The Captive Insurance Companies Association (CICA) kicked off its 2017 International Conference March 13, 2017, in San Diego, announcing the winners of two prestigious awards: the CICA Distinguished Service Award and the CICA Outstanding Captive Award.
The CICA Distinguished Service Award—which honors an individual or entity for making a significant contribution to the captive insurance industry—went to Karin Landry, CEBS, GBA, ACI, CLTC, managing partner of Spring Consulting Group, LLC. Ms. Landry is a past board chair of CICA and is an internationally recognized leader in captive insurance strategy, benefits, and financing. She also is an instructor for employee benefits courses and a member of the finance committee for the International Center for Captive Insurance Education.
"Captives are the Legos® of the insurance industry; there are a million different ways to piece them together and take them apart, allowing for infinite creativity. After 25 years in the industry, I am still excited to play with them and find the newest innovation to serve our clients," Ms. Landry said.
During her career, Ms. Landry has developed eight patents in insurance and has received numerous industry awards. In 2010, she was named a Risk Innovator by Risk & Insurance magazine, and in 2012 she was one of the Business Insurance Top 25 Women To Watch. She has also been included for many years in the Captive Review Power 50 for the captive insurance industry. In 2015, Ms. Landry was named top Employee Benefits Advisor by Employee Benefits Advisor magazine.
The 2017 CICA Outstanding Captive Award recipient was Fiat Lux Risk and Insurance Company. The aim of this award is to recognize a captive insurance company or risk retention group that exhibits creativity, has prevailed over difficult times or situations, has gained success in terms of net results, and has earned a positive reputation within the captive industry. Fiat Lux Risk and Insurance Company was formed in 2012 as a single-parent captive for the University of California system, which consists of 10 universities, 5 medical centers, 3 national laboratories, and 280,000 employees and generates approximately $30 billion in annual revenues. Starting with just 5 lines of coverage for $25 million of premium, Fiat Lux now writes over 25 lines of coverage at $900 million of premium, buys reinsurance directly, and participates in quota-share arrangements with reinsurers. A separate reciprocal risk retention group has also been formed.
Courtney Claflin, Fiat Lux's executive director of captive programs, said that one of the keys to the company's recent growth was a systematic review of all the ways the University of California traditionally bought insurance and financed risk system-wide. Mr. Claflin said the company leadership then identified the potential cost savings that could be realized by offering its own programs as opposed to insuring and financing through third-party insurers.
Pictured above is Karin Landry. (Courtesy photo.)