25 August 2020Actuarial & underwriting

McGriff launches group captive offering, headed by Steve Aldrich

McGriff, the full service insurance broker, has formed a new group captive practice, McGriff Captive Solutions (MCS), headed up by Steve Aldrich who also serves as McGriff’s industry practice group leader.

MCS serves as an advisory resource for companies looking for a more cost-efficient way to finance risk, while offering members ownership of their underwriting profit.

Aldrich joined McGriff in 2001 and is responsible for managing global captive programme formation for the middle market and ensuring programmes comply with and follow best practices. He also works alongside clients and broking partners to develop new captive products and resources.

Aldrich leads a team responsible for engaging key captive agencies and subject matter experts across the McGriff network of more than 150 offices. MCS is focused on developing sales strategies, technical capabilities, client and employee education, analytics and claims and loss control.

McGriff framed the creation of MCS as the next step in the evolution of its alternative risk transfer operations, and those of its parent company, Truist Bank. McGriff also manages MBT, a Bermuda-based single-parent captive and reinsurance company founded in 2001, that is also owned by Truist.

McGriff president and chief executive officer Rick Ulmer described captives as a critical risk mitigation strategy for its clients. “[Aldrich] understands the business and is uniquely positioned with our McGriff industry practices and Truist bank verticals to help drive the strategy, structure, and engagement between our various stakeholders,” he added.

Aldrich said: “Given the hard market we’re now experiencing, clients with strong balance sheets are looking for options to control their own destiny, rather than exposing their business to the up and down cycles of the insurance industry.”