University of Southern California students Megan Moore (pictured right) and Natalie Kojababian (pictured left) have received first place honours in the Captive Insurance Companies Association (CICA) Essay Contest, winning a cash prize of $2,500.
Senior Moore and junior Kojababian proposed a group captive insurance solution to provide liability coverage for cannabis association members.
The winners were announced today during a webinar hosted by CICA Essay Contest sponsor Strategic Risk Solutions.
During the webinar, the three finalist teams presented their essays and fielded questions, followed by the announcement of the winning team.
According to CICA, this year’s contest was “very competitive” leading to a tie for second place.
Marissa Dias and Samantha Kane, from Saint Joseph’s University, proposed a risk retention group for the Home Healthcare industry; and Magda Olivas Carmona and Rudy Martinez, from St. Mary’s University, proposed a group medical stop-loss captive for the Craft Brewing industry.
Both second-placed teams will receive a cash prize of $1,500.
CICA president Dan Towle said: “Not only did we have more entries this year, but it was also great to see how close the judges' scores were. That level of interest and excellence from the students is exactly what we’re looking for as we help them learn about the exciting career opportunities in captive insurance.”
Both Moore and Kojababian are studying business administration with minors in risk management. They share a passion for risk management and were interested to see the added benefits captives provide that traditional insurance may not.
Towle added: “Writing your essay is one component of the contest. We also want to give the students the opportunity to present to industry organisations that might become their future employers.”
The winners are normally announced at the annual CICA Conference, which was cancelled this year due to the COVID-19 pandemic. Towle said: “Today we were able to have them present and celebrate their success.”
Brady Young, CEO of Strategic Risk Solutions, said: “We’re very pleased with the students’ work and their willingness to dig in and learn about captive opportunities not only for today but for growing and emerging industries that can benefit from captive solutions.”
All three essays will be published in the next issue of Captive Insurance Times, available to download on 29 April. To receive this straight to your inbox, subscribe here for free.