Phil Giles, the former vice president of sales and marketing for accident and health at QBE North America, has left the company to join a new venture called MSL Captive Solutions, a company owned by Strategic Risk Solutions (SRS) that specialises in underwriting and consulting services for captives writing medical stop loss coverage.
MSL will operate as an independent business, with Giles running the captives solutions business.
Giles said: “I had a great run at QBE but ultimately felt I could do a better job at a new company that offered more operating latitude and flexibility. We will offer a more systemically holistic service, specifically designed for medical stop loss captives.”
Medical stop loss has been a growing area of business for captives since the Affordable Care Act came into effect, Giles said. “There has been an explosion in demand for medical stop loss captives, but no explosion in the number of people with the expertise to serve them,” he said.
MSL is the industry’s only platform dedicated to the development and delivery of services exclusively for single parent and group medical stop loss captives. By focusing entirely on this corner of the market, MSL will deliver even greater value for its clients, Giles said.
It will work closely with brokers, consultants and all captive managers to structure customised single-parent and group captive solutions to meet the specific risk and financial objectives of its clients.
Giles said: “At QBE we could only work with one carrier for insurance and reinsurance. But MSL can bring more partners to the table, making it easier to serve our clients’ specific risk and financial needs.”
Giles will continue to be based in North Carolina, though the location of MSL’s main office is yet to be disclosed. MSL also expects to announce a number of appointments in the coming weeks.
Brady Young, president and CEO of SRS, said: “We have been working in the MSL space since captives started participating in these programs, but I think there is a need for a more holistic approach to bring it all together to help captive owners and the various trading partners involved with captives. This new venture will fill the gaps and maximise the impact of the captive with the goal of helping drive down health insurance costs for employers”.
Phil Giles, MSL Captive Solutions, Strategic Risk Solutions, SRS, Brady Young