South Carolina-based CPA firm Bauknight, Pietras & Stormer, P.A., was recognized as the Top Tax Advisory Firm in the United States for the captive insurance industry by Captive Review on Oct. 7 in a virtual ceremony in lieu of an annual gathering in Vermont.
BPS shareholder Benjamin Glenn, CPA, (SCACPA Member since 2003) leads the firm’s captive insurance tax advisory group.
“For a privately held, regional tax and assurance firm to be selected as the best tax advisor in the highly specialized and demanding niche area of tax law is an incredible honor,” Glenn said. “BPS has built a wealth of expertise in this area that we utilize on a daily basis for clientele across the country.”
Captive Review, a leading publisher covering the risk management and captive insurance communities, annually showcases the talent in the U.S. captive community, recognizing winners in 22 categories as the “gold standard.” Awards are judged independently, with industry experts analyzing entries to determine the winners. BPS has been a finalist in both the Tax Advisory and Audit and Accounting categories in the past, and this is the first time the firm has taken home the top award.
Captives are insurance companies established to insure the risk of the owners. Captive insurance legislation has been enacted in approximately 30 states and the District of Columbia. According to the Insurance Information Institute, in 2019 there were more than 3,000 captive insurance companies in the United States.
“Winning this award validates our efforts and reflects positively on our team and clients who rely on our counsel,” Glenn said.
Shareholder Christian Stormer, CPA, (SCACPA Member since 1984) helped launch the BPS captive insurance practice in the early 2000s. At the time, the South Carolina General Assembly had just passed legislation that made the state an attractive domicile for new and existing captives.
“We made the commitment to develop the knowledge and skillsets to advise U.S. companies forming captive insurance companies in South Carolina,” Stormer said. “Since that time, our client portfolio has grown to over 150 captives domiciled in states across the country.”
For the Captive Review award, the judge noted: “I chose Bauknight Pietras & Stormer as number one given their commitment to the captive industry, their team of experienced professionals, and the wide range of risks they are able to effectively manage on behalf of their clients.”
Shareholder Bryan Hudson, CPA, ACI, (SCACPA Member since 2002) oversees the captive insurance practice on a firm-wide basis. He says winning the Captive Review award speaks about BPS’s depth of captive-focused services.
“Very few firms offer what we do. Our tax and audit professionals work hand-in-glove and are supported by a strong administrative team. We invest in our people to stay ahead of the curve to ensure the best advisory services to our captive clients.”
BPS welcomes companies interested in exploring the possibility of establishing a captive insurance company or require advice on an established captive to connect.
“Winning the Captive Review award proves that clients don’t care about the location of their tax and audit advisors,” Stormer said. “They’re looking for a unique and highly specialized level of expertise.”
About Bauknight Pietras & Stormer, P.A. (BPS)
Established in 1991, BPS is among the Southeast’s premier accounting and consulting firms and among the largest locally owned public accounting firms in South Carolina.
BPS is a strategic partner to clients in the insurance, construction and real estate, employee benefits, hospitality, manufacturing and distribution, professional services, telecommunications and technology industries.
BPS is a member of Prime Global, an association of private accounting firms. In 2020, BPS was recognized by INSIDE Public Accounting as one of the 50 Best of the Best accounting firms in the United States, and in 2019 was recognized by Forbes as being among the top recommended tax and accounting firms in America.
Learn more at www.bpscpas.com.