Return on investment is not the most important measure of success for a captive, according to Andrew Baillie, program director for global insurance at AES Global Insurance Company.
Steven McElhiney, chairman and president of Dallas-based EWI Re, and president of the captive Tall Pines Insurance, has advised captive owners attending the VCIA conference to continually review the business written by their captives after they are set up.
Captives and reinsurers can work together to manage cyber risk, according to Steven Bauman, head of global programmes and captive practice for North America at AXA XL.
CICS Services, a risk management and consulting firm, specialising in the formation and operation of captive insurance companies, has launched a new reinsurance pool for property/casualty coverages.
Term limits for board members are always important, according to Derick White, managing director of corporate governance and regulation at Strategic Risk Solutions.
A panel discussing the optimal composition of captive boards at the VCIA conference has stressed the importance of paying board members, dismissing concerns that this could lead to a conflict of interest.
Captive board members must have an understanding of the businesses they are working with to be effective in their roles, according to Margaret Nekic, president at Inspirien.
The insurance industry needs “less asinine adverts on TV showing insurance people playing with animals, and more of that marketing budget being spent on educating people about insurance, and encouraging a new generation of people into this industry,” according to Zachary Finn, professor and director at Butler University.
Captives are driving innovation to a far greater extent than commercial insurers, according to Michael Maglaras, principal at Michael Maglaras and Company.
The insurance industry must be bold and embrace the changes being brought about by the influx of millennials into the labour market, and into the consumer market, according to Laura Drabik, group vice president for business innovation at Guidewire Software.