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Impel Advantage — Multi-Entity Captive Insurance Model

A captive insurance group with multiple connected companies — a parent, a captive insurer, and a shared-services entity. We modeled each company on its own, then consolidated the whole structure so the economics of the group were finally visible in one place.

Industry
Insurance · Financial Services
Model Type
Multi-entity · Consolidation
Structure
Parent + captive + shared services
Client
Impel Advantage
The Brief

One business, several companies — and the model has to respect all of them.

Impel Advantage operates in captive insurance: companies that want to insure their own risks set up or join an insurance structure instead of just buying policies from the open market. The beauty — and the complexity — of the engagement was the structure itself: a parent company, a captive insurance company, and a shared-services entity, all connected, with revenue flowing through investment management fees as customer funds enter the structure.

A single-company model can't represent that honestly. Each entity has its own economics, and the inter-company flows between them are where the real story lives. The model had to capture every company separately and then consolidate them without double-counting a single dollar.

Impel came back to Albusi across multiple engagements — the structure below reflects how we approached the modeling work.

How We Worked

The process, step by step.

Stage 01
Call
We started by understanding the business model itself: how captive insurance works in their specific setup, which entities exist, what each one does, and how money actually moves between them.
Stage 02
Structure mapping
Before building anything, we mapped the full entity structure — parent, captive insurer, shared services — and every inter-company flow: premiums, fees, and the investment management revenue earned as customer funds flow into the structure.
Stage 03
Entity-level builds
Each company got its own model with its own drivers. An insurance entity doesn't behave like a services entity, and pretending otherwise produces numbers nobody can defend.
Stage 04
Consolidation & review
The entity models were consolidated into a group view, with inter-company flows eliminated correctly. We reviewed the consolidated picture with the client until every line item was understood.
What The Model Covered

Every entity modeled, the group consolidated.

Entity P&Ls
Separate income statements for the parent, the captive insurance company, and the shared-services entity.
Inter-company flows
Premiums, service fees, and management fees between entities — mapped, modeled, and eliminated on consolidation.
Investment management revenue
The core revenue engine: fees earned on customer funds flowing into the structure, modeled against fund growth.
Consolidated view
A single group-level picture that stands up to scrutiny — no double counting, no orphaned flows.
Driver-based assumptions
Each entity driven by its own operational levers rather than blended top-down growth rates.
Scenario layers
How the group economics shift as customer funds scale up — or don't.
Why there are no screenshots here

The structure and figures are confidential — captive insurance work usually is. We don't publish the model or the entity diagram, but we can walk you through how we approach multi-entity work on a call.

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