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19th of September 2014

Power 50

Matthew Broomfield

50 Ian Kilpatrick
President and CEO at Lionheart Insurance Group
Kilpatrick was the founding chairman of the Cayman Insurance Managers Association (CIMA) which was formed in 1981. He has over 40 years’ experience in international insurance and within the Cayman financial industry, having formed a number of successful businesses. In 1992, Kilpatrick founded Crusader International Group of Companies, which includes a captive management company.
49 Jill Jacobi
Counsel, California Department of Insurance
Jacobi has become the face of California’s consistently unique interpretations of a nondomicilary state’s authority under the Liability Risk Retention Act (LRRA) of 1986. One recent, and contentious, example being the Auto Dealers risk retention group (RRG) case. Jacobi is also a prominent participant in NAIC committees and thus remains a major player in the operational governance of captives and RRGs.
48 Jonathan Groves
Chartis’ head of the continental European risk management group
Groves is a highly acclaimed public speaker, who has helped to alert European captive owners to the intricacies and potential challenges of Solvency II. A regular on panel discussions across Europe, he has continuously helped to articulate the Directive’s evolution, real and apparent, and keep its developments and likely implementation high on the industry’s agenda.
47 Janice Abraham
CEO of United Educators
Abraham oversees arguably the most significant risk retention group (RRG). United Educators performs an integral role in the provision of insurance for US schools and colleges and is a prominent voice for the RRG industry. It dominates and drives the education insurance marketplace, is supportive of associations and available to testify before Congress.
46 Alan Fleming
Chair of Special Interest Group for the Association of Insurance and Risk Managers (Airmic)
Fleming helps drive thought leadership within the UK’s captive industry. He was formerly head of risk at Guinness, Diageo and Railtrack; chairman of Airmic, and Guernsey’s insurance director between 2003- 6. Though less ‘hands-on’ nowadays, he’s still on the board of two captives, a regular speaker across Europe, and boasts a formidable contact book, having previously managed both David Anderson and Matt Frost (see no 18 and
27), among many others.
45 Dan Labrie
President and CEO of Housing Authority Insurance Group
President of one of the industry’s most active RRGs. His RRG campaigns on behalf of the industry for an expansion of the LRRA, develops unique value-added services for its members, and holds a huge share of the housing authority insurance space (currently around 60% of the market). Labrie also helped the formation of and the International Center for Captive Insurance Education.
44 Hugh Rosenbaum
A colourful figure on both sides of the Atlantic, Rosenbaum continues to attract high delegate figures as a speaker at captive conferences. His connections and industry wisdom ensures that he remains an extremely well listened to figure. Like Alan Fleming, he is less hands-on than he was once, but is still regularly cited for his innovative thinking and willingness to question the status quo.
43 Professor Joe Bannister
Chairman of the Malta Financial Services Authority
Cited as perhaps the EU’s most innovative and progressive domicile regulator, and described by some voters as a ‘modern-day Steve Butterworth’ (acclaimed former Guernsey regulator). Bannister played a leading role in bringing cell legislation (PCC and later ICC) to Malta. Though Malta is still small in captive numbers, its legislation is cited as among the most flexible and captive-suitable within the European Union, and is likely to help influence other domicile’s future regulation.
42 Gerald Yoshida
Director at Char Hamilton Yoshida & Shimomoto
The ‘go-to’ person for setting up captives in Hawaii. Yoshida derives his influence through a combination of his longevity as a pre-eminent lawyer (for 25 years), and as an advisor on structuring captives on the island. Yoshida leads the firm’s insurance regulatory practice group, and represents the majority of captives licensed in the domicile.
41 Dominic Wheatley
Chief marketing officer of Willis International Captive Practice/ former chairman of GIIA
Integral to Guernsey’s eventual stance on Solvency II, through his position as then chairman of GIIA. Wheatley lobbied consistently and prominently on the unsuitability of the Directive for captives. Guernsey may still have opted out of the Directive without Wheatley, but its stance was well articulated and informed wider discussions thanks to Wheatley’s input.
