tax issues, and ongoing management. The company retains and directly compensates all professionals needed to analyze, design and implement captive arrangements for one turnkey fee.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

Capstone Associated Services, Ltd. is a captive insurance management firm that forms and administers property and casualty captive insurance companies for mid-market closely-held businesses. The company delivers turnkey services covering feasibility study, underwriting, claims processing, accounting, CPA independent audit, insurance policy design, IRS tax controversy support, state tax matters, and ongoing captive management for one integrated fee. It supports captive structures across IRC 831(a), 831(b), and 501(c)(15) tax provisions, including single-owner/pure captives, group captives, and cell captives.

Product overview

Capstone Associated Services, Ltd is a captive insurance management company providing turnkey planning and administrative services for mid-market businesses. The core offering is Captive Insurance Planning & Management Services, which encompasses feasibility studies, policy design, underwriting, claims processing, and ongoing administration. Supporting sub-products include: Captive Feasibility Study (on-site risk assessment), Captive Health Checkup (compliance audit for existing captives), and IC-DISC Planning (export tax savings). The company specializes in various captive types including single-owner/pure captives, group captives, and cell captives, operated under different IRC provisions: 831(a) for larger corporations, 831(b) for mid-market (0% tax on underwriting profits), and 501(c)(15) for small tax-exempt captives. Additional services include captive domicile consulting to help clients select appropriate regulatory jurisdictions.

Differentiator

Problem solved

Functional benefit

Products and services

• Captive Insurance Planning & Management Services Turnkey captive insurance planning and management services for mid-market businesses, including feasibility studies, policy design, underwriting, claims processing, accounting, CPA independent audit, and ongoing captive administration under IRC 831(a), 831(b), and 501(c)(15) provisions. Delivered for one integrated fee by an in-house multidisciplinary team.
• Captive Feasibility Study

Quantifiable outcome

• Over 200 successful captive insurance companies formed since 1998
• +3 more outcomes

Segments13 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• The Feldman Law Firm LLPcoreImplementation/ SI/ Consulting PartnerThe Feldman Law Firm LLP is Capstone's affiliated legal counsel specializing in tax, corporate, insurance and regulatory matters involving captive insurance. The firm offers the Captive Health Checkup program providing in-depth assessment of captives' status with Federal, state, and excise tax issues. The firm has successfully resolved over 55+ tax matters including dismissal of 3 Tax Court cases. Capstone's CEO Stewart A. Feldman serves as Managing Partner of the firm.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Strategic Risk Solutions (SRS): Independent captive insurance management firm offering formation, feasibility, and ongoing administration for small and mid-market captives under 831(b), 831(a), and other structures. Most direct competitor to Capstone in the mid-market captive management niche.
• Artex Risk Solutions: One of the world's largest independent captive management firms serving both small and large captives. Directly comparable offering across feasibility, formation, and ongoing administration for U.S. and offshore domiciles.
• Captive Planning Associates: Independent captive management and consulting firm focused on small and mid-market 831(b) captives. Directly comparable mid-market focus and turnkey service model to Capstone.

Broad incumbents

• Willis Towers Watson (WTW) Captive Solutions: Captive management practice within WTW, a global advisory, broking, and solutions company. Addresses mid-market and large captive formations alongside broader insurance and risk advisory services.
• BDO USA: Top-tier accounting and advisory firm with an established captive insurance services practice. Competes for mid-market captive engagements through its CPA channel, overlapping with Capstone's CPA referral strategy.
• Milliman: Global actuarial and consulting firm with a captive insurance consulting practice. Provides feasibility, formation, and ongoing captive advisory overlapping with Capstone's mid-market turnkey offering.
• Crowe LLP: Major accounting and consulting firm offering captive insurance advisory and feasibility services for mid-market clients. Comparable CPA-channel-driven captive formation and management services.
• Aon Captive Solutions: Captive management arm of Aon plc, a global professional services firm. Competes in mid-market captive formation while bundling captive solutions with brokerage, reinsurance placement, and actuarial services.
• RPS (Risk Placement Services) Captive Services: Wholesale broker and insurance services firm with a captive management practice. Provides captive formation and management alongside placement and advisory services for specialty commercial risks.
• Marsh Captive Solutions: Captive management practice within Marsh McLennan, the global insurance brokerage giant. Overlaps with Capstone in mid-market captive formation but offers broader brokerage, consulting, and risk advisory capabilities at global scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/capstoneassoc
• Facebookfacebook.com/CapstoneAssociatedServicesLtd
• LinkedInlinkedin.com/company/home

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capstone Associated Services, Ltd