The 2016 UK Captive Services Awards were held in London on Thursday night with 18 companies and two individuals honored on the night.
Julia Graham, technical director at Airmic, was awarded the prize for Outstanding Contribution by an Individual, while Matthew McEwan, director of risk management at Coca Cola Enterprises, picked up the prize for Captive Professional of the Year.
Willis Towers Watson and Aon won three awards each. Willis Towers Watson picked up prizes for Captive Manager, Employee Benefits Specialist and Solvency II Initiative.
Aon were awarded in the Cell Captive, ILS Service Provider and Risk Consulting Initiative categories.
Guernsey took home the European Domicile award, while CHUBB picked up awards for Customer Care in Fronting and Insurance Company.
Kane was recognised as Independent Captive Manager of the Year and Customer Care in Captive Management. BNP Paribas also collected two awards – Collateral Service Provider and Most Innovative use of an ART Structure.
Full List of Winners And Judges Comments
Category: Collateral Service Provider
Winner: BNP Paribas
Judges’ comments: The judges were impressed by the firm’s innovation of a new type of collateral product that can be utilised by captives. BNP Paribas was clearly able to demonstrate how it was able to provide risk free collateral while also ensuring investment returns over a three to five year period.
Category: Captive Healthcare Specialist
Winner: MAXIS Global Benefits Network
Judges’ comments: MAXIS GBN’s dedication to healthcare issues when fronting and managing employee benefits programmes continues to set them apart from its competition. The judges were impressed by the introduction in May 2015 of the Network’s ‘paid claim global dashboard’, providing medical claims data and analytics to captive clients.
Category: Run Off Specialist
Judges’ comments: The judges were impressed by R&Qs extensive track record in both the acquisition and servicing of captives in run-off, as well as the high-calibre of corporate clients that have trusted the specialists with their insurance subsidiaries. The firm has also demonstrated its ability to conduct various run-off transactions in the form of novations and has built strong relations with regulators in the UK, across Europe and in the Americas.
Highly Commended: SOBC Corp
Category: Insurance Company
Judges’ comments: CHUBB’s truly global network is able to provide a range of strong and well developed services to captive owners. The judges were impressed by its ability to go beyond fronting and its use of subsidiaries in Bermuda and Delaware to provide added services including captive management. The insurer also added cyber risk to its lines of business that it fronts for captives in 2015.
Highly Commended: Zurich Insurance Company
Category: Claims Management
Winner: Claims Management Nordic
Judges’ comments: The judges were impressed by the firm’s ‘Enterprise Claims Management’ approach which prioritises protecting the company brand, time and money efficiency, cash flow, loss reduction and customer satisfaction. Claims Management Nordic also clearly understands the importance of captive and parent integration in the claims management process.
Category: Independent Captive Manager
Judges’ comments: The judges were impressed by Kane’s international reach and expansion into new segments in the domestic UK market and abroad. The management firm is able to utilise and offer a diverse range of solutions through its cell, ILS and traditional captive structures. For an independent, the management firm continues to punch above its weight.
Category: Customer Care in Investment Management
Winner: Goldman Sachs Asset Management
Judges’ comments: The judges were impressed by Goldman Sachs’ close attention to captive insurance companies’ unique needs and their responsiveness to the evolving market. The firm also has extensive experience dealing with various captive situations such as rating agency criteria, domiciliary consideration and capital charges under the Solvency II regime.
Highly Commended: Royal London Asset Management
Category: Cell Captive
Winner: White Rock Group
Judges’ comments: White Rock is the most well-known and established cell company brand in the world and the judges were impressed with its continued growth, development and evolution. The White Rock cell companies service property & casualty, as well as life business and increasing amounts of collaterised reinsurance. White Rock is also used for run-off business.
Category: Onshore Law Firm
Winner: Holman Fenwick Willan
Judges’ comments: The judges were impressed by HFW’s broad range of services from high-level dispute resolution and re-domestication to run-off and captive sale transactions. HFW is clearly well ingrained into the global captive ecosystem and was able to provide a number of insightful examples of its work in 2015.
Highly Commended: Ince & Co
Category: Solvency II Initiative
Winner: Willis Towers Watson
Judges’ comments: The judges were impressed by the Willis Solvency II Navigator platform and its ability to produce clear results for clients when analysing their requirements under the new Directive. The management firm has clearly put a considerable amount of time and expertise into its offering and is able to use the Solvency II Navigator to highlight and enhance the captive’s value as well as understand and meet its obligations.
Category: Tax Advisory Firm
Judges’ comments: The independent firm impressed the judges with its expanding capabilities for outsourced IPT solutions. As well as covering the European Union, FiscalReps can now provide services for captives writing in Switzerland, Australia and the USA, among others. The judges were particularly impressed by the firm’s commitment to captives and tailor-made services.
Category: Innovation in Fronting
Judges’ comments: AIG were able to clearly outline and explain an innovative fronting solution to a unique problem presented by one of its technology and sharing economy clients operating in the United Kingdom. AIG worked closely with the client’s broker and captive manager to deliver a first of its kind policy utilizing the captive.
