Augment Risk unveils new captives offering led by former Artex exec
Broker Augment Risk has appointed a Captive Review “Hall of Fame” executive to oversee a new offering focused on captives and alternative risk transfer solutions – a move it said has been driven by increasingly examples of where traditional solutions fall short.
Steve McElhiney (pictured), who joins from Artex, has been unveiled as partner of a newly created captive and alternative risk transfer solutions offering. He will focus on driving growth in market segments where traditional solutions fall short. Augment said it will target under-penetrated areas, supporting the firm’s development across North America.
Based in Dallas, McElhiney will develop Augment Risk’s efforts in creating legacy solutions within the captive space, identifying opportunities to repurpose micro captives and explore roll-up initiatives with various capital providers. He will also extend captive capabilities to MGAs.
Most recently, McElhiney was a senior vice president and global director of reinsurance for Artex Risk Solutions. His expertise spans developing bespoke captive solutions, including single parent captives and segregated cells.
McElhiney also serves on the advisory boards for the risk management and global supply chain tracks in his alma mater, the University of Southern California, where he mentors the next generation of industry leaders. He has served as global president of The Institutes CPCU Society, held board chair roles with the Captive Insurance Companies Association (CICA) and the Vermont Captive Insurance Association (VCIA), and is actively involved with AIRROC and other industry associations.
Andrew Matson, Augment Risk CEO, said: “We’ve established strong foundations over the past two years, which help us attract talent such as Steve. His well-rounded background in corporate finance and reinsurance makes him an invaluable addition to the Augment Risk team. His expertise in the captive market will play a key role in crafting innovative, tailored solutions that support Augment Risk’s overall strategy.”
McElhiney added: “I was impressed by Augment Risk’s commitment to partnership and its high-performance culture. I look forward to bringing innovative strategies to life and developing the newly launched captive and alternative risk transfer offering. As mutual insurers face reinsurance capacity and capital constraints, our work will help broaden the scope of available solutions and facilitate access to the necessary tools for sustainable growth.”
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