15 February 2018Analysis

Captive Resources appoints former Zurich North America CEO to board

Group captive consulting firm Captive Resources has appointed Mike Foley, former CEO of Zurich North America, to its board of directors.

Foley retires from Zurich North America on February 28, 2018, after serving as CEO since 2008. He will join Captive Resources on April 1.

Effective January 1, 2019, current president and board member Nicholas Hentges will assume the role of co-CEO, serving alongside current chairman and CEO George Rusu.

Hentges will focus on the development and execution of the company's short and long-term strategy in his new role. From this date, Foley will join Captive Resources as president, sharing operational oversight of the company with Hentges.

“During Nick’s tenure as President, he has presided over a period of unprecedented growth,” said George Rusu, chairman and CEO of Captive Resources. “He has overseen numerous strategic initiatives including business development, re-branding, organisational structure, and risk management, as well as major improvements in the company’s information technology infrastructure, data management, and business process optimisation. His transformative leadership has helped preserve our company culture by initiating a focus on training, job satisfaction, and employee engagement. I’ve no doubt that he will bring this same energy, managerial skill and leadership to bear as co-CEO.”

Hentges commented: “I’m looking forward to working closely with George and Mike to focus on operational and strategic priorities for Captive Resources, our sister company Kensington Management Group, Ltd., and The Captive Investors Fund. We are extremely fortunate that Mike will be working with us to oversee the continued strong growth that we anticipate. His appointment to our Board and subsequently to President is a key milestone in an executive management plan that we have been working on for the past few years.”

Foley added:  “I’m excited to join such a well-positioned company, with a strong track record of growth through customer focus. I look forward to working with George, Nick, and the whole Captive Resources team. Together we can build on the company’s exceptional foundation to drive profitable growth and continue to enhance an already industry-leading value proposition.”