Concord MA, June 20, 2017
Strategic Risk Solutions (“SRS”) today 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, both 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, FL.
The three inaugural winners of the SRS Captivator Awards are:
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 ERISA benefits (under the predecessor Columbia Energy name) and the first captive to obtain a license for a branch in the US. 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% market share. A rated by AM 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 and an indirect wholly owned subsidiary of W.R. Berkley Corporation. 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.”
About Strategic Risk Solutions (SRS)
SRS is a leading independent captive management firm with representation in all major onshore and offshore domiciles. It provides financial reporting, regulatory compliance and program management services to existing and prospective captive insurance companies.
For more information, please contact Strategic Risk Solutions at 781.487.9800 or info@strategicrisks.com.
