AssuredPartners
Jack Foley of AssuredPartners speaks to Diana Bui about his experiences and aspirations to progress in his career in the captive insurance industry
Could you share any insights or experiences you have had in the captive insurance industry? What types of companies have you assisted in captive formation, and what specific risks were they aiming to protect against?
Dunring my career in the captive industry, I initially worked with a captive manager before transitioning to the retail brokerage side of the business.
Describing the world of captive solutions as dynamic and complex barely scratches the surface.
My experience spans the development of numerous group captive programmes and includes orchestrating the feasibility, formation, and management of substantial single-parent captives.
I have dealt with a broad spectrum of companies, from a small manufacturer in Kentucky to firms publicly traded on the New York Stock Exchange (NYSE).
In many cases, middle-market companies have been grappling with a particularly tough insurance marketplace. Joining group captives has provided them with a way to mitigate the volatility they faced and, after demonstrating strong performance, reap substantial premium returns.
My role has also covered a variety of single-parent captives and captive cells, from those set up to fund large retention and tailor policies covering risks excluded in the traditional market to taking on entire insurance layers in response to reduced capacity or the complete absence of traditional insurers.
How has your previous experience prepared you for your current role?
My tenure on the captive management side of our business provided me with a wealth of institutional knowledge and relationships, which have proven invaluable in our retail operations.
Our clients are looking for a deep level of expertise and guidance when joining or forming an existing captive, and my previous roles have prepared me well for that.
Based on your experience, what would you say are the key benefits of working in this industry?
I believe our industry is the best kept secret in insurance, although it has become less so these days. Over the last decade, the traditional insurance marketplace has battered insureds, leaving us able to offer incredibly creative solutions.
I cannot overstate the ability the industry has given me to think creatively and solve extremely challenging problems.
Can you name your main influences in the industry?
Jennifer Gallagher brought me into this business as an intern and played a significant role in my development, as did many of the other leaders at Artex Risk Solutions. In addition, Jeff Kurz is one of those mentors who recently joined our growing group at AssuredPartners after leaving Artex last year.
What are your aspirations for your future career in the industry?
While I do not have a crystal ball, for now I am thoroughly enjoying consulting with our clients and prospective clients and helping them navigate the world of captive insurance. We will continue to expand our practice, adding talented people and resources to serve our clients.
What advice do you have for someone considering a role in captive insurance?
For anyone considering captive insurance as a career, my advice would be to reach out. Our industry is filled with some of the most talented and generous people in insurance, and I know that all of them would be happy to take time to talk about the variety of roles that exist, as well as the incredibly positive outlook that we see moving forward for our space.
Personal bio
I began my career in commercial insurance with Arthur J. Gallagher, where I quickly developed a passion for the industry. My journey then took me to Artex Risk Solutions, the world’s third-largest captive manager. Here, I have had the privilege of working with corporations from a multitude of industries, focusing particularly on real estate, construction, and transportation firms ranging from mid-market to Fortune 500.
Throughout my tenure, I have built a reputation for guiding clients through the complexities of alternative risk solutions. My expertise spans group captives, segregated cell facilities, and single-parent captives. I am particularly adept at designing and implementing structures such as fronted and reinsured programmes, deductible reimbursement, and tenant liability.
In my current role, I provide guidance and expertise to clients pursuing strategies in the alternative risk sector. My comprehensive understanding of risk and dedication to crafting tailored strategies for each client have proven invaluable. I firmly believe that in our industry, one size does not fit all, and it is this belief that drives my commitment to delivering customised and effective risk management solutions.
Testimonials
“Jack consistently exhibits a level of expertise that surpasses expectations for his age.
“He skillfully leverages his comprehensive understanding of finance and the alternative risk market to devise and implement innovative solutions for our clients.”
Jeff Kurz
Alternative risk strategies director
AssuredPartners
“Jack’s ability for simplifying complex insurance programmes into clear, comprehensible explanations for his clients is truly remarkable.
“His dedication to identifying the ideal solution, articulating it effectively, and ensuring it reaches his clients distinguishes him significantly from his peers in the industry.”
Nick Napolitano
Captive practice leader
AssuredPartners
