Capstone Associated Services, Ltd. is the leading provider of turnkey captive insurance services for mid-market businesses and their principal owners. For over CAP_YEARS_NUMBER years, our captive insurance management and alternative risk planning team have supported businesses in the legal and regulatory processes associated with forming their own captive insurance companies.
The Capstone Team continues to help clients navigate through the legal and regulatory processes involved in alternative risk planning.
Your multi-disciplinary team consists of:
- Risk management & insurance professionals
- Reinsurance providers
- Regulatory, tax, corporate, & financing lawyers
- Resident domicile managers
- Independent auditors
- Administrative personnel
- CPAs specializing in insurance accounting
Get to know us and see what our captive insurance management and alternative risk planning experts can do for you!
Stewart A. Feldman, CEO and General Counsel
- Juris Doctor awarded cum laude by The University of Michigan Law School, May 1980. Instructor Financial Accounting & Accounting Theory, University of Michigan Business School, 1979.
- M.Sc. (Accounting) and B.Sc.(Econ.) awarded by The Wharton School at the University of Pennsylvania, 1975. B.Sc.(Econ.) magna cum laude, Dean's List With Distinction all semesters.
- General Course Student at The London School of Economics and Political Science, 1973-1974.
Certifications and Licenses
- Admitted to practice before the U.S. Tax Court, 2016.
Stewart A. Feldman has over thirty years of experience in a variety of sophisticated legal, tax and financial transactions involving a wide range of industries. He is one of the foremost national experts on captive insurance/alternative risk planning, having headed up over CAPTIVE_FORMATIONS captive formations and operations.
Mr. Feldman draws upon a strong tax, financial, and accounting background dating back to a career in public accounting (CPA - Ohio, 1975 and Texas, 19801) following his completion of graduate business school. Mr. Feldman is able to draw upon years of experience on the substantive business side of transactions from both financial and the legal perspectives and as a principal in various business transactions.
From 1975 - 1978, Mr. Feldman was a member of the national technical group at Ernst & Ernst (now Ernst & Young), Cleveland, Ohio, where he authored eight articles for national and international accounting journals.
From 1980 - 1982, Mr. Feldman served as a corporate finance and securities lawyer (mergers and acquisitions) at the Houston law firm of Vinson & Elkins LLP.
From 1982 - 1992, Mr. Feldman oversaw the legal, financial, operational and administrative functions of several dozen brother-sister investment entities as principal and CFO at Wolff, Morgan & Company/Wolff Companies, a Houston based investment group that focused on real estate (as the largest commercial land developer in Houston) and automotive investments. These brother-sister entities held assets in excess of $200 million, with Mr. Feldman managing $125 million in credit facilities.
While CFO at Wolff, Mr. Feldman was an owner and dealer-principal of several Houston area automotive dealerships (1986-1989), including two Jaguar franchises. Mr. Feldman also co-owned and operated a direct importing and distribution company that purchased automotive parts from European and Asian suppliers for distribution to franchised dealers throughout the U.S. and Canada. When the franchised operations were sold in 1989, revenues had doubled to $50-plus million over a three-year period and employment exceeded 150 persons.
For more than the last decade, Mr. Feldman has been the chief executive officer or managing partner and principal owner of several Houston-based businesses.
The Feldman Law Firm LLP specializes in sophisticated corporate and tax planning for closely held businesses. The Firm is engaged on behalf of Mr. Feldman’s affiliated business interests as well as third party clients. The Firm also serves as litigation counsel for clients in a variety of commercial and business litigation matters. The Firm began in 1992 and Mr. Feldman continues to serve as its managing partner. Mr. Feldman's practice focuses on being counsel for various closely held businesses, applying his legal, tax and financial skills for the benefit of the Firm’s clients.
Capstone Associated Services, Ltd. is principally engaged in administering property and casualty insurance companies for the benefit of third parties. The insurers are affiliated with closely held businesses operating in a variety of industries located throughout the United States. Capstone has formed in excess of 150 such companies and presently operates 80-plus on a turnkey basis for its clients. Capstone was formed in 1998.
RSL Funding, LLC. acquires and packages long-term annuities issued by major life insurance companies to fund personal injury settlements. The company was formed in 2003 following the passage of enabling federal legislation. RSL Funding operates throughout the U.S.
Additionally, from 2005 – 2007, Mr. Feldman served as Chairman of Northstar Healthcare (NHC:TO), which was a roll-up of Houston-area ambulatory surgery centers, floated in what was the largest IPO in Canada during 2007, raising $175 million. Serving as chief architects of the Northstar transaction, through his Capstone affiliate, Mr. Feldman lead a team of investment bankers, lawyers, and accountants from Vancouver, Toronto, New York, Philadelphia, Houston and San Francisco in completing this complex, groundbreaking deal. The transaction was widely reported in the Canadian financial press. The public offering financed the acquisition of Mr. Feldman's interest in this venture, at which time he passed Northstar's operations to professional management.
Over the last 30 years, Mr. Feldman has been interviewed by local, national and international media, and written extensively on captive insurance and taxation. Below are some articles written by Stewart A. Feldman.
- Pulling Power: A Slow Migration of US Captives to Their Home States
- Why Anguilla Still Makes Sense for Offshore Captive Insurance Companies
- Finding Tax Relief May Require a Microscope
- The Middle Market Gusher
- Podcast - What Size Businesses Can Benefit from a Captive Insurance Company?
