In this GCP Short, produced in partnership with London & Capital, we discuss managing investment portfolios for cell companies.
Richard is joined by London & Capital’s Kate Miller, Partner and Head of Institutions, and Shadrack Kwasa, Executive Director.
Kate and Shadrack discuss the type and profile of cell captives they work with, the unique challenges and considerations for cells when looking for investment management services and their own approach to managing cell assets.
For more information on London & Capital’s captive services, visit their Friend of the Podcast page.
In this GCP Short, produced in collaboration with We Are Guernsey and the Guernsey International Insurance Association (GIIA), we really focus on what ethical investing means for captives and how it can, and already is, being implemented.
GIIA launched its ESG Framework for Insurers in May 2021 and joining us for this episode are Adele Gale, Deputy Chair of the Association and a Director at Robus Group, as well as Ian Corder, Director of Standards and Operations at ESI Monitor, which can provide a kitemark to validate insurers’ participation.
We are also joined by investment experts Jennifer Strachan, Sustainability and Business Development Manager at IAM Advisory, and Shadrack Kwasa, Executive Director at London & Capital.
For more information on the ESG Framework for Insurers, visit here.
For more information on Guernsey as a captive domicile, visit their Friend of the Podcast page.
Scott Reynolds, American Hardware & Lumber Insurance
Leslie Robinson, WTW
Grainne Richmond, Aon
In episode 73 of the Global Captive Podcast, supported by legacy specialists R&Q, Richard interviews Ali Quinlivan, Head of International Insurance & Captives at Google, about her 20 year career in captive management and consulting.
Listeners are also introduced to Luke Harrison, who has joined GCP as Senior Reporter and recently attended the Bermuda Captive Conference. Luke shares interviews with Scott Reynolds, President & CEO at American Hardware & Lumber Insurance and also President of the Bermuda Captive Owners Association, as well as conference committee members Leslie Robinson, Luis Delgado and Grainne Richmond.
Scott Reynolds, President and CEO of American Hardware & Lumber Insurance
The American Hardware and Lumber Insurance captive is open to new members “more than ever before”, according to the company’s president and CEO, Scott Reynolds, speaking to Captive Intelligence at this year’s Bermuda Captive Conference.
“So as long as they meet that need, and we feel like we can offer a competitive product, that will produce a profit for the other members, then they would qualify for the captive,” he said in an interview featured on GCP #73.
Reynolds explained that at one point in time, you could only be a member of the captive if you were a “true value” hardware store. Now, he said, the captive is open to any retail business in the hardware store and building material dealer industry.
The captive provides cover for all commercial lines of business, including workers compensation, general liability, property, auto, umbrella, and inland marine. However, Reynolds highlighted that the company provides other lines outside of the captive.
The lumber captive is a Class III Bermuda mutual which insures “hundreds, and perhaps thousands” of hardware store owners throughout the US, which in turn become members of the captive insurance company.
Reynolds said the captive targets a 55% loss ratio, which they have accomplished.
“That allows us to pay all our expenses and still produce a profit so that we can pay dividends,” he said.
“We also want to grow, so that’s the second most important measure, which has been challenging in recent years.”
Reynolds said that as well as providing loss control services to help members mitigate exposures to loss, when there is a claim “we don’t just hand it over to the TPA or an insurance carrier”.
“We ourselves get involved, we have a philosophy of fighting claims if we feel like our insured was not negligent,” the CEO said.
Regarding the Bermuda Captive Network that was launched in February 2022, Reynolds said that he was “very excited”.
“It should be really good, offering many more networking environments and opportunities and educational opportunities,” he said.
Reynolds noted that overall, he believes there’s “no place like Hamilton Bermuda” to have your captive based. He said: “It’s a rich, dense, centre of resources, and when you come to Hamilton, you can get so much business done – it’s the insurance capital of the world.”
In this GCP Short, produced in partnership with Marsh Captive Solutions, we feature two relatively new additions to the team discussing their recent career development, what attracted them to captives and their experiences of the industry to date.
Over 15 minutes Richard is joined by Theodore Wenzel and Seth Herdoiza, both graduates of Butler University who, through different paths, have found their way to Marsh Captive Solutions.
This episode was recorded in August during the VCIA conference in Burlington and also features Mike Serricchio, Americas Sales & Advisory Leader at Marsh Captive Solutions.
For more information on Marsh Captive Solutions, visit their Friend of the Podcast page.
In this GCP Short, produced in partnership with the Sate of Vermont, Richard is joined by Christine Brown, now Vermont’s Director of Captive Insurance, as well as Jonathan Seymour and Marty Butler – both of Marsh & McLennan Agency.
Our three experts discuss the formation and operation of AssureCap Indemnity, a cell company serving senior care clients. They discuss the application and formation process for cell captives, what need the strategy is servicing and how it supports insureds.
For more information on the State of Vermont and its captive contacts, visit their Friend of the Podcast page.
In this GCP Short, produced in collaboration with Spring Consulting Group, you will hear a case study of a successful medical stop loss group captive that was established in 2013.
Richard is joined by Karin Landry, Managing Partner at Spring, and Tracy Hassett, President & CEO of edHealth, who discuss the raison d’etre, evolution and value of the group captive nearing 10 years of operation.
Member-owner schools have realised a total of $125m in savings since its inception, and over 15 minutes Karin and Tracy explain how this has been achieved and expansion plans for the future.
For more information on Spring Consulting Group, visit their Friend of the Podcast page.
Joe McDonald, South Carolina Department of Insurance
In episode 72 of the Global Captive Podcast, supported by legacy specialists R&Q, Richard is joined by outgoing Delaware regulator Steve Kinion.
Steve Kinion has been regulating captives in the state of Delaware since 2009 and discusses his time in Delaware, the latest developments concerning Side A D&O, and the future.
We hear from Vermont regulators David Provost and Christine Brown and South Carolina’s Joe McDonald on their views on Side A D&O going into captives.
Ian Davis, formerly of the State of Vermont and now Senior Captive Insurance Relationship Manager at M&T Bank, is also interviewed by Richard about recent changes at the bank, his journey since last being on the pod three years ago when at the State of Vermont, and his recent role as VCIA Conference Chair.
In this GCP Short, produced in collaboration with Brown & Brown, we are joined by Matthew Takamine, the new Captive Practice Leader at the firm.
Over 15 minutes, Matt will also be joined by his colleague and a familiar voice in Jason Flaxbeard to discuss the new leadership of the captive management and consulting business at Brown & Brown, as well as innovative uses of capital, governance and how to work with captive regulators.
For information on Brown & Brown and their captive services, visit their Friend of the Podcast page.
Tim Padovese, Opthalmic Mutual Insurance Co. a RRG
In episode 71 of the Global Captive Podcast, supported by legacy specialists R&Q, Richard conducts an exclusive ‘exit interview’ with Vermont’s outgoing Deputy Commissioner of Captive Insurance David Provost.
Dave discusses the landmark events that took place during his two decades regulating captives, including three hard markets, 9/11, the Great Recession, the Enron collapse and a few other never before heard anecdotes.
The captive owner interview is with Tim Padovese, President & CEO at Vermont-domiciled Ophthalmic Mutual Insurance Co., a Risk Retention Group, while we also hear from current and former colleagues of Dave from the last 21 years.
