Josh Magden, of Sage Advisory Services, has been appointed to the board of directors of the Texas Captive Insurance Association as the recently formed association expands its efforts to promote and support the growth of the captive industry in Texas.
“The advent of captive insurance capability in Texas enabled by SB 7341 is a momentous development for Texas businesses,” commented Bob Smith, president, chief investment officer and co-founder of Sage.
“Having long worked with captives, we are strong advocates of self-insurance and the control that a captive gives its parent company over risk management, managing economic capital vis-à-vis insurance spend and gaining better access to reinsurance markets and bespoke coverages.”
The bill was signed into law by the governor last summer, and Texas Captive Insurance Association was established to support and promote the state’s capability amidst a growing number of domestic captive domicile choices.
