In this GCP Short, produced in collaboration with Friends of the Podcast and legacy specialists R&Q, Richard is joined by Mark Hoehn, Claims Manager within the Insurance Services Division at R&Q, and David Landrum, Vice President – National Construction & Program Business Practice Leader, at Broadspire Services, a Crawford Company.
The trio discuss the management of claims for captive legacy portfolios, explaining who ultimately bears responsibility and control after a sale or transfer, some best practices to follow and in what circumstances the original captive parent may still provide some input.
In this GCP Short, produced in collaboration with Friends of the Podcast Barclays Corporate Banking, the panel discuss what it means to be a captive insurance company customer of a bank.
Over the 15 minutes, Hafi Ali, Market Director, and Marco DeBenedictis, Head of Sustainable & Transition Finance, debate the relationships between corporate sponsor, captive and banking partner, the impact of the pandemic and how the hard insurance market has impacted collateral requirements. They also address what ESG means for captives and the broader trends in ESG and banking.
In episode 53 of the Global Captive Podcast, supported by legacy specialists R&Q, Richard is joined by Philippe Gouraud, formerly of AXA XL and AIG and now CEO of Rising Edge, Ltd.
Philippe discusses his recent experience as a captive non-executive director, the D&O market and the new boutique underwriting agency focused on directors’ and officers’ liability insurance and risk management that he launched earlier this year.
There is also a new segment from a previous GCP Short on captive ratings. Richard is joined by Daniele Zucchi, Managing Director of Sigurd Ruck, the Swiss-domiciled captive owned by Saipem, and Ghislain Le Cam, a Director of Analytics at AM Best Ratings Services. The trio discuss what impact the pandemic has had on Saipem’s captive and what ramifications AM Best has had to look out for in relation to captive ratings and the pandemic.
In this GCP Short, produced in collaboration with Spring Consulting Group, we discuss how Subaru of America has continued to adapt its captive since formation in 1988 to provide maximum value and service to the group.
Richard is joined by Karin Landry, Managing Partner at Spring, and Carol Duong, Senior Risk Analyst for Subaru of America. Karin and Carol discuss how the captive has evolved with the group, going on to write third party risks and employee benefits and ultimately moving onshore.
This GCP Short is produced in collaboration with Friends of the Podcast MAXIS Global Benefits Network. Over the course of 20 minutes Mattieu Rouot, CEO of MAXIS, and Mark Cook, Director at Willis Towers Watson, look back on more than a year of COVID-19 and the impact it has had on captive employee benefit programmes and what it might mean for the future.
We have two professionals at the very top of their game to talk us through this is in Mattieu Rouot, CEO of MAXIS, and Mark Cook, Director at Willis Towers Watson.
In episode 52 of the Global Captive Podcast, supported by legacy specialists R&Q, Richard explores the growing world of captive insurance for businesses involved in the legalised cannabis industry.
A complex legal environment for the sector, especially in the United States, has made insurance hard to come by and captives are now being formed by businesses desperate for coverage.
Richard is joined by Mike Parrish, Senior Vice President and Client Services Leader at Marsh Management Services Bermuda, who has been involved with two cannabis captives formed in the jurisdiction.
We have a captive owner interview with Josh Hamlin, Chief Legal Officer at DNA Genetics, which formed a captive in Bermuda earlier this year.
And Rocco Petrilli, Chairman of the National Cannabis Risk Management Association (NCRMA), also joined to discuss why the association formed a captive for its members in 2020.
In this GCP Short, produced in collaboration with AXA XL, Richard is joined by Shiwei Jin, Global Program & Captive Regional Director for APAC at AXA XL, and Diana Accordi, Global Advisory Practice Leader in Asia for Marsh, to discuss the growing utilisation of multinational insurance programmes in Asia Pacific.
Over 15 minutes, Shiwei and Diana discuss what support captives and their corporate sponsors require from multinational programme partners, the importance of a defined strategy and objectives from the start, and the necessity to regularly review how a programme is operating.
In episode 51 of the Global Captive Podcast, supported by legacy specialists R&Q, Richard is joined by guest co-host Dave Stebbing, consulting actuary and Director of Strategic Risk Consulting at WTW. Dave discusses data and analytics, capital optimisation and how captives can do a lot better in these areas.
We have a fascinating captive owner interview with Janaize Markland, Director of Business Risk and Insurance at Facebook, who tells us about the social network’s risk financing philosophy and why they established their first captive in Hawaii in December 2020.
In the second half we are also joined by James Rayner, Global Relationship Leader at Crawford & Company, who gives us a really good 101 on captive claims, how they work and the keys to a successful claims strategy.
Janaize Markland, director of business risk and insurance at Facebook
Improving employee benefits was the “primary driver” behind Facebook’s decision to form a captive, according to Janaize Markland, director of business risk and insurance.
“Because Facebook is obviously a global company with employees in a lot of different regions, there are a variety of different employee benefits that are available, and they’re not consistent from region to region,” Markland said in an exclusive interview on GCP #51.
“The idea was to be able to enhance benefits in some areas, to offer coverages that we wanted to, that maybe weren’t necessarily available in the commercial market.”
Markland added that Facebook has three goals for the captive. “One is to be solvent, the second one is to be efficient, and the third one is to be helpful.”
At the time of the interview she they had selected its fronting partner and started to negotiate individual contracts for the captive. “We’re about to place the first one”, she added.
However, Markland said that the company was having a second look at some of the contracts for life and accident & disability insurance. Prior to Covid-19 these had been viewed as a “safe bet”, but there was now an “extra layer of uncertainty”.
“We’re a little concerned that we don’t want to end up having to ask our CFO for additional cash in the first year of operations after convincing him that it was a good idea to do it the first place,” she said.
Facebook wrote its first policy through its captive in December 2020, which was a small excess property policy for existing coverage.
Markland revealed that when she first joined Facebook, she said that theoretically, her first question was: “Why do we have insurance at all?”
However, she noted that although the company has a very strong balance sheet, and a very good risk profile, when it comes to assessing the company’s different exposures, there’s “not much experience in terms of claims”.
She noted that Facebook could take more risk going forward, but it needed to be careful and thoughtful about the most efficient ways to handle its risk transfer needs.
Markland said the company was still interested in transferring risk into the commercial market if and when it’s efficient. “And if it’s not, that’s where our captive can play a role,” she said.
Roy Sharma, Labuan International Insurance Association
In this GCP Short, produced in collaboration with Friends of the Podcast Labuan International Business and Financial Centre, Richard is joined by Farah Jaafar-Crossby, CEO of Labuan IBFC, Roy Sharma, Chairman of the Labuan International Insurance Association and Oliver Schofield, Head of Captive & ART Consulting at Principal Re Limited.
Labuan is Malaysia’s midshore financial centre and the fastest growing captive domicile in the Asia Pacific region, and in this episode we hear about the latest captive formation and premium statistics, the utilisation of protected cells, how the growing commercial reinsurance sector in the jurisdiction is complimenting the captive environment and areas to watch out for with regards future growth.