40 Martin Le Pelley
Chairman of Guernsey International Insurance Association (GIIA)
A key advisor to perhaps the world’s fourth most significant captive domicile. Le Pelley was the single largest determinant in the Guernsey government’s decision on 30 January to not accept the European Commission’s offer of transitional equivalence. The Guernsey Financial Services Commission wanted to seek ‘bifurcated equivalence’, but Le Pelley’s opposing argument won the vote.
39 Mike Kilbane
Principal and president of Captive Resources
Kilbane heads up a consultancy devoted to the formation and administration of captive insurance companies. He is the chairman and a member of the board of directors of a Cayman Islands domiciled billion-dollar-plus investment fund, and chairman and CEO of Kensington Management Group, an insurance management firm in the Cayman Islands.
38 Sarah Goddard
CEO of the Dublin International Insurance and Management Association
Far and away Dublin’s best known industry figure. Goddard represents Dublin at conferences across Europe and the US, and has been an outspoken figure on Solvency II. DIMA is Ireland’s representative body for international insurance and reinsurance companies, insurance and reinsurance captives, and captive management companies. Goddard has engaged with European authorities on a regular basis, and was one of the first figures to actively lobby for greater consideration of captives within the Solvency II Directive. “Working for the Dublin businesses, she was basically driving the whole EU agenda before ECIROA got involved,” said one voter. “She’s a great force in terms of promoting the European captive industry.”
37 Dana Sheppard
Associate Commissioner, Risk Finance Bureau at District of Columbia, Department of Insurance, Securities & Banking
Cited for his progressive legislation, Sheppard spearheaded changes to cell captive law. Rather than following Vermont’s captive law, he decided to take both DC’s cell captives in a different direction. He’s also introduced innovative health and property and casualty (P&C) captives. “He’s been able to navigate a more flexible captive regulation. I’m somewhat enamoured with DC’s legislation,” said one voter.
36 Victor Rod
Director of the Commissariat aux Assurances, Luxembourg
Cited by some as Europe’s most significant domicile regulator. With over 30 years in the industry, he is perhaps the longest serving active regulator in the world. Rod originally voted against Solvency II but has since played a large role in making Luxembourg one of the frontrunners in terms of implementing the Directive.
35 IRS
Internal Revenue Service
The IRS has the potential to make life difficult for many US captives, in particular 831(b)s, and is already making some captive owners anxious. “Right now arguably the most important person in the captive world is Steven Henson with the IRS in Atlanta who is literally ‘making the law’ with the IRS’s regulations,” says US attorney Jay Adkisson.
34 Jeffrey Johnson
Director chair of the board of directors at Primmer Piper Eggleston & Cramer
Johnson has been a driving force in the growth of Vermont’s captive industry since his days as the domicile’s deputy commissioner and insurance commissioner in the late 80s and early 90s. This involvement deepened when he moved to the private sector, he is now recognised in the US as a prominent legal expert on captives.
33 Pierre Sonigo
General secretary, Federation of European Risk Management Associations (FERMA)
Cited as the enduring influence behind FERMA, Sonigo plays a lead role in FERMA’S administration: overseeing its literature, helping to lobby, and working to forge the association’s links with other risk management organisations around the world. Presidents change, but Sonigo has been FERMA’s secretary general since 2004 and shows no sign of slowing down.
32 Michael Bemi
President and CEO of the National Catholic Risk Retention Group
A regular speaker and president of one the most powerful RRGs. National Catholic is recognised for its long track record of supporting its insureds, particularly regarding difficult to insure risks such as sexual misconduct. Despite having a relatively small premium of $20m, (in 2010), it insures operations relating to 540,000 grade school students and 155,000 employees.
31 Debbie Lambert
Managing partner of Johnson Lambert & Co
Lambert used entrepreneurial zeal to create a specialty accounting, auditing and tax firm that has been credited with helping the captive industry to grow. Her company provides audit and tax services to over 350 insurance entities, with offices in Virginia, Vermont, North Carolina, Florida, New Jersey, South Carolina, and Illinois.
