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SRS Recognizes Industry Leaders with First Captivator Awards

June 21, 2017

Strategic Risk Solutions (SRS) announced the winners of its first Captivator Awards. The awards recognize the captives that the firm feels have led the industry in the use of captives, through new uses and innovations in captive structures and excellence in operational performance. The awards were presented at the recent 2017 SRS Client Symposium held at the Ritz-Carlton in Sarasota, Florida.

The three inaugural winners of the SRS Captivator Awards are as follows.

Single-Parent Captive Category

NiSource Insurance Corporation, Inc. (NICI), is a Utah-domiciled pure captive owned by NiSource Inc. The company has long led the industry in the creative use of captives, including being the first captive licensed to insure Employee Retirement Income Security Act (ERISA) benefits (under the predecessor Columbia Energy name) and the first captive to obtain a license for a branch in the United States.

Kirk Cresto accepted the award on behalf of NICI.

Group/Risk Retention Group (RRG) Category

Ophthalmic Mutual Insurance Company (OMIC) is a Vermont-domiciled risk retention group. Formed in 1987, OMIC has become the largest insurer of ophthalmologists in the United States with over 40 percent market share. "A"-rated by A.M. Best, OMIC has consistently outperformed traditional malpractice insurers.

Tim Padovese accepted the award on behalf of OMIC.

Cell Facility Category

East Isles Reinsurance, Ltd. (East Isles), is a Bermuda segregated account company owned by Berkley Accident and Health. The company has been at the forefront of the development of innovative group captive medical stop loss programs.

Lee Davidson and Jim Hoitt accepted the award on behalf of East Isles.

"We are excited to launch the Captivator Awards and recognize the work being done by our clients," said Brady Young, president of SRS. "NICI, OMIC, and East Isles have all committed to finding better ways to manage risk. Their success is changing the way the insurance industry operates and we are pleased to be a part of it and recognize their achievements."

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