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1 June 2024NewsAnalysis

FORTY under 40: Chelsea Carter

Chelsea Carter, Vice president of business development, Artex Risk Solutions–North America

Chelsea Carter focuses her business development efforts regionally by partnering with brokers to evaluate alternative risk solutions for clients. She is a member of Artex’s sales, analytics and advisory team, which is a global taskforce designed to bring together Artex’s global subject matter experts across all product segments, providing a holistic approach to tailor solutions specific to each client.

Carter specialises in the formation and ongoing management of single parent captives, complex reinsurance placements, group captives solutions for middle-market clients in various industries, and captive insurance solutions for employee benefits.

Although Carter has clients spanning many industries, she has developed a practice focus in within the real estate, higher education and healthcare industries. She provides a comprehensive and consultative approach to evaluating the alternative risk marketplace to ensure that solutions are designed to meet the long-term goals and objectives of her clients. Since joining Artex, she has been integral in developing new programmes and solutions and solutions for its clients.

Carter began her insurance career in 2011 as a member of Gallagher’s Summer Internship Program. She joined Artex full-time in January 2018, and held various sales and marketing roles working for the US Men’s Open Golf Championship (2013 to 2015) and Ernst & Young (2015 to 2018).

She has a Bachelor’s degree in marketing from Lehigh University in Bethlehem, PA, and has earned a Commercial Lines Coverage Specialist designation.

How did you become involved in captive insurance?

I am a bit of a boomerang when it comes to my exposure in with the captives industry. I was first exposed to the sector through Gallagher’s Summer Internship Program. It is a nine-week rotation programme that exposes college student to different aspects of the insurance industry. During the internship, I spent two weeks with Artex to learn about the business, the captives industry and how Artex supports its clients through its various product offerings.

Following college graduation, I held various sales and marketing roles before ultimately coming back to Artex and the captives industry in January 2018. I am grateful to have had exposure to captives early on in my career as it led me back to the industry, which I have come to greatly appreciate.

What are the biggest challenges of working in this industry, and what do you find most rewarding?

When I first joined the captives sector, I was in awe with the robust nature of the alternative risk marketplace. The diversity of solutions and number of overall programme offerings was a bit intimidating but also one of the things I find most rewarding—no single captive or solution is the same as any other. I love the fact that every time I have a conversation with a client or prospective client, we are truly building and creating a solution specific to their needs.

With every programme or solution we develop, we are truly helping clients find a better way to manage their long-term risk. That has to be one of the most rewarding things about our industry.

Would you recommend the captive insurance industry to young people as a future career path?

I believe the captive industry provides young professionals with a significant opportunity for a long-term career path. It provides an environment where individuals can collaborate with their peers to be creative, problem-solve and grow professionally. Within the industry, there are so many different avenues someone can pursue—there is a job opportunity for all individuals with varying interests.

What developments do you see ahead for captives?

Captives at their core are risk-financing mechanisms—that concept has not changed for decades. Where I think the most development will occur is “how and where” captives can be utilised as a way for clients to become less reliant on the commercial insurance market, which has been turbulent at times.

Clients who have existing captive insurance companies may look to expand their coverage offering into new lines of coverage or increased participation. Others who don’t have captives in place may continue to evaluate the feasibility of a captive insurance programme for their risk. As the traditional marketplace evolves, the captives industry is poised for growth and innovation.

“As the traditional marketplace evolves, the captive industry is poised for growth and innovation.”

Do you think that your long-term future remains in the captives market?

Yes, I have no plans to leave the sector any time soon. The captives market is extremely dynamic and I enjoy collaborating with clients to develop solutions that will grow with them over time as their needs evolve. I am extremely lucky to be part of an industry that continues to challenge me professionally as I grow my career.

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