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What's Next for Bill White?

Captive.com recently learned that William P. White, Administrator of Delaware's Captive Program, will be leaving this role in Delaware when his contract expires on July 31, 2009. Captive.com's Chris Mancini asked Bill a few questions, which we are pleased to share in this brief article. Bill's replies have been left verbatim and unedited, to give him the opportunity to share his perspective on the transition in his own words. We will do the same when the Insurance Department sends its press release to us early this week.

At the very end of the article, Chris Mancini shares a few thoughts of her own in a brief "Mancini's Musings" editor's note.

Southington, CT., July 27, 2009:

Captive.com (CC): Who will be replacing you in Delaware? What changes do you think will be made to the program?

Bill White (BW): It is my understanding that the interim director of the program will be Steve Kinion and he will be assisted by other staff assigned to a new captive insurance bureau that the commissioner is forming. I was not involved in decisions surrounding the structure of the new bureau, or in hiring new staff, so the best contact for background information on those issues would be Elliott Jacobson, Department of Insurance Chief of Staff.

CC: Why did you decide to leave your position, and will you continue in some role with the Delaware domicile?

BW: I am leaving to pursue other ART market opportunities. I will be involved in developing and possibly managing ART market entities that address current and emerging business needs. The marketplace is undergoing significant changes and my industry background and regulatory experience will be useful in assisting a variety of clients.

I made my desire to move on from the Administrator position known to the commissioner in April and offered to work with the Department to effect a smooth transition. No offer was put forward by the commissioner for me to continue in my role as Administrator and the commissioner has tasked others with the formation of the new bureau and developing the ongoing direction of the captive initiative in Delaware. I will not be working with the Delaware captive insurance domicile in any capacity after my contract expires.

CC: How do you see the ART market developing and what is next for you?

BW: : I think there will be a great deal of activity in the ART market, particularly in the third and fourth quarter of this year. I expect an increase in demand for discrete market vehicles to manage specific risk finance issues as risk-bearers deleverage their risk finance positions. The uncertainties of the capital and credit markets make this necessary and while regulatory guidance is yet unclear, business will take the initiative and move forward.

The ART market provides the best way to customize solutions and provide the basis for responding to strategic needs. I will continue working as a consultant through my company, Prism Strategies LLC and I expect to continue my involvement in the ART market with many of the truly professional people I have met over the years.

[Editor's Note -- Mancini's Musings on the evolution of Delaware as a captive domicile: During Bill White's brief tenure as Delaware's Administrator, the number of captives in the domicile increased from 5 to 42. Bill's role in this impressive growth cannot be overstated. He offered anyone considering a Delaware captive deep regulatory expertise, industry knowledge, personal and professional ethics, and a deep commitment to responsiveness and predictability as Delaware's Captive Administrator. Those of us who know Bill well trust him, and frequently enjoy long conversations with him. He is incredibly patient with me, as I tie him up for hours, picking his brains to learn from his impressive wealth of knowledge. That won't change. I know that we will continue to benefit from his expertise at captive.com in the years to come.

Speaking to Delaware's transition, though, I believe that nobody can ever be "replaced" within an organization. To look for a "replacement" for a man like Bill White is futile; to name a "successor," however, suggests a positive, flowing transition that will build on what's working well in the organization, while simultaneously opening new doors. If a domicile -- or any organization, for that matter -- has institutionalized the positive contributions of a departing executive within its ethical and operational framework, then proceeds to move forward with a competent set of effective, new players who bring a different set of helpful skills to the table, the domicile will grow and flourish.

As you will see in the coming weeks and months, Delaware's new Director, Steve Kinion, brings animpressive set of credentials to the state. In applying Delaware's legislation and regs, though, his "style" will be his own, and he will need to cement his own set of relationships within the captive community. We look forward to spending time with Steve, getting to know him personally, and learning about his plans and priorities for the domicile.

Given Delaware's legislation, and the state's business-friendly regulatory climate, with the right professionals in place who are willing to carry on the framework already established by their predecessors, captive insurance opportunities remain enormous for Delaware. We wouldn't bet against them based solely on a leadership and organizational change.

At this point, I remain optimistic that Delaware will continue to be an effective, innovative captive domicile. Captive.com will introduce you to Steve and the other new players in the department as information becomes available. As we do for all domiciles, we will continue to offer Delaware as much server space as they need to explain how their new structure will serve Delaware captives going forward.]