Jonathan Stark
Consultant
Strategic Risk Solutions
Personal bio:
I was born and raised in Durham, North Carolina–Go Duke! I am a graduate of the University of North Carolina Wilmington. In my free time, I enjoy reading, lifting weights, hiking, running and doing anything outdoors. I am also an avid sports fan.
Professional profile:
I currently assist with feasibility studies, strategic reviews, and the implementation of captive insurance companies. I have also conducted multiple redomestications. For existing captives, I provide underwriting and regulatory support. Prior to joining SRS, I was the lead senior captive financial analyst in the Captive Insurance Companies Division of the North Carolina Department of Insurance (NCDOI). While at the North Carolina Department of Insurance, I was responsible for the supervisory analysis of captive insurer license applications and other captive insurer financial filings as well as the ongoing financial compliance and solvency regulation of all licensed captive insurers in North Carolina.
How did you end up in the captive industry?
I started out as a financial analyst on the traditional side of the NCDOI regulating commercial insurance companies. North Carolina passed its captive legislation in 2013 and I was asked to join the Captive Insurance Companies Division.
What has been your highlight in the captive industry so far?
I would say North Carolina’s growth as a captive domicile has been very rewarding given that I was part of the team that helped implement the captive programme infrastructure in North Carolina.
Who have been your influences in the captive industry?
Mike O’Malley, managing director of SRS Advisors (our consulting group) and Debbie Walker deputy commissioner of Captive Insurance Companies Division at the NCDOI. Walker and the NCDOI gave me a great foundation in the business of insurance, insurance accounting, and captive insurance. That foundation allowed me to get up to speed quickly when I moved over to SRS. Given that the captive programme in North Carolina was brand new during my time there, a significant amount of my time was spent licensing captives. This was the perfect pre-requisite for conducting feasibility studies, implementing captives, conducting redomestications, and conducting strategic reviews of existing captives.
What advice do you have for anyone considering a role in the industry?
Make sure you step back from the details daily to understand the objective that the operating company is trying to achieve through the formation of the captive. Additionally, try and obtain several different insurance designations that will give you the fundamentals needed to be successful in the industry.
Debbie Walker, senior deputy commissioner, North Carolina Department of Insurance “During Jonathan Stark’s employment with the NCDOI, he exhibited leadership and strong communication skills, including the ability to speak publicly. Due to his desire to learn, he passed the coursework and attained the ACI designation. Stark’s knowledge and experience provided him with a great opportunity to work with Strategic Risk Solutions. Although we didn’t want to see him leave the NCDOI, it was and still is exciting to see Stark’s career in the captive insurance industry grow and develop and he is just getting started!”
