A company specializing in the administration of self-Insurance groups (SIG’s) wanted to form SIG’s in California with that states new regulation allowing such groups.
The principals at Capacity Consulting, Inc. digested the new regulations and took to forming the first group. A distribution network was formed, initial Investor/members were found, necessary vendors were vetted, and contracts and bylaws were drafted. We then attacked the state required feasibility analysis that filled a 5 inch binder and included state applications, rate studies, pro forma financials, bylaws, excess insurance plans, etc.
The first group was submitted and approved by the State of California Office of Self Insurance Plans. Operations were taken over by the departments we established for the administrator. We then built a full California home office and went on to form five more groups.
Eight figure annual revenues coming from a new California Operation lead to the Administrators ability to perform an Initial Public Offering (IPO) and be listed on NASDAQ.