McGriff has formed a new group captive practice, McGriff Captive Solutions.
The new practice will serve as an advisory resource for companies seeking a more cost-efficient way to finance risk while offering members ownership of their underwriting profit otherwise retained by an insurance company.
Leading the new practice will be Steve Aldrich (pictured), a 40-year industry veteran. Additionally, he will serve as McGriff’s industry practice group leader.
Aldrich, who joined McGriff in 2001, will manage global captive programme formation for the middle market, ensure programmes comply and follow best practices, and work with clients and broking partners to develop new captive products and resources.
According to McGriff, the new group captive solution is the next step in the alternative risk transfer operations of McGriff and parent company Truist Bank.
MBT, a Bermuda-based single-parent captive and reinsurance company founded in 2001, is owned by Truist Financial Corporation and also managed by McGriff.
Rick Ulmer, McGriff CEO, highlighted: “Captives are a critical risk mitigation strategy for our clients.”
Ulmer added: “Steve Aldrich was instrumental in the original formation of the Truist captive and is the right person to develop a strong captive strategy for our firm. He understands the business and is uniquely positioned with our McGriff industry practices and Truist Bank verticals to help drive the strategy, structure, and engagement between our various stakeholders.”
Commenting on his appointment, Aldrich said: “Given the hard market we’re now experiencing, clients with strong balance sheets are looking for options to control their destiny, rather than exposing their business to the up and down cycles of the insurance industry.”
He continued: “I’m excited about building on our success and solid reputation in the captive and alternative risk transfer space with a new entity designed to position us very well for the future.”
In May, McGriff Insurance Services and McGriff, Seibels & Williams, the retail insurance subsidiaries of BB&T Insurance Holdings rebranded as McGriff.
