Oklahoma is a “sleeping giant” of captive potential, according to Renea Louie, COO at Pro Group Captive Management Services, and a new Oklahoma Captive Association (OCIA) board member.
There were 11 new captives formed in Oklahoma last year, taking its year-end total to 52, the Department of Insurance also signed up Steve Kinion at the end of 2022 as its new captive director.
“We will hustle and do it right and work hard,” she said. “Oklahoma is quietly becoming one of the fastest growing domiciles in the US. It’s a sleeping giant.”
Louie was speaking to Captive Intelligence following the recent news that the OCIA was being relaunched, chaired by Heather McClure, general council and chief risk officer at Helio Risk.
Louie joined the board earlier this month along with Randy Pierce, director of risk and insurane at local oil & gas company OneOK.
McClure highlighted that the state’s bylaws allow the association to have up to nine board members.
“We’ve got seven highly experienced leaders now that represent not just the service provider aspect, but we have captive owners on the board, and in committee chair leadership also,” she said.
“We’re looking to increase that ratio of captive owner membership on the board and on our committees as we grow, and that is already happening as others become aware of the re-launch.”
McClure indicated that one of the first things the Association needs to tackle is publishing and presenting the right education and materials to captives who are domiciled in Oklahoma, “as well as those that are actively considering domiciling here”.
She highlighted that the catalyst for revitalising the OCIA was two-fold.
“A number of experienced captive owners domiciled in Oklahoma, and the uniquely supportive energy of the Oklahoma Insurance Department in desiring to partner with industry,” McClure said.
McClure noted that she gets emails every week asking her about participating.
“So, it’s almost like there’s like this bottleneck of interest, and now we’re ready to take off,” she added.
“We’re in that fortunate position of a lot of high interest from a number of industries.
“Oklahoma has such diversity of industries and I think we get pigeon-holed in being mainly agricultural or mainly oil & gas, but we’ve got a lot going on here.”
Louie said that the overall goals for the Board will be a collective team effort “and I’m sure that all the board members have a big vision, and I can’t wait to combine all those visions to make it a very strong association”.
“The challenge is serving the industry well and doing it in the timeframe that the industry needs us to is going to be where hard work and innovation will be needed and we will get the work done,” Louie added.
The OCIA will be holding its annual captive conference on 15 – 17 April 2024.