30 Gordon Rowell
Head of Insurance Supervision at the Cayman Islands Monetary Authority
Responsible for administering and monitoring the supervisory regulation of the insurance industry in the Cayman Islands, the second largest captive domicile. Rowell manages the insurance division staff and monitors the industry’s development, most recently overseeing the domicile’s unprecedented total premium of $11.76bn at the end of 2011, up from $8.6bn.
29 Michael Cormier
CEO of Marsh Captive Solutions
Cormier oversees a team that manages roughly 1,200 captives worldwide, and plays a key role in determining the department’s overarching strategy towards captives. “He has a lot of influence in terms of the talent Marsh attracts, the technology Marsh employs and develops, and how it manages its clients,” said one voter.
28 Stephen Cross
Chairman of Aon Global Risk Consulting (AGRC)
Chairman of a division comprising 2,000 staff in over 90 countries. Cross continues to stamp his brand of dynamism and attention to detail across both Aon Global Risk Consulting and Aon Captive and Insurance Management. Clients value his innovative yet- thorough, no-nonsense approach.
27 Matthew Frost
Vice-president of risk and insurance at BHP Billiton
Australia’s most significant captive owner. BHP Billiton, the global mining, oil and gas company, has minimised its purchase of external insurance, and instead relies primarily on its captives, which cover property damage and business interruption, sabotage and terrorism, marine cargo and construction. In 2012, 80% of its insurance premium/fees go into its captives, up from 42% in 2005.
26 Ross Elliott
Captive Insurance director at Utah Department of Insurance
Since Elliott took the post in 2009, Utah’s captive numbers have rocketed. Last year it licensed 69 captives, bringing its total to 239, and making it the US second-largest domicile by captive numbers. In 2007 it had only 93 captives. Utah’s growth is striking and provides a guide to emergent US domiciles.
25 Joel Chansky
Principal with Milliman (Boston)
Chansky reviews captive and RRG applications for the insurance departments of Vermont, Washington DC and Missouri. He has also assisted with the ongoing actuarial needs of many captive and RRGs. He has been a board member of the National Risk Retention Association and the World Captive Forum.
24 Peter Mullen
CEO Aon Global Captive Management
Mullen’s oversees Aon’s global captive management team, which specialises in the formation and management of captive (re)insurance companies, overseeing more than 1,300 insurance vehicles in over 30 locations worldwide. Having taken the post only last April, his influence and visibility is perhaps not fully developed yet.
23 Shelby Weldon
Director of Insurance at the Bermuda Monetary Authority
Credited as integral to Bermuda’s application for Solvency II equivalence, and the apparent likelihood of that equivalence being bifurcated (excluding captives). Bermuda’s stance towards Solvency II has been ahead of other captive domiciles outside Europe, and could eventually help define how other domiciles engage with the Directive.
22 Mitchell Cole
Director at Towers Watson
Cole pioneers the use of alternative risk transfer (including captives) for post-retirement benefits, such as retiree medical plans, as recently utilised by Coca-Cola (one of Cole’s clients). Technically adept at strategic financing and design of ART benefit programmes, he has been one of the industry’s key influencers on employee benefits.
21 Vermont Captive Insurance Association (VCIA)
The world’s largest trade association for captive insurance. It provides lobbying support on both the state and federal levels for its nearly 500 member companies. Its annual conference is one of the most renowned on the calendar, last year attracting over 1,000 delegates from 6 countries and 41 American states.
20 Carlos Montalvo
Executive director of the European Insurance and Occupational Pensions Authority (EIOPA)
Oversees the day-to-day management of the independent body created to strengthen the regulatory rigor of European regulators. Montalvo oversees the assessment of European regulators, and instigates measures if they don’t meet requirements. Montalvo also advises the European Commission on Solvency II, and could influence how captives are ultimately treated under the Directive.
19 Captive Insurance Companies Association (CICA)
The risk manager-founded association provides education, networking and leadership for captive and risk retention group professionals across the US. Its events and seminars play important roles in driving US captive discussions and bringing together experts from across the sector. Its board includes many notable industry figures.
