Two awards for contributions to the captive insurance industry have been dished out at the Captive Insurance Companies Association (CICA) International Conference in San Diego.
Karin Landry has received the 2017 CICA distinguished service award, while Fiat Lux Risk and Insurance Company has been presented with the 2017 outstanding captive award.
Landry, managing partner of Spring Consulting Group, and a past board chair at CICA, accepted the award for making a “significant contribution to the captive insurance industry”.
Landry said: “Captives are the Legos of the insurance industry; there are a million different ways to piece them together and take them apart, allowing for infinite creativity. After 25 years in the industry, I am still excited to play with them and find the newest innovation to serve our clients."
“I am deeply humbled by this honor from CICA, and I want to thank our dedicated team and incredible clients for supporting me and giving me the opportunity to do the work I love," she added.
Fiat Lux, which received the outstanding captive award, was formed in 2012 as a single-parent captive for the University of California system, which consists of 10 universities, five medical centres, three national laboratories, 280,000 employees and generates approximately $30 billion in annual revenues.
The company has “grown considerably” under the leadership of Courtney Claflin, executive director of captive programmes.
Fiat Lux started out with just five lines of coverage for $25 million of premium. It now writes 25 lines of coverage at $900 million of premium, buys reinsurance directly and participates in quota share arrangements with reinsurers. In addition, a separate reciprocal risk retention group has also been formed.
Claflin suggested that the growth of the Fiat Lux programme is down to a supportive board of directors. He said: “It was really helpful to show how money saved or new revenues generated could support the universities’ mission of research, teaching, and public service.”
