Joseph McDonald
Licensing coordinator
South Carolina Department of Insurance
Joseph McDonald, licensing coordinator at the South Carolina Department of Insurance
Personal bio
I hail from Hilton Head Island, South Carolina. I spend my free-time reading philosophy and theology, and studying about Orthodox spirituality. When I’m not reading, I’m at the beach and in the ocean, or on the mats training in Brazilian jiu-jitsu, which is a favourite activity of mine.
There’s something pure when you’re in the moment training and something that takes you out of yourself, but also increases your concentration to such a degree that you become truly engulfed in the elusive, yet eternal, ‘present moment’.
Professional profile
For my undergraduate studies I double-majored in philosophy and religion, and then completed a master’s degree in religious studies, both at the University of South Carolina. However, I had a bit of an inclination that, while the worthiest of pursuits, philosophy and theology might not help me repay my student loans.
So, while in school I also worked for the South Carolina Senate. This is what provided an opportunity for an internship with the Department of Insurance and eventually into the role that I fulfill there today.
How did you end up in the captive industry?
My friend and mentor, Scott Richardson, introduced me to the insurance industry, and got me started on this path after I finished my graduate studies. It was director Ray Farmer who opened the door for me into the world of captives when he offered me a position within the state’s captive division.
I like to solve problems, and there were two problems to be solved at that time: firstly, my ambition was getting the best of me and I wanted a fresh challenge that would also be a pathway to further advancement; and secondly there was a promising position that had become open due to a retirement and needed to be filled.
So, I stepped in, and am now enjoying every minute of it!
What has been your highlight in the captive industry so far?
I’ll say two things. The first, the people I work with, both at the department, and the service providers in the industry. I’ve yet to be the smartest person in the room, and am grateful that every time I walk away from a call or a meeting, I’ve learned something insightful and worthwhile. The second is what I’ve learned about the captive industry, insurance structures, and the companies that form captives. The insurance industry as a whole gives you a ‘peek under the tent’ of so many companies in numerous industries, and it is fascinating how different companies do business, and exercise creative and idiosyncratic ways of adapting, and maneuvering in the changing tides and currents of the market.
What is your impression of the industry?
World class. Creative. Fascinating. Adaptable.
I am interested to see how the industry will continue to respond to an increasing number of onshore domiciles and the resulting competition, and how captives will be utilised by start-ups as technology continues to be employed to understand and quantify existing and emerging risk profiles.
What are your aspirations for your career in the captive industry?
To add genuine value to the organisation that I’m with and to our clients and their stakeholders—whether I remain in the public sector or eventually get into the private sector, as I mentioned earlier, I like to solve problems, and I think, wherever I am, I will aspire to serve others by doing that.
"Joseph McDonald is already doing a terrific job serving as 'the face' of our department's captive division within Charleston's community of highly accomplished captive professionals, and we count on him to continue building his knowledge and elevating his profile for the benefit of our captive programme in the months and years to come"
Jeff Kehler
Captive administrator
South Carolina Department of Insurance