18 David Anderson
Head of risk insurance solutions at BP
Anderson oversees perhaps the world’s largest single-parent captive (gross premium income approximately $2bn). His team pursues an almost 0% purchasing insurance policy, and instead use Guernsey-based Jupiter Insurance (and to a lesser extent its Vermont-based captive) to cover many of its exposures. “He’s very influential behind the scenes. We all look at him, to see what he’s doing,” said one voter.
17 Jill Husbands
Head of office at Marsh Management Services (Bermuda)
Husbands has headed up Marsh’s Bermuda office since 2007 and previously played an important role in creating the Green Island Reinsurance Treaty in 1996. A great presence on the island, she is credited with helping to turn the Bermuda Captive Conference from an afterthought into a key date on the industry calendar.
16 Karin Landry
Director at Spring Consulting
A big influence in introducing employee benefits programmes to captives. Landry counts numerous large multinationals among her client list, and has helped Spring to receive several EB-related patents and industry awards. Landry is also a regular speaker at US and European captive events. In 2010, she helped a utility client to use a captive to protect the assets of its non-unionised workforce’s retiree health benefits, saving more than $50m.
15 Brady Young
Managing director and president of Strategic Risk Solutions
A leading, self-driven US independent captive manager, cited for giving vocal and frank advice on domicile choice, and providing a more consultative level of captive management. Young is a prominent conference speaker and a leading user of multimedia webinars to promote captive discussions.
14 Malcolm Cutts-Watson
Leader/chairman - International Captive Practice at Willis
Cited as a leading industry thinker who has helped people perceive captives as strategic instruments rather than just financial tools. Cutts-Watson oversees all of Willis’ captive management for Europe and Asia Pacific, assists various regulatory authorities develop captive and strategies and regulation, and is an industry partner to AIRMIC’s captive special interest group.
13 Gary Osborne
President of USA Risk Group
President of the world’s fifth largest captive manager, Osborne is a prominent supporter of alternative risk transfer. He is a regular speaker at conferences across the US, and increasingly forging links with the European market. An outspoken supporter of RRGs, Osborne actively seeks to place USA Risk Group staff on association committees.
12 Les Boughner
Executive vice-president at Willis, responsible for North American Captive & Consulting Practice
Boughner’s division is responsible for setting up and managing captives for all Willis’s North American clients. A frequent speaker and former CICA board member, he held captive positions at Arch Insurance Co and Zurich Insurance before joining Willis.
11 Nancy Gray
Regional managing director at Aon Global Insurance Managers
Responsible for overseeing Aon’s captive management operations in the US, Canada, Bermuda, Cayman, Bahamas, Barbados and Panama. Having risen quickly through the ranks of Aon’s captive management group, Gray is now arguably less ‘hands-on’ than previously.
However, the area she oversees undoubtedly still lends her influence.
10 Sheila Small
Verizon assistant treasurer, risk management and Insurance
Small has overseen Verizon’s huge captive since 1997. Exchange Indemnity Company (EIC) now writes over 25 programmes and has assets in excess of $1.5bn. Small’s work with EIC has had a ripple effect on the practices and skills of service providers. She is also cited for her willingness to openly discuss EIC’s solutions.
9 Bruce Wright
Partner at Dewey & LeBoeuf
Wright’s work has spanned decades and a range of domiciles and companies, and shows no sign of diminution. He oversaw the US’s first-ever captive EB programme, through Columbia Energy, and has been an active practitioner and speaker in the US industry ever since. He plays a large part in the captive construction of many US Fortune 200 companies.
8 Arthur Koritzinsky
Marsh managing director and captive advisory leader
Marsh’s top entry. Though his influence is restricted to the US, Koritzinsky is cited as exerting a great influence at the construction stage of captives, and on clients’ decisions. A regular speaker at BNA tax and accounting conferences, and highly respected by lawyers and clients alike, Koritzinsky brings to the industry a wealth of expertise, and was cited by several voters as a big factor in Vermont’s early growth.
