14 December 2017USA analysis

Hanover Stone appoints two senior risk advisors

Hanover Stone Partners, a risk management services firm, has appointed two senior risk advisors into the leadership team of Hanover Stone Partners CaptiveGuard, the firm’s specialty practice providing governance and related advisory services for captive insurance companies and their parent organisations.

Attorney Michael Scott brings more than two decades of leadership experience in risk management and insurance, including extensive work with captives. Previously, he was vice president, Insurance & Risk Management at Archer Daniels Midland Company (ADM) and president and general counsel of Agrinational Insurance Company, ADM’s captive.

During his tenure, Agrinational become one of the first captives to receive US Department of Labor approval to reinsure employee benefits. Earlier, Scott was a corporate attorney for State Farm Insurance Companies.

Philip Stevens has devoted nearly three decades of his 40-year insurance career on captive insurance company formation, reinsurance and captive management. He concurrently leads Rowayton Risk Consulting, a firm he founded in 2013 that provides a wide range of captive advisory services.

Previously, he was managing director of marketing and client services for Amplitude Reinsurance Company of Delaware, a captive cell facility. Earlier, he was with AIG Insurance Management Services as vice president of the captive management group, and prior to that was with Aon where he managed the firm’s rent-a-captive operations in Bermuda and Cayman, among other captive responsibilities.

“Although the commercial insurance market has been relatively stable for several years, the spate of natural disasters in the U.S. and other parts of the world this year has prompted some risk managers to look more closely at the roles of captive insurers in their overall insurance program,” said John Kelly, founder and CEO, Hanover Stone Partners.

“To help with their evaluations, we are continuing to expand the capabilities of our specialty practice focusing on captive governance and performance. Michael and Phil bring deep expertise in captive insurance and we are pleased to welcome them to our team.”