The Bermuda Monetary Authority has granted licensing approval for the MJ Student-Run Insurance Company, the first captive developed and implemented by Butler University College of Business students, and aimed at students.
The student-run captive, managed by Aon, will insure certain programmes, including the live mascot Butler Blue III, and any physical damage to university vehicles.
The aim of the captive is to give students hands-on experience and prepare them for an industry that is anticipated to need tens of thousands of new employees over the next seven years.
Its original start-up date was the beginning of the 2019-2020 academic year, but was pushed forward to 2017 making it two years ahead of schedule.
Zach Finn, clinical professor and director of the Davey Risk Management and Insurance Programme, explained that the launch was earlier than expected because of a $250,000 gift from MJ Insurance and its CEO, Michael Bill, and the hiring of Kevin Thompson to teach in the programme.
Previously, Thompson served as counsel to Plews Shadley Racher & Braun and president of Insurance and Risk Management Services.