SCOTTSDALE, ARIZONA (PRWEB) March 11, 2016
At its annual International Conference today the Captive Insurance Companies Association(CICA) honored longtime outstanding captive tax and legal expert P. Bruce Wright with the 2016 CICA Distinguished Service Award, and recognized Pleiades Insurance Co. Ltd. with the 2016 CICA Outstanding Captive Award.
The Distinguished Service Award was created to recognize individuals or organizations that have made significant contributions to advancing the captive insurance industry. P. Bruce Wright is one of the foremost authorities on captive insurance tax and legal issues, and has shared his knowledge generously at virtually every captive insurance industry event over the course of several decades. Wright became involved with captive insurance early in his career and his enthusiasm and passion for problem solving and helping the captive industry remain evident in his work. “It has been interesting working with people in different industries, that all have similar dealings with governmental entities. There have been some interesting outcomes and helping organizations work through them has been fun,” Wright said.
He has been recognized by a number of captive domiciles for his contributions to the captive industry and has been named in the top 10 of the Captive Review “Power 50” since its inception. Wright has served on the CICA/VCIA Joint Tax Advisory Committee for many years and has advised CICA leadership on breaking tax issues. In addition, he has been a mainstay of the CICA International Conference “Tax Update” session for many years. Mr. Wright is a partner at the law firm of Sutherland Asbill & Brennan, LLP with his principal office in New York City. He is a graduate of Brooklyn Law School and holds an LL.M. from Georgetown University Law Center. He has also received his CPCU designation.
The Outstanding Captive Award is presented to a captive insurance company or risk retention group that has shown creative uses for a captive, been successful in managing the captive in terms of net results and usefulness to its owners, has prevailed over difficult times or situations, and has gained acceptance, recognition, and a positive reputation among rating agencies, regulators and colleagues in the captive industry.
Pleiades Insurance Co. Ltd. is wholly owned by Subaru of America, Inc. and was incorporated in Bermuda in 1988. During its 27 years of operation, Pleiades has consistently responded to the needs of Subaru, growing both the range of insurance business written and its value to its shareholders. Mary Harrington, Pleiades director and vice president, attributes Pleiades success to the company’s value for thinking outside the box and commitment to Pleiades as an integral part of the business. “The captive is an integral part of our risk management program and we’re always looking for new ways to use it,” Harrington said. She has been involved with Pleiades since its incorporation in 1988 and says creativity has helped them to expand their captive, which even provides coverage for customers. Originally Pleiades provided only auto liability, workers’ compensation, general liability, and product liability coverages. Over the years, Pleiades has increased both lines of coverage and premium volumes. It now writes coverages for Subaru dealerships, along with mechanical/extended warranty lines of business, along with other business lines and employee benefit coverages. Pleiades has been inducted into the Bermuda Captive Hall of Fame.
CICA is the only global domicile-neutral captive insurance association. CICA is committed to providing the best source of unbiased information, knowledge, and leadership for captive insurance decision makers. CICA is your advocate around the world, key to the captive industry and the resource for captive best practices.