The Captive Insurance Companies Association (CICA) has announced the three finalist teams in its Captive Insurance Solutions for Today’s Risk Management Challenges essay contest for college risk management and insurance students. The competition is sponsored by Hylant Global Captive Solutions (Hylant GCS). The three finalist teams are: Carter Cappon and Chase Mendham of Olivet College, Olivia Faulkner and Zane Smith of Saint Mary’s University, and Ting-Wei Liu and Nachapol Charamornburapong of Temple University. For the contest, two-person teams were asked to describe how and why a captive insurance company could be used as a cost-effective means of alternative risk financing for new and growing risk challenges. The three finalist teams will now work with mentors from Hylant GCS to revise and enhance their essays, which will be judged again to determine first, second and third place. The winners will be announced at the CICA International Conference held on 5-7 March in Rancho Mirage, California. Dan Towle, CICA President, says: “Each year our finalists tell us that participating in the contest helped them see how innovative and challenging the captive insurance industry is. In 2022, two of our essay finalists accepted job offers with captive organisations as a result of presenting their essays at the CICA Conference.” Anne Marie Towle, CEO, Hylant Global Captive Solutions Division adds: “Today’s students are looking at more than their first job. They’re looking at future opportunities as well. The case studies our team developed for the CICA essay contest are based on real issues organisations are facing.” The 2022 CICA essay contest first place honours winners were Matia Daskalos and Vincent Palmieri from Temple University. Daskalos and Palmieri proposed a captive solution for the case study of the American Cannabis Association seeking to form a captive to provide liability coverage for general, product and automobile liability insurance, as well as cyber risk. Connor Thomson and Nicholas Vagnozzi of Saint Joseph’s University were awarded second place, winning a cash prize of US $1,500. Katie Strohl and Blake Babec of Butler University were awarded third place and a cash prize of US $1,000 for their essay on the CBA case study.
