Augment Risk has appointed Steve McElhiney as partner of its newly created captive and alternative risk transfer (ART) solutions offering.
Based in Dallas, McElhiney will develop Augment Risk’s legacy solutions within the captive space, identifying opportunities to repurpose micro captives and explore initiatives with various capital providers. He will also extend the firm’s captive capabilities to MGAs.
Augment Risk was formed in 2023 and has a global workforce of more than 45 professionals.
By utilising captives as a strategic capital tool, Augment Risk seeks to help organisations manage risk and improve their financial performance.
“We’ve established strong foundations over the past two years, which help us attract talent such as Steve,” said Andrew Matson, Augment Risk CEO.
“His well-rounded background in corporate finance and reinsurance makes him an invaluable addition to the Augment Risk team.
“His expertise in the captive market will play a key role in crafting innovative, tailored solutions that support Augment Risk’s overall strategy,” he added.
Throughout his career McElhiney has held executive roles in reinsurance underwriting and corporate finance across global carriers, reinsurers, intermediaries and captives.
Most recently, he was a senior vice president and global director of reinsurance for Artex Risk Solutions.
“I was impressed by Augment Risk’s commitment to partnership and its high-performance culture,” McElhiney said.
“I look forward to bringing innovative strategies to life and developing the newly launched captive and alternative risk transfer offering.
“As mutual insurers face reinsurance capacity and capital constraints, our work will help broaden the scope of available solutions and facilitate access to the necessary tools for sustainable growth.”