“It was really helpful to show how money saved or new revenues generated could support the University's mission of research, teaching, and public service.” Courtney Claflin
MINNEAPOLIS (PRWEB) March 13, 2017
At its annual International Conference today the Captive Insurance Companies Association (CICA) honored Fiat Lux Risk and Insurance Company with the 2017 CICA Outstanding Captive Award and industry veteran Karin Landry with the 2017 CICA Distinguished Service Award.
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.
Fiat Lux Risk and Insurance Company (Fiat Lux) was formed in 2012 as a single parent captive for the University of California system, which consists of 10 universities, five medical centers, three national laboratories, 280,000 employees and generates approximately 30 billion dollars in annual revenues.
Fiat Lux has grown considerably under the leadership of Courtney Claflin, executive director – captive programs, who came on board in 2015. Starting with just five lines of coverage for 25 million dollars of premium; Fiat Lux now writes over 25 lines of coverage at 900 million dollars of premium; buys reinsurance directly and participates in quota share arrangements with reinsurers. A separate reciprocal risk retention group has also been formed.
Claflin credits the growth of the program to a supportive Board of Directors and to educating and collaborating with colleagues on how a captive can be a more efficient way to finance organizational risks. “It was really helpful to show how money saved or new revenues generated could support the University's mission of research, teaching, and public service,” he explained.
Claflin says they also reviewed all the ways the University of California buys insurance or finances risk system wide, and identified the savings they could create by offering their own programs as opposed to insuring and financing through third party insurers.
With its growth, Fiat Lux has either saved premiums or created new annualized revenues of over 25 million dollars annually, with significant additional savings in development. Future growth plans in 2017 includes an Incorporated Cell captive for employee voluntary benefits, other University systems, and additional coverages.
The CICA Distinguished Service Award is presented annually, when appropriate, to a single individual or entity that has made a significant contribution to the captive insurance industry.
Karin Landry, CEBS, GBA, ACI, CLTC, managing partner of Spring Consulting Group, LLC; is an internationally recognized leader in captive insurance strategy, benefits and financing. Landry
is a past Board Chair of the Captive Insurance Companies Association (CICA). She serves on the Boards of the Fallon Health Plan and Matthew Greenwald & Associates. Landry also is an instructor for employee benefits courses and a member of the finance committee for the International Center for Captive Insurance Education (ICCIE).
“Captives are the Legos® of the insurance industry; there are a million different ways to piece them together and take them apart, allowing for infinite creativity. After 25 years in the industry, I am still excited to play with them and find the newest innovation to serve our clients," Landry said.
“I am deeply humbled by this honor from CICA, and I want to thank our dedicated team and incredible clients for supporting me and giving me the opportunity to do the work I love," Landry added.
During her career, Landry has developed eight patents in insurance and has received numerous industry awards. In 2010, she was named a Risk Innovator by Risk & Insurance magazine and in 2012 she was one of Business Insurance Top 25 Women to Watch. She has also been named one of Captive Review’s Power 50 for the captive insurance industry for many years. In 2015 Landry was named top Employee Benefits Advisor by Employee Benefits Advisor Magazine.
About the Captive Insurance Companies Association (CICA)
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.