FORTY under 40: Nick Frongillo
Nick Frongillo, senior consulting actuary, Spring Consulting Group.
Nick Frongillo is a senior consulting actuary. He provides actuarial and consulting services for captives that are up and running, as well as those in the process of forming. There is so much more to his role than just crunching numbers – helping clients understand the benefits of a captive, how it can work, answering various questions, coordinating with other service providers – the list goes on and on! Spring acts as the “quarterback” for many of their captive clients and Frongillo prides himself on being a resource to coordinate anything the client needs in relation to their captive.
How did you first become involved in captive insurance?
After graduating from Northeastern University in 2014, I jumped straight into the captive industry with Spring Consulting Group. More than ten years later and I am still at Spring, working with some of the same clients from the very beginning of my career. From the outset I was very focused on the actuarial services, developing pricing and reserves for captives. This provided me with the opportunity to learn about the industry from my superiors while providing value to my clients. From there I expanded beyond just crunching numbers to a more well-rounded consulting role.
What are the greatest challenges of working in this industry, and what do you find most rewarding?
Some of the challenges relate to it being a niche industry. Clients often need to be educated and re-educated on their captive, how it works, the benefits etc. I also like that because in some sense it is a small world and can feel like everyone knows everyone. We often have multiple mutual clients with other vendors, allowing me to develop relationships which I enjoy!
The captive industry is a rewarding sector to work in, particularly because I work on employee benefits lines. Any time we can reduce premiums that get passed onto employees, I know it will be felt. Every dollar counts! Making key benefits such as life, disability, and health insurance more affordable for employees can really make a difference in someone’s life.
Any time we can reduce premiums that get passed onto employees, I know it will be felt. Every dollar counts!
Would you recommend the captive insurance industry to young people as a future career path?
I recommend the industry as a future career path for several reasons. First, it is a unique and niche area of expertise that allows you to stand out from the crowd. Second, the industry is only growing, which means people with captive expertise will have increased job security and be more in demand as time goes on. Third, helping companies save money is making a tangible difference. Not every job offers that!
What developments do you see ahead for captives?
One big development on the horizon is in relation to the work Spring is doing with pensions and captives. We can help clients achieve significant savings and I think could be a real source of growth for Spring and the industry.
Do you think your long-term future remains in the captives market?
Of course!
Click here to read Captive International’s third FORTY Under 40 2025 publication.
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