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CICA Announces Student Essay Contest Winners at Annual Conference

Student Essay Contest Winners at CICA 480x377
March 12, 2019

Temple University Seniors Angel Song and Alana Vicale received first-place honors in the Captive Insurance Companies Association (CICA) college student essay contest, "Next Generation Captive Insurance Solutions for New Risk Challenges." The winning team was announced on Monday during the opening session of the CICA 2019 International Conference at the JW Marriott Tucson Starr Pass Resort & Spa. 

For the CICA essay contest, two-person teams were asked to describe how and why a captive insurance company could be used as a cost-effective means of alternative risk financing for emerging risks and their corresponding loss exposures.

Angel Song and Alana VicaleMs. Song and Ms. Vicale proposed creating a Risk Retention Group (RRG), a type of captive insurance company. The RRG would help doctors manage their risk exposure and encourage more careful monitoring of opioid prescriptions, and closer monitoring of possible misuse, thereby helping to lower the addiction rate.

"The judges were impressed that the Temple team considered not only the need to provide insurance coverage for this growing risk, but they also tailored their approach to help create a focus on reducing possible misuse," CICA President Dan Towle said.

Second place honors went to Kayla Cecchine and Brendan Tarte, St. Joseph's University, for their essay "Captive Insurance: An Intimate and Efficient Risk Financing Solution to Climate Change and Tax Rulings Risks." Third place went to Christian Ferrara and Charles Fisher, Appalachian State University, for "Alternative Risk Solutions: Captive Insurance for Cyber and Supply Chain Risk."

All three teams won cash prizes and an opportunity to speak at the CICA Conference, and their essays will be published by captive industry magazine Captive Review

Mr. Towle said, "It was very competitive. We received entries from students studying risk management, insurance, actuarial science, and finance. We’re excited to have the teams presenting at the CICA Conference."

He continued, "CICA is committed to attracting new professionals to the captive industry, which is top-heavy with leadership that is approaching retirement. That is why CICA is creating new opportunities, like the essay contest, for students and young professionals to learn about captive insurance."

Ms. Song and Ms. Vicale said they believe that captives will influence the future of the insurance industry, and they want to be on the forefront of it. As young professionals in the industry they enjoy the cutting-edge mindset that captive solutions require. "We feel an advantage beginning our careers in insurance while having some knowledge in captive solutions and are eager to learn more as it evolves in the future," they said.

Brady Young, chief executive officer, Strategic Risk Solutions, said, "Generating this kind of awareness and enthusiasm for captive careers is exactly what we were hoping for. The CICA Essay Contest is a great complement for SRS's Collegiate Captive Scholars Program, and we believe this will help the captive industry raise its profile, attract new talent to replace retiring staff, and support the future growth of the industry."

Article photo pictured from left to right are Brendan Tarte, Kayla Cecchine, Angel Song, Alana Vicale, and Brady Young.
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