NFP has established the NFP Captive Management (Alberta) Corp. and augmented its complex risk solutions group (CRSG) with the addition of two industry veterans in the captives and alternative risk space.
The company said that these moves, in conjunction with the recently enacted Captive Insurance Companies Act in Alberta, will enable NFP to form and administer Alberta-domiciled captive insurance companies for their clients.
The Act has established a regime of captive insurance in Alberta where an organisation can insure itself against risk instead of buying insurance from a third party. The Act came into force on July 1, 2022.
"NFP is very excited about this new legislation and the opportunity it creates for Canadian employers to form captive insurance companies domiciled in Alberta," said Joseph Seeger, managing director, co-lead in Canada. "In the face of rising costs and challenging coverage access, we have been preparing for months to be ready to deliver the specialised expertise clients need to evaluate and execute a captive structure. NFP has built an extraordinary team of experienced captive professionals to mobilise our first-mover advantage."
NFP recently recruited two captive industry veterans – Sam Jackson and Paul Young – to join its CRSG. "Sam and Paul possess a deep understanding of the captive market and the structures and processes required to operate a successful captive. They add great value to our organisation and clients pursuing alternative risk mitigation opportunities in Alberta," said Seeger.
Jackson arrived at NFP in April with over two decades of service in the insurance industry. He joined from Rogers Insurance, where he served as a senior broking advisor evaluating alternative risk financing opportunities. Jackson spent over a dozen years at the Energy Insurance Group, where he oversaw all operations for their energy clients' insurance programs.
Young also joined NFP in April. His insurance experience spans more than a decade and includes positions with Accommodate Insurance Management, Canadian Energy and Energy Insurance Group.
Alberta, Canadian, captive, NFP, targets, legislation