The Captive Insurance Companies Association (CICA) has presented Joel Chansky with the CICA 2023 Distinguished Service Award at its annual International Conference. Kite Realty Group (KRG) was awarded the CICA 2023 Outstanding Captive Award. Chansky is a consulting actuary at independent risk management, benefits and technology firm Milliman, a role he has held for more than three decades. Alongside this, he teaches at the International Center for Captive Insurance Education. During his career Chansky has served on a number of boards, including those of the National Risk Retention Association, the Arizona Captive Insurance Organisation and the Captive Insurance Council of the District of Columbia. He has also been chair of the CICA board. The CICA Outstanding Captive Award recognises a firm that has demonstrated “creative uses” for a captive, provided high net results and usefulness to owners, managed difficult situations and has established a positive reputation in the industry. KRG merged with Retail Properties of America in October 2021, increasing its portfolio and catastrophe bond exposure. KRG’s captive allowed for a simple integration of Retail Properties of America into the business, allowing it to flexibly build its coverage tower. This strategic and creative approach to risk is what earned KRG the award, CICA says. Chansky says: “Receiving the CICA Distinguished Service Award is a really great honour. I look at the past recipients and to be mentioned in the same breath as them is humbling.” Theresa Severson, vice president of insurance and risk management at KRG, comments: “This award acknowledges the support that the KRG leadership has provided throughout the process, and the importance of building a culture that focuses on risk management and creative risk financing alternatives.”