7 Andrew Tunnicliffe
CEO of Aon Global Risk Consulting (AGRC)
Responsible for developing Aon’s global portfolio and client offering. Tunnicliffe oversees a team of 2,000 staff in over 90 countries, which encompasses Aon’s captive management, risk consulting, and risk controlling and claims. His influence stems from a balance between the breadth of his resource plus his continuous client-facing. He exerts great influence over how people look at captives, and helps Aon to identity new trends and innovations.
6 Michael Lusk
Vice-president of insurance and risk management at Archer Daniels Midland
Heads up ADM’s captive, which writes more than fifteen programmes, including aviation and crop insurance. In 2003, Agrinational Midland Company became only the second captive to receive US Department of Labor (DoL) approval to reinsure ERISA employee benefit risk. This meant that other companies could start using the fast-track approval process with the DoL. Lusk is an active speaker at conferences, and chairs CICA’s legislative committee.
5 Skip Myers
Partner at Morris Manning & Martin / general counsel of the National Risk Retention Association
Holds great sway in Washington and leads the fight in defending the rights of RRGs against the National Association of Insurance Commissioners (NAIC). A victory for RRGs is arguably a victory for captives, which could be next in line for focus from the NAIC if the business rights of RRGs were prohibited. Myers fights against this happening. “He’s the closest thing to a representative against the NAIC,” said one voter.
4 Guenter Droese
Chairman of the European Captive Insurance and Reinsurance Owners’ Association (ECIROA) / global head of corporate insurance at Deutsche Bank
The driving force behind ECIROA’s Solvency II lobbying effort. Droese has created a pan-European group that has raised awareness of the Directive among captive owners, and helped give the European industry a voice. “To get ECIROA up and running was an incredible achievement,” said one voter. He is also the primary organiser of the European Captive Forum, a biannual event that attracts over 1,000 delegates, including 250 captive owners.
3 David Provost
Deputy commissioner - Captive Insurance Division, Vermont Department of Banking,
Insurance, Securities & Health Care (BISHCA)
Regulator of the fastest growing of the ‘Big three’ domiciles. Commended by captive owners for his accessibility and flexibility, Provost has been cited as a key factor in cemented and bolstering Vermont’ s position as the US’ far-and- away largest domicile. Since he assumed the position Vermont has become friendlier towards companies outside the Fortune 1000 looking to form captives, and more receptive to creative solutions. Vermont’s annual Household Bill has allowed the domicile to remain flexible to captives’ needs, as demonstrated by the domicile’s introduction last year of incorporated cells. “Many look to him for leadership in terms of how to deal with the NAIC,” said one voter.
2 Tom Jones
Partner at McDermott, Will & Emery
Far and away the most voted-for lawyer. As one voter put it: “If all the US captive big players were in one room and I could only speak to one, I’d choose Tom Jones.” With over 35 years’ experience and an address book of over 5,000 names, he works with multinationals and mid-sized companies to ensure their captives are tax efficient, and has also done a lot of work with healthcare captives in the Cayman Islands. Jones combines legalistic expertise with “user-friendliness” and teaches a course for the International Centre for Captive Insurance Education (ICCIE). He is renowned for challenging the status quo and is a big proponent of the incorporated cell structure.
1 Karel Van Hulle
Head of Insurance and Pensions Unit at the European Commission
The man behind Solvency II. His influence is Europe is inescapable for captives, though in the US he is still not well known. Many would cite his influence as negative but, nevertheless, Solvency II has preoccupied the European captive industry far more than anything else, since its inception. The Directive’s ripples have reached Bermuda and Asia, and Van Hulle’s recent declaration that Bermuda’s equivalence could be ‘limited’ could be a significant determinant of that domicile’s future captive growth. Guernsey and the Isle of Man have ploughed resources into determining their stance, whilst EU domiciles ready themselves for implementation. Associations have been set up to lobby for captive concessions, while conferences and workshops hold packed-out sessions on its probable impact. Captive owners across Europe have re-considered, and in some cases adjusted, their captive uses in light of the Directive. None of this would have been necessary were it not for Van Hulle’s Solvency II. His influence is vast, and will probably increase.


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