Pleiades Insurance Co given “outstanding captive” award by CICA
The Captive Insurance Companies Association (CICA) honoured captive tax and legal expert P Bruce Wright with the 2016 CICA Distinguished Service Award, and recognised Pleiades Insurance Co with the 2016 CICA Outstanding Captive Award at its annual international conference. The conference took place from March 6-8 at the Westin Kierland in Scottsdale, Arizona. The Distinguished Service Award was created to recognise individuals or organizations that have made significant contributions to advancing the captive insurance industry. P Bruce Wright is one of the foremost authorities on captive insurance tax and legal issues, according to CICA, and has shared his knowledge at many captive insurance industry events over the course of several decades. Wright became involved with captive insurance early in his career and his enthusiasm and passion for problem solving and helping the captive industry remain evident in his work, according to CICA. “It has been interesting working with people in different industries, that all have similar dealings with governmental entities,” said Wright.He added: “There have been some interesting outcomes and helping organisations work through them has been fun.” Wright has served on the CICA/VCIA Joint Tax Advisory Committee for many years and has advised CICA leadership on breaking tax issues. In addition, he has been a mainstay of the CICA International Conference “Tax Update” session for many years. Wright is a partner at the law firm of Sutherland Asbill & Brennan, with his principal office in New York City. The Outstanding Captive Award is presented to a captive insurance company or risk retention group that has shown creative uses for a captive, been successful in managing the captive in terms of net results and usefulness to its owners, has prevailed over difficult times or situations, and has gained acceptance, recognition, and a positive reputation among rating agencies, regulators and colleagues in the captive industry. Pleiades Insurance Co is wholly owned by Subaru of America, and was incorporated in Bermuda in 1988. During its 27 years of operation, Pleiades has consistently responded to the needs of Subaru, growing both the range of insurance business written and its value to its shareholders, according to CICA. Mary Harrington, Pleiades director and vice president, attributes Pleiades success to the company’s value for thinking outside the box and commitment to Pleiades as an integral part of the business. “The captive is an integral part of our risk management programme and we’re always looking for new ways to use it,” Harrington said. She has been involved with Pleiades since its incorporation in 1988 and says creativity has helped them to expand their captive, which even provides coverage for customers. Originally Pleiades provided only auto liability, workers’ compensation, general liability, and product liability coverages. Over the years, Pleiades has increased both lines of coverage and premium volumes. It now writes coverages for Subaru dealerships, along with mechanical/extended warranty lines of business, along with other business lines and employee benefit coverages. Pleiades has been inducted into the Bermuda Captive Hall of Fame.