6 March 2015USA analysis

CICA honours 2015 recipients of prestigious industry awards

The Captive Insurance Companies Association (CICA) will honour the 2015 recipients of the CICA Distinguished Service Award and the CICA Outstanding Captive Award at the opening session of the CICA 2015 International Conference on Monday, March 9, 2015, in Orlando, Florida.

Ian Kilpatrick has been named the recipient of the CICA 2015 Distinguished Service Award -- the highest award possible in the captive insurance industry. This award recognises individuals or organizations that have made significant contributions to advancing the captive insurance industry.

British born Kilpatrick has completed tenures in the Bahamas, Cayman (where he spent most of his career), and the United States. Throughout his more than 40 years in international insurance and financial operations Kilpatrick has been an active advocate of the captive insurance industry, and was recognised in Captive Review’s 2012 Power 50.

In 1992 Kilpatrick founded Crusader International Group of Companies, which included captive management.  In 2002, he expanded into the US and formed captive management companies in South Carolina, Arizona and Washington, DC. In 2013 he sold the majority of both the US and Cayman operations, but remains a director of the new company known as Advantage Insurance Holdings Ltd. He was a founder of the Insurance Managers Association of Cayman and later served on the CICA Board of Directors.

Three Rivers Insurance Company has been selected as the CICA 2015 Outstanding Captive Award winner. This award recognises a successful captive insurance company that has shown creative uses for a captive, prevailed in difficult times, and has gained a positive reputation among rating agencies, regulators, and colleagues in the captive industry.

Alcoa began its captive operations in Bermuda during the late 1970s and moved onshore in Vermont as that domicile’s 8th captive insurance company with the creation of Three Rivers in 1983.

Over the years, Three Rivers moved from only insuring Alcoa’s property risk, to including casualty risk and then international benefits risk. It has since expanded to insuring a vast array of Alcoa’s risk, including general liability, workers compensation, small craft, and many of its employees’ insurance needs, such as home, auto, and life insurance.

CICA’s 2015 International Conference titled Captives: The Strategic Advantage taking place on March 8-10, 2015 in Orlando, Florida offers a full agenda designed to explore the strategic advantages of captives across a wide range of business needs.