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Financial Services

Insurance Industry Audit, Tax, and Consulting Services

Serving the full spectrum of the insurance industry — captives, P&C and life carriers, and annuity companies — our professionals combine deep knowledge of GAAP, statutory, and regulatory demands so every stakeholder stays informed and ahead.

Specialized reporting.

Genuine care.

Trusted insurance industry partner.

Account for Anything™ with Aprio

Insurance accounting is complex — captive structures, risk retention groups, P&C and life carriers, annuity companies, and reporting across GAAP, Statutory, and IFRS frameworks. Our professionals specialize exclusively in the insurance industry, bringing the technical depth that only comes from working through the industry’s hardest challenges, year after year.

We also know compliance is just the start. Through our wealth management and talent solutions services, we help carriers, captive managers, and insurance professionals build lasting financial strength and attract the specialized talent they need to grow.

And we show up. We communicate clearly, stay ahead of issues, and genuinely care about the people we serve.

Our Focus Areas

Aprio brings a comprehensive suite of insurance services under one roof — so your team spends less time managing vendors and more time driving performance.

  • GAAP, IFRS & Statutory Financial Statement Audits

    Meet your reporting responsibilities with confidence. Our insurance audit services deliver accurate and timely financial statement audits across GAAP, IFRS, and statutory reporting frameworks — aligned with the specific domiciliary requirements of your state or jurisdiction.

  • Tax Planning & Compliance

    Staying ahead of tax complexity requires more than compliance — it requires strategy. Our professionals combine deep knowledge of tax matters impacting the insurance industry, including 831(b) and 953(d) elections and premium tax compliance, with a proactive planning approach that helps captives, carriers, and owners identify opportunities and strengthen their tax position year-round.

  • Premium Tax Return Review and Preparation

    Don’t leave premium tax exposure on the table. We handle multi-state premium tax return preparation and review, helping you meet filing deadlines accurately and spot opportunities before they pass.

  • SOC 1 Reporting

    Build trust where it counts. Our SOC 1 reporting services are tailored for the insurance industry — helping captive managers, underwriters, and claims processors demonstrate the integrity of their financial controls and give clients, partners, and regulators the assurance they need.

  • Finance Talent Solutions

    The right financial talent changes everything. From fractional CFO placement to accounting team augmentation and long-term recruitment, Aprio can help you build and sustain the team your organization needs.

  • Transaction Advisory & Valuations

    Make your next move with clarity. Our advisors help insurance organizations evaluate deals, assess risk, and structure transactions, enabling you to negotiate and execute from a position of strength.

  • Financial Consulting & Wealth Management

    Our wealth management professionals understand the unique intersection of personal financial strategy and the regulatory complexities facing owners, captives and insurance carriers. We work alongside insurance leaders to build, protect, and grow wealth — for the organization and the individuals behind it.

  • IT System Implementation

    The right technology changes everything. Aprio helps you select and implement IT systems that strengthen financial reporting, improve controls, and support the demands of a regulated environment.

  • Unclaimed Property & Escheatment

    Don’t wait for a state audit to act. Aprio’s Total Escheat Management® professionals help insurance organizations streamline reporting, reduce exposure, and navigate multi-state compliance proactively.

  • Legal

    Never face a legal challenge unprepared. Our professionals provide business-savvy guidance on the regulatory, contractual, and operational challenges insurance organizations face, with the right counsel at every turn.

Frequently Asked Questions

What audit and accounting services does Aprio provide to insurance companies?

Aprio provides a full range of audit and accounting services designed specifically for insurance companies, helping carriers, captives, MGAs, reinsurers, and related entities meet complex regulatory, financial reporting, and operational requirements with confidence.

Does Aprio work with captive insurance companies?

Yes. Aprio works with a broad range of captive structures, including single parent captives (831(a) and 831(b)), cell structures, group captives, and risk retention groups. Our professionals bring deep knowledge of regulatory standards, reporting requirements, and captive management considerations specific to these structures, supporting both captive insurance audit and captive insurance tax needs.

What is statutory accounting (SAP) and how does it differ from GAAP?

Statutory Accounting Principles (SAP) are insurance-specific accounting standards established by the National Association of Insurance Commissioners (NAIC). While GAAP is designed to give investors a picture of overall financial performance, SAP focuses on solvency. Specifically, an insurer’s ability to pay future claims. SAP applies more conservative asset valuation, earlier expense recognition, and stricter reserve requirements than GAAP.

Can Aprio assist with 831(b) captive insurance audits and tax compliance?

Yes. Section 831(b) captives, also known as micro-captives, face heightened IRS scrutiny, including final regulations effective January 14, 2025, that designate certain micro-captive transactions as listed transactions. Aprio’s professionals help 831(b) captive owners navigate audit requirements, maintain proper documentation, and manage tax compliance, so your structure is defensible and built to withstand regulatory review.

What types of insurance entities does Aprio serve?

Aprio serves a wide range of insurance organizations, including single parent captives, cell structures, group captives, risk retention groups, property and liability direct writers, life and annuity carriers, reinsurance companies, captive managers, and MGAs and other brokers and underwriters. Whether you operate a single-entity captive or a multi-line carrier, our team brings the relevant knowledge for your structure.

How does Aprio help insurers with regulatory compliance and premium tax filings?

Insurance regulatory compliance requires staying current with state-specific requirements, NAIC standards, and evolving filing deadlines. Aprio’s professionals monitor regulatory changes proactively and work alongside your team on premium tax return preparation and review across multiple states, helping you meet obligations accurately, on time, and with fewer surprises.

Does Aprio offer fractional CFO services for insurance companies?

Yes. Aprio Talent Solutions include fractional CFO placement for insurance organizations that need senior financial leadership without a full-time hire. Our fractional CFOs bring deep knowledge of insurance accounting and regulatory requirements, stepping in to provide strategic oversight during periods of growth, transition, or operational change.

What is a SOC 1 report and does Aprio provide SOC 1 services for insurers?

A SOC 1 report is an independent audit that evaluates an organization’s internal controls over financial reporting. For insurance companies and service organizations that process transactions affecting client financials, SOC 1 reports demonstrate control integrity to regulators, clients, and stakeholders. Aprio provides SOC 1 reporting services for insurers, aligned to AICPA audit and reporting standards.

Can Aprio assist with insurance company mergers, acquisitions, and valuations?

Yes. Aprio’s transaction advisory and valuation professionals support insurance organizations through the full deal cycle, from due diligence and risk assessment to deal structuring and post-transaction integration. Our team brings the insurance industry knowledge needed to identify exposures, assess financial condition across multiple reporting frameworks, and help you negotiate from a well-informed position.

How does Aprio handle unclaimed property and escheatment compliance for insurers?

Insurance companies hold significant volumes of unclaimed property, including uncashed claim checks, matured policies, and dormant accounts, making them a frequent target of state audits. Aprio’s Total Escheat Management® (TEM) professionals help insurers conduct liability reviews, manage multi-state reporting, respond to due diligence requirements, and defend against state audits, reducing exposure and keeping your compliance program current year-round.

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