Reinsurance broker Augment Risk has launched its newly created captive and alternative risk transfer solutions offering, and appointed Steve McElhiney to lead this new venture.
Augment Risk’s new captive and alternative risk transfer solutions offering has been designed to complement the firm’s broader strategy: providing essential capital and risk solutions that boost a company’s overall value.
By strategically leveraging captives, Augment Risk looks to empower organisations to effectively manage risk and enhance their financial performance.
As partner, McElhiney will focus on driving growth in market segments where traditional solutions fall short. This aims to fuel growth in under-penetrated areas and support the firm’s broader development across North America.
Based in Dallas, McElhiney will spearhead Augment Risk’s efforts in creating legacy solutions for the captive market. He will identify opportunities to repurpose micro captives and explore roll-up initiatives with various capital providers.
Additionally, he will extend captive capabilities to MGAs, positioning Augment Risk to deliver unique solutions across diverse client bases.
McElhiney, who brings over two decades of industry experience, is joining Augment Risk from Artex Risk Solutions, where he most recently served as senior vice president and global director of reinsurance.
Throughout his career he has held executive roles in reinsurance underwriting and corporate finance across global carriers, reinsurers, intermediaries and captives, these include Argo Group, Overseas Partners US Reinsurance and TIG Specialty.
Andrew Matson, Augment Risk CEO, said: “We’ve established strong foundations over the past two years, which help us attract talent such as Steve. His well-rounded background in corporate finance and reinsurance makes him an invaluable addition to the Augment Risk team. His expertise in the captive market will play a key role in crafting innovative, tailored solutions that support Augment Risk’s overall strategy.”
McElhiney added: “I was impressed by Augment Risk’s commitment to partnership and its high-performance culture. I look forward to bringing innovative strategies to life and developing the newly launched captive and alternative risk transfer offering. As mutual insurers face reinsurance capacity and capital constraints, our work will help broaden the scope of available solutions and facilitate access to the necessary tools for sustainable growth.”
