31 January 2014Analysis

Caterpillar takes World Captive Forum Award of Excellence

US manufacturer of construction and mining equipment Caterpillar has been awarded the World Captive Forum Award of Excellence for their self-insurance program. The award was collected in Miami by Steve Resnick, COO and CFO for Caterpillar Financial Insurance Services, and Don Meyers, senior corporate insurance attorney for Caterpillar Inc and vice president, general counsel and secretary of Caterpillar Financial Insurance Services.

The Caterpillar Insurance Co captive was registered in Bermuda in 1983. It was followed by Caterpillar Insurance Company, a Missouri life and health insurer. Caterpillar has also tapped the alternative risk transfer vehicle to provide a successful dealer extended warranty program for Cat dealers and to finance retiree medical benefits.

The World Captive Forum Award of Excellence recognises the parent of a single-owner captive and its representatives for thought leadership and contributions to the risk and insurance profession, especially use of captive insurance programs.