NFP, a property and casualty broker, has established NFP Captive Management (Alberta) Corp. and appointed two industry veterans in the captives and alternative risk space.
This will enable NFP to form and administer Alberta-domiciled captive insurance companies for their clients.
Joseph Seeger, managing director, co-lead, CRSG of NFP in Canada, said: “In the face of rising costs and challenging coverage access, we have been preparing for months to be ready to deliver the specialised expertise clients need to evaluate and execute a captive structure.”
“NFP has built an extraordinary team of experienced captive professionals to mobilize our first-mover advantage.”
NFP recently recruited two veterans of the captive insurance industry, Sam Jackson and Paul Young, to join its CRSG. Seeger said: “Sam and Paul possess a deep understanding of the captive market and the structures and processes required to operate a successful captive. They add great value to our organization and clients pursuing alternative risk mitigation opportunities in Alberta”.
Jackson has over two decades of service in the insurance industry. He joined from Rogers Insurance, where he served as a senior broking advisor evaluating alternative risk financing opportunities.
Young has more than a decade of insurance experience, including positions with Accommodate Insurance Management, Canadian Energy and Energy Insurance Group.
Jackson said: “Paul and I have been impressed by NFP’s strong commitment to solving big problems for clients. With the new legislation in Alberta, we are ready to deliver solutions that enhance cost efficiency and coverage effectiveness for a variety of companies, especially those in natural resources.”
“We are already actively engaging with several NFP clients to help them understand the opportunity, determine if a captive is right for them, and detail the complex processes for establishing and administering a captive in Alberta. This alternative risk transfer mechanism will deliver clients more cost-effective risk mitigation solutions in this environment of rising insurance prices”.
