Canadian Broker NFP Forms Captive Management Company in Alberta

NFP, a major Canadian property-casualty insurance broker, has set up a new captive management company, NFP Captive Management Corp., in Alberta and boosted its Complex Risk Solutions Group (CRSG) unit to help NFP form and administer Alberta-based captives.

That action follows the passage of legislation last year allowing the formation of captives in Alberta. That law went into effect on July 1.

"NFP is very excited about this legislation and the opportunity it creates for Canadian employers to form captive insurance companies domiciled in Alberta," Joseph Seeger, managing director and co-lead of CRSG and NFP, said in a statement.

In addition, NFP recently hired two captive insurance veterans, Sam Jackson and Paul Young, to join CSRG. Mr. Jackson has more than 2 decades of experience in the insurance industry, including a dozen years with Energy Insurance Group, where he oversaw energy clients' insurance programs. Mr. Young has been in the insurance field for more than a decade and worked for Accommodate Insurance Management, Canadian Energy, and Energy Insurance Group.

Alberta is the second Canadian province to allow the formation of captive insurance companies. Previously, British Columbia had been the only Canadian province permitting captive formations.