The Captive Insurance Companies Association (CICA) has launched a mentorship programme to prepare students for a career in the captive insurance industry.
The programme will provide opportunities for professionals from all levels of experience to build their career skills and be a part of a movement to develop future captive industry professionals amongst millennials.
As part of the programme, students will receive counsel, advice and support from industry veterans who have retired or are set to retire in the immediate future.
Dan Towle, CICA president, said: “With a surprising number of our insurance professionals expected to retire in the coming years, we have to accelerate our efforts to promote the dynamic nature of captive insurance and the career opportunities it provides.”
He added: “CICA is committed to taking a strong leadership role in helping to develop the next generation of captive leaders and the mentorship programme is one component of these efforts.”
At this years’ annual Bermuda Captive Conference, George Leite, head of business development at Aon Insurance Managers Bermuda, explained that the industry needs to fill 400,000 jobs by 2020 because of retirements in the industry.
Leite suggested the Butler University’s student-run captive, which launched in August, will be an “important addition” to the industry.
On the same panel at the conference, Derek DeKoning, a Butler University student, who played a role in the setup of the captive, said: “The biggest issue is a lack of knowledge of what the captive industry does and how it functions, some have no knowledge on the coverages that exist.”