- Self Insurance vs. Captive Insurance
- The Captive Manager Fallacy
- Why Businesses Should Form Captive Insurance Companies
- Building Value With Your Captive
- Captive Insurance Growth Among Smaller Middle Market Businesses
- Benefits of Physician-Owned Captive Insurance Companies
- Texas Lawyer Roundtable Series on Insurance
- Middle Market Companies Look to Captive Insurance as Risk Planning Alternative
- Benefits of Captive Insurance for Entrepreneurs and Business owners
- Middle market Captive Insurance Growth
- Five Questions with Stewart Feldman
- Captive Insurance Manager Bullish on Captive Growth
1Note that Mr. Feldman no longer practices as a CPA and, as such, does not hold a current CPA license in either Ohio or Texas.
Jeff Carlson, President
- B.A., Accounting, University of Northern Iowa
- Achieved CPA and CMA designations
- Fellow, Life Management Institute (FLMI)
- Board of Directors, MIB Group, Inc. (Medical Information Bureau)
Mr. Carlson is Head of Operations for Capstone Associated Services, Ltd, bringing over 25 years of insurance management experience, focused on property & casualty, life, and health insurance operations. Additionally, he holds both the CMA (Certified Management Accountant) and CPA designations.
Mr. Carlson works at Capstone’s Houston-based headquarters, overseeing Capstone’s operations. His background includes broad-based experience in insurance operations, process improvement, and IT systems. At Capstone, Mr. Carlson leverages this experience to maintain and improve the Company’s day-to-day operations, ensuring quality client service across each core functional area, including insurance, underwriting, claims administration, tax, and domicile compliance.
Prior to his arrival at Capstone late in 2017, Mr. Carlson held positions for over 20 years at American International Group, Inc. (AIG) and its American General subsidiary where he led operations and information technology teams. As Head of AIG Life and Accident & Health Operations, Jeff Carlson managed large, cross-functional business operations teams in multiple locations throughout U.S., Philippines, and India. Programs he led were consistently recognized by industry leader, MarketTools, with the Achievement in Customer Excellence Award, or ACE. Mr. Carlson also worked as a Senior Manager at KPMG, a global accounting and auditing firm.
During 2018, Mr. Carlson will become Capstone’s President while Charles Earls, its founding president, steps down after 20 years of service.
- BBA Finance, University of Houston, Houston, TX, 1995
- Certified Project Manager (CPM) – Project Management Institute, 2012 - Present
- First Advantage (Background Vendor) – Client Advisor Board Member, 2005
- SILA – Securities & Insurance Licensing Association, 2005 - Present
- Saint Elizabeth Ann Seaton Catholic School – School Board Member, 2007 – 2010
Daniel R. Calderon has over 20 years of experience in strategic & operational planning, customer relationship management, and process improvement. As Vice President & Director of Operations at Capstone, Daniel works closely with other senior managers and assists in the oversight of the insurance, accounting, compliance, risk management, and project administration departments.
Specifically, Mr. Calderon runs core insurance business processes for Capstone, promoting project flow for insurance and financial operations. Additionally, he oversees ongoing compliance, identifying opportunities to improve quality and results, while directing Capstone’s 25-person operations team, which is bolstered by the FELDLAW_ATTORNEY lawyers of its affiliated law firm.
For 16 years, Mr. Calderon served as Director of New Business & Licensing and Commissions at AIG American General. In this role, he managed $750 million of annual compensation to an independent agent field force and authorized the hiring of independent agents to sell the company’s financial portfolio.
Mr. Calderon also served as Vice President of Client Services and Agency Services at National Western Life Insurance Company (NWLIC). In this role, he oversaw both policyholder and agent customer service departments, as well as both domestic and international agent onboarding & commission activities. He was also a corporate officer of NWLIC.
- Graduate of Oklahoma State University with bachelors degrees in science and business in 1975
- Masters degree in accounting in 1977. Dean's List in all semesters
- Graduate instructor in accounting and auditing at Oklahoma State University
- Adjunct professor of managerial accounting at University of Houston - Downtown Campus
Mr. Earls has worked at the national office of Ernst & Young researching financial accounting and reporting issues and at E&Y's local office performing audits for a variety of industries; additionally, he has worked for two different Fortune 500 companies doing merger and acquisition reviews and performing a variety of other financial and administrative functions. Mr. Earls has also worked as a business consultant to privately-held businesses performing a variety of strategic planning, business valuation, acquisition intermediary and general administrative service assignments.
Mr. Earls area of focus is on strategic planning and administration of ancillary business services.
- Certified Public Accountant since 1975.
WEB_TEL ext 327
WEB_TEL ext 343
WEB_TEL ext 378
- Fiona M. Curtis - Resident Manager, CIMA
- Sharanda Davis - Insurance Operations Coordinator
- Emily Haluska - Senior Underwriting Analyst, MBA, CPCU, ARE
- Barbara Taake - Senior Underwriter, CPCU, CIC
- Sara Neely - Insurance Administrator, ARM, AIS, AINS
- John C. Boskat - Accounting Manager
- Craig Wroten - Senior Accountant
- Sandra Torbica - Senior Accountant
- Jade Byrd - Senior Accountant
- Tasha Hubbard - Senior Contract Administrator
LEGAL COUNSEL - through THE FELDMAN LAW FIRM
Clients may use either their counsel or retain The Feldman Law Firm LLP, which specializes in tax, corporate, insurance and regulatory matters involving captive insurance. Please direct all such questions to any of the following:
- Michael T. Kelly - Corporate Attorney
- Steve Cohen - Tax Attorney
- Logan R. Gremillion - Tax Attorney
- Coby Hyman - Senior Counsel
The Feldman Law Firm LLP also represents Capstone.
- James Tongee - Senior Administrator
- Valerie Garcia - New Clients & Billing
- Catherine Torango - Special Projects Administrator
- Judy Harley - Lead Corporate Paralegal
- Dilmar Morato - Corporate Paralegal
- Erin Band - Business Development Specialist
- Lori Henderson - Insurance Assistant
Please contact us for more information.