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Captive Resources Appoints Zurich's Mike Foley and Reveals Succession Plans

Mike Foley-SF
February 19, 2018

Captive Resources, LLC, a consultant to group captive insurance companies, has announced the appointment of Mike Foley, former CEO of Zurich North America, to its board of directors, effective April 1, 2018. The appointment fills a vacant seat on the Captive Resources board and is the culmination of the company's search for a world-class director. Mr. Foley retires from Zurich North America on February 28, 2018, after serving as CEO since 2008.

The company also announced that, effective January 1, 2019, Nicholas J. Hentges, current president and board member, will become co-chief executive officer, serving in that role with George V. Rusu, current chairman and CEO. In addition to operational responsibilities, Mr. Hentges will begin to focus on the development and execution of the company's short- and long-term strategy in his new role as co-CEO. He has served as president since 2014.

"During Nick's tenure as president, he has presided over a period of unprecedented growth," said Mr. Rusu. "He has overseen numerous strategic initiatives including business development, re-branding, organizational structure, and risk management, as well as major improvements in the company's information technology infrastructure, data management, and business process optimization. His transformative leadership has helped preserve our company culture by initiating a focus on training, job satisfaction, and employee engagement. I've no doubt that he will bring this same energy, managerial skill, and leadership to bear as co-CEO."

Also effective on January 1, 2019, Mr. Foley will join Captive Resources as president, sharing the day-to-day operational oversight of the company with Mr. Hentges. The company expects that teaming Mr. Foley's extensive experience in growing organizations with that of Mr. Rusu and Mr. Hentges not only augments its already deep bench strength at the executive level but will accelerate the company's growth for many years.

"Mike Foley brings a wealth of insurance knowledge to the table," said Mr. Rusu. "His presence on our board will be a tremendous asset to Captive Resources as we benefit from his insights and counsel, and his operational, strategic, and leadership expertise will be invaluable in managing growth and helping Captive Resources to further solidify its position as the leading group captive specialist."

About Mr. Foley

Following an early career in finance and investment management, during which he progressed in various leadership roles, Mr. Foley joined McKinsey & Company in 1996 where he later became a principal and led its North American property and casualty insurance practice. He joined Zurich in 2006 as chief operating officer of its North America commercial business division. In January 2008, he was appointed chief executive officer of that division and a member of the group executive committee. Mr. Foley served as CEO until the end of December 2017 and remains on the executive committee through February 28, 2018. He was also chairman of the board of Zurich American Insurance Company until the end of 2017.

Mr. Foley graduated with a bachelor of science in mathematics and economics from Fairfield University in 1984 and received a master's degree from the J.L. Kellogg Graduate School of Management at Northwestern University in 1989.

(Photo of Mike Foley, above, is courtesy of Captive Resources.)

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