People’s United Bank
Ian Davis discusses his new role at People’s United Bank and what he will be working on in the next 12 months
What does your new role involve? And what are your main objectives?
In my new role at People’s United Bank, I am primarily responsible for the business development, expansion and overall relationship management of the bank’s captive insurance portfolio. People’s United and its predecessors have a long history of servicing captive clients, and my aim is to contribute the knowledge, networks and experience I have gained working in this dynamic industry to help support those efforts into the future.
Working alongside Mary Santor, what are your current priorities and main focuses?
I have had the pleasure of knowing Mary for many years and am excited to now be working alongside her in this new capacity.
Mary has over 30 years of banking experience servicing the captive insurance industry, and I look forward to learning from her as we seek to further enhance services and support for our captive clients.
Over the coming months, I will be collaborating with my colleagues to develop and implement new marketing and communications strategies that increase the banks visibility in the industry, as well as partnering with our treasury and wealth management teams to align our offerings to best meet the diverse needs of captive owners.
I am also looking forward to working with our existing clients, many of whom I know well and have strong relationships with, to see how else we might support their banking needs.
What are the biggest challenges for the captive industry right now?
Every industry has been affected in one way or another by this global pandemic, and there remains a lot of uncertainty about what the future will hold. When I think of the challenges faced by our industry, what really sticks out is the highly personalised nature of how we conduct business, and the inability, at least at this present moment, to attend in-person gatherings such as conferences, networking events and client meetings. But I am confident, in part because of the efforts of organisations like the Vermont Captive Insurance Association (VCIA) and others, who have shown great leadership and provided new opportunities to continue to network and engage with the captive community and with our industry partners.
I really credit our industry for being so innovative and adaptable and believe that as a result, we will come out of this experience stronger, more resilient, and better equipped to support our colleagues and clients.
Do you think in light of the COVID-19 pandemic, there will be a large uptick in captive interest?
The COVID-19 pandemic and the devastation it is causing for many individuals, businesses and communities has cast a bright light on the insurance industry, of which captives play an important part. While I am hesitant to give predictions, particularly given all the uncertainty that exists right now, I do anticipate that the industry will see an uptick in captive activity. For many businesses, I think the advantages offered through a captive—including the ability to craft bespoke coverages that are otherwise unavailable, unaffordable, or that don’t meet an organisation’s risk financing objectives—will only be more appealing.
What key trends are you seeing right now within the captive space?
Given the market conditions in the months preceding the COVID-19 pandemic, I was certainly expecting an upward trend in terms of new captive formations and growth in existing programmes. Even with all that is still going on, I suspect that activity will continue, at least to some degree. Sponsored and cell captive growth is another positive trend for the industry, particularly for small- and mid-sized companies, in cases where a single parent captive might not be an option. Lastly, and perhaps unsurprisingly given the current environment, I expect we will see more and more companies looking to write coverages like business interruption and pandemic risk than ever before.
What is People’s United Bank working towards in the captive space over the next 12 months?
As mentioned previously, the next six to 12 months are going to present a great opportunity for our captive team to revisit our strengths, identify areas where we could improve our business offerings, meet existing clients, and position ourselves for continued success.
The upcoming VCIA virtual conference is also fast approaching, and I look forward to reintroducing myself to the captive industry in this new role.
