Patrick Womac
Admissions coordinator
Tennessee Captive Insurance Section
Personal bio
Patrick, a native of Tennessee, lives outside of Nashville with his wife and daughter. When not engaged in captive insurance, Patrick enjoys exploring historic sites with his family and experimenting with all things culinary. Patrick is also an avid auto enthusiast, with a particular interest in classic German cars and motorcycles.
Professional profile
Patrick is the admissions coordinator for the Tennessee Captive Insurance Section where he guides new captives through the formation process. Before working in captive insurance, Patrick studied Political Science and Sociology at Middle Tennessee State University then earned his Juris Doctorate at the University of Tennessee, College of Law. He then worked in elder law where he developed strategic plans to help aging clients achieve their financial and medical needs. A family move to Nashville landed him in the captive industry.
What has been your highlight in the captive industry so far?
I think the biggest highlight is that the captive industry actually helps people and businesses in a meaningful way. A company’s captive helps better manage risk by protecting its employees; allows the owner to focus on his or her business and not the varying requirements of sourcing traditional insurance; and generates savings that can be invested back to the company to hire more employees, make more widgets, or provide better service to their customers.
What/who have been your influences in the captive industry?
The industry in Tennessee has influenced me greatly. Both the captive regulators and private industry in Tennessee have a passion for captive insurance that is impossible to ignore, and I’m glad I have been part of its growth. I also realise the importance of younger professionals, such as myself, learning about the industry and its regulation to further promote its development.
What is your impression of the industry?
The industry seems very close knit, almost family like—which may be daunting to a newcomer, but everyone I have met has been friendly and accepting.
As for the direction of the industry, I think growth will come from smaller company formations and creative innovations from large established companies.
What are your aspirations for your career in the captive industry?
From a young age I was taught to use my skills to help those around me. I also thoroughly enjoy engaging with people and seeing what makes them tick, whether in a professional setting or in line at the supermarket.
I aspire to be in a position where I can learn what keeps business owners up at night and what dreams they have for their companies, then demonstrate how captive insurance, either directly or indirectly, can help them achieve their goals.
"Patrick Womac is an especially impressive asset to our industry professionalism
and positive outlook on this everchanging facet of risk transfer and
risk funding.
For professionals like me who are in the twilight of our careers, it is comforting to know and observe emerging talent like Patrick, for I know that our industry will be in good hands and that the merits of captive ownership will be heard with loud voices more eloquent and with moreconviction than our own."
Robert Davidson
Principal
Davidson Risk Consulting
