SRA 831(b) Admin
 | |
| Industry | 831(b) Plan Administrator |
|---|---|
| Founder | Van Carlson, CEO |
| Services | Implementation and management of 831(b) plans |
Number of employees | 29 |
| Website | https://www.831b.com |
SRA 831(b) Admin is an 831(b) plan administrator that was founded in 2009 by Van Carlson and Aaron Sehawer who combined have over 40 years of experience in risk mitigation and business finance.[1] In 2008, during the recession, many companies, including a number of the clients of both Van, a Property & Casualty agent at the time, and Aaron, a Certified Financial planner (CFP), had to lay off valuable employees or were forced to close their doors completely. It was during this time while searching for a way to extend a lifeline to their business clients that Van and Aaron were introduced to the 831(b) tax code, and with this powerful tool launched Strategic Risk Alternatives (SRA).[2]
History
For the remainder of 2008 Van and Aaron continued on with their respective careers but remained laser focused on the mission of SRA. In 2009, Van transitioned over to apply his full time efforts to SRA, and in so doing began hiring employees, including Dustin Carlson, to fill mission critical positions within SRA.
In 2022, Dustin Carlson became president of the organization and in 2023 he earned his Chartered Property Casualty Underwriter (CPCU).[3]
In the intervening years SRA has experienced significant growth, earning a spot on the INC 5000 fastest growing companies in 2023. In 2024, the company is structured with a five member executive staff and twentynine employees with experience in business accounting, IRS compliance, insurance underwriting, and tax.
The company has moved 3 times due to growth. In September 2018 SRA moved their corporate office from downtown Boise, Idaho to a temporary space in Meridian, Idaho and later moved into an office-converted home in early 2020. In July 2023, with more than 15 employees, SRA moved from Meridian to a space in Eagle, Idaho and in August 2023 expanded their space in the building to include an additional suite for growth of 12 employees.
Services
SRA 831(b) Admin specializes in helping small to midsize businesses structure 831(b) micro-captive insurance companies to underwrite specific risks. The plans they administer are based on the Tax Act of 1984, which Congress amended by adding subsection (b) to section 831. SRA’s 831(b) Plan has its foundation in IRS Revenue Ruling 2009-26.[4] This revenue ruling specifically outlines two fundamental characteristics of an insurance company that are required to properly elect under the 831(b) Tax Code namely risk transfer and risk distribution.
A comprehensive 831(b) plan can address diverse liabilities such as monetary damage from cyber threats, losses incurred for a pandemic, supply chain interruptions, c-level executive lawsuits, and social media brand attacks.
As traditional insurance carriers continue to minimize their claims exposure, deductibles continue to grow, placing a more significant burden on the policy owner. An 831(b) plan with deductible reimbursement coverage allows companies to accumulate tax-deferred reserves to lower the burden on cash flow that a large deductible can create at a time when it’s needed most.[5]
Milestones
Strategic Risk Alternatives as a business name is a bit of a mouthful so in 2020 the name was shortened to SRA 831(b) Admin and the company underwent a rebrand. To provide brand continuity the images associated with the new name were selected. A MOUNTAIN for permanence and longevity. The AMERICAN BISON which always faces into an approaching storm exhibiting strength and perseverance. The company's tagline is “WEATHER THE STORM” (copyrighted) which captures the essence of the commitment of SRA to help keep American businesses strong and prospering regardless of the unknown challenges the future has in store.
Currently in 2024 SRA has exceeded seven hundred fifty 831(b) plans they manage and over 1,000 business clients.
Awards
- Inc. 5000 2023[6]
- Idaho Business Review (Top company to work for in 2024)[7]
- Member 831(b) Institute[8]
- RIMS Member[9]
References
- ↑ "Insurance companies using AI for underwriting and due diligence amid cyber threats", Fox Business, retrieved 2024-05-30
- ↑ How an 831(b) Plan Can Help Your Small Business Face Its Biggest Challenges, 2023-05-17, retrieved 2024-05-30
- ↑ Cyber insurance prices increase as more companies experience breaches
- ↑ Internal Revenue Bulletin: 2009-26, retrieved 2024-05-30
- ↑ Peter Daisyme (2023-09-26), "This Family-Run Business is Helping Entrepreneurs Thrive in Economic Uncertainty", Entrepreneur, retrieved 2024-05-30
- ↑ SRA 831(b) Admin is a 2023 Inc. 5000 honoree, retrieved 2024-05-30
- ↑ IBR+announces+finalists+for+Top+Companies+2024, 2024-01-23, retrieved 2024-05-30
- ↑ 831(b) Institute, retrieved 2024-05-30
- ↑ Risk Management Community, retrieved 2024-05-30