Liberty Mutual Insurance
Liberty Mutual Insurance’s David Firkins shares his experiences in underwriting and finding new risk control solutions for clients' changing needs
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?
I have had the pleasure of working with all types of organisations on their journey to forming and operating a captive insurance company.
From mid-sized family-owned businesses to the largest organisations in the country, no captive lifecycle is the same.
My captive experience began on the formation side, with a particular emphasis on feasibility and pre-feasibility analyses.
This work progressed to include handling renewals and devising strategies for expanding the captive through analysis and risk selection.
On the underwriting side, I work with our broker partners and our mutual clients to face self-insured risks while upholding our organisation's underwriting integrity.
Building solutions for unique risks that my region's captives typically do not insure has been my favourite broking experience across all these captive work areas. Specifically, while at HUB, working on large third-party programmes and management risks, including D&O insurance was the most challenging and enjoyable.
As an underwriter, the most rewarding experience so far has been finding new solutions for existing clients' changing needs, whether that be modifying policy limits and deductibles, wording updates, or policy amendments.
I am particularly looking forward to the opportunity to quote and win new business for my team by leveraging my experiences, our internal tools, and collaboration with my colleagues at Liberty.
How has your previous experience prepared you for your current role?
My previous experience helped me build a solid foundation of knowledge to succeed in my current role. For me, the most pivotal learning experience was understanding the mechanics of setting up a captive, what each party contributes to that process, and where the bottlenecks typically appear.
Additionally, through my involvement in captive setups and the day-to-day operations, I was able to learn how to develop an understanding of what the insureds and brokers are looking to achieve with this structure.
As an underwriter, I can now apply this experience to work toward providing solutions that benefit all parties.
Based on your experience, what would you say are the key benefits of working in this industry?
In my opinion, the best part about working in the captive insurance space is that the work never gets stale. With the wide range of unique circumstances, business lines, and industries involved, there is always a new challenge to overcome. This diverse set of experiences leads to working with and making connections with great people in all corners of the industry and the world, which is an opportunity unlike any other.
Can you name your main influences in the industry?
I am fortunate to have had many important mentors and industry colleagues who have shaped my career and had a huge impact on my successes. Braedy Walker and Mark Rankin are the first names that come to mind as those who introduced me into the industry and who I worked under at HUB.
I am also fortunate to have found great leadership and an amazing culture at my current organisation, Liberty Mutual. My department leaders, Chris MacLean and Leon Williams, along with the entire team, have had a tremendous positive impact on me in the short time I have been here. I am excited to see how that growth will continue.
What are your aspirations for your future career in the industry?
My current career aspirations are to continue to learn as much as possible from my team and colleagues so that I can contribute to my organisation. I would also like to build my network and continue to meet wonderful people in the industry.
My goal for the future is to eventually lead or manage my own team so that I can pass on the knowledge that I have gained through my current mentors and managers. Finally, I want to be at the forefront, providing new and unique solutions to clients as the tools available to us and the risks companies are facing continue to evolve.
What advice do you have for someone considering a role in captive insurance?
The number one piece of advice that I would give someone considering a captive career is to meet and build relationships with as many people in the captive and wider industry as possible. Speaking with people and listening to their experiences is one of the best ways to learn, and someday down the road they might play a pivotal role in helping create a solution for a client.
Personal bio
I grew up in Ottawa, Ontario, and completed my postsecondary degree at the Ivey School of Business at Western University in London, Ontario. My professional career began with a position in global affairs in the federal government, with a focus on data analytics and visualisation.
After this position, I moved to Toronto, and, using my connections in the industry, I was able to transfer the skills I had gained while working at Global Affairs Canada into a role at HUB International in their captive and analytics practice.
Working in the captive insurance field allowed me to apply the knowledge I had gained over the past couple of years, and the prospect of working with and learning about a wide variety of businesses, both small and large, fascinated me.
I spent three years on this team and was involved in the set-up of many captives in different domiciles, including Alberta, which had its captive legislation introduced during my tenure at HUB.
I am currently a member of the Alternative Risk Solutions team at Liberty Mutual Insurance, Canada, where I specialise in captive fronting. In this role, I manage my own renewal portfolio and strive to expand our business book. Outside of work, I enjoy getting outdoors and out of the city, with skiing being my favourite hobby.
Recommendation
“David Firkins joined the team and was immediately able to have a positive impact. His in-depth understanding of captives, ability to communicate with brokers and other key stakeholders, and eagerness to learn on the underwriting side have led him to manage some key accounts for our team and organisation.”
Christopher MacLean
Senior vice president and head of Alternative Risk Solutions and Programmes
Liberty Mutual Insurance