Category: Captive Professional
Winner: Matthew McEwan, Director of Risk Management, Coca Cola Enterprises
Judges’ comments: Matthew McEwan has demonstrated a clear and passionate commitment to the world of captive insurance for almost 20 years. Working previously for a number of large corporates including HarperCollins, Schlumberger and Honeywell International, he has built up vast knowledge of the complexities involved with international insurance. His contribution to the industry goes far beyond his day job, offering his time and expertise to speak and lead discussions at captive conferences around Europe.
Category: Risk Consulting Initiative
Winner: Aon Global Risk Consulting
Judges’ comments: The judges were particularly impressed by Aon’s new product – Trio Risk Management. The practical risk management tool is designed to be built into the insured’s insurance programme and is a key part of the broker’s offering to risk managers. Aon went into great depth explaining the way Trio works and the judges appreciated the way it brought the insureds, brokers and carriers closer together.
Highly Commended: Swiss Re Corporate Solutions
Category: Most Innovative Use of an ART Structure
Winner: BNP Paribas
Judges’ comments: The judges were impressed by BNP Paribas’ work in the alternative risk transfer space and its innovation in creating a new framework – Alternative Risk Transactions (ART). The bank is able to leverage its market exposure and liquidity to transform risk into investor opportunities.
Category: Most Innovative Firm of the Year
Judges’ comments: Zurich is at the fore when it comes to thought leadership in the captive insurance industry and has blazed a trail on the topic of multi-line programmes. The firm’s holistic approach has allowed it to provide genuine aggregate stop protection on a multi-line and multi-year basis. The judges were impressed by Zurich’s ability to onboard 35% of its clients to this model and 100% retention rate.
Category: Actuarial Firm
Winner: BWCI Limited
Judges’ comments: BWCI were able to demonstrate a close and healthy relationship with regulators in numerous European domiciles, inside and outside of the European Union. The judges were particularly impressed by the breadth of their work on helping clients’ transition to Solvency II compliance and the diversity of their client base, including traditional single parent captives and cell companies.
Category: Customer Care in Captive Management
Judges’ comments: Kane is able to leverage off its global network to provide a range of options to new and existing clients. The firm’s well managed internal relationships ensure the right solution is identified and executed in the most appropriate domicile and structure available. The judges were also impressed by the firm’s examples of ongoing work with clients to expand their portfolios.
Category: Employee Benefits Specialist
Winner: Willis Towers Watson
Judges’ comments: Willis Towers Watson was able to clearly demonstrate its leading position in the employee benefits space, working on 11 new EB captive programmes in the UK. The judges were also impressed by the firm’s new Longevity Direct product which utilises an ICC in Guernsey to provide European clients with a vehicle to place pension longevity risk.
Category: Technology Firm
Judges’ comments: The judges were impressed by Websure’s dedication to tailored captive solutions, which has ultimately paid off in securing a partnership with one of the world’s largest captive managers. The firm’s software is being increasingly put to the test by the most sophisticated captive owners around the world.
Category: Offshore Law Firm
Judges’ comments: Hassans, led by senior partner Nigel Feetham, is a leading voice on captives and cell structures in particularly. Cited in a US Court judgement concerning a PCC in 2015, Feetham is now recognised globally as a cell expert and is an integral part of Gibraltar’s captive ILS industry.
Category: Innovation in Investment Management
Winner: London & Capital
Judges’ comments: The judges were particularly impressed by the introduction of London & Capital COMPASS targeted at captives domiciled within Solvency II jurisdictions. The tailored approach to captives and Solvency II specifically demonstrates a deep understanding and appreciation of the evolving captive landscape in Europe.
Category: ILS Service Provider
Winner: Aon Captive & Insurance Management
Judges’ comments: The judges were impressed by Aon’s ability to provide a range of services to ILS market participants and its involvement in a range of innovative transactions and formations during 2015. From the formation of Guernsey’s second rated reinsurer (Humboldt Re) to Aon’s facilitation of three Bermuda catastrophe bond issuances in 2015, the firm continues to demonstrate its versatility.
Highly Commended: Hexagon PCC Group
Category: Customer Care in Fronting
Judges’ comments: The ongoing success, efficiency and enhancement of the ACE Worldview online portal was a big part of the judges’ decision. ACE continues to add new features to a platform that is in its sixth year and allows clients to access all aspects and contact all contributors to their international programme. ACE’s flexibility concerning collateral guarantees was also highly praised.
Highly Commended: XL Catlin
Category: European Domicile
Winner: Guernsey International Finance Center
Judges’ comments: Guernsey has remained the go-to domicile for traditional captive insurance for UK-based firms, while also managing to branch out into new developing areas such as insurance-linked securities. The judges were particularly impressed by Guernsey’s continued momentum and development in the area on pension longevity risk, utilising ICCs to provide pension schemes of various sizes with their own cell.
Category: Captive Manager
Winner: Willis Towers Watson
Judges’ comments: Willis Towers Watson’s approach to educating China’s risk and insurance management community was highlighted by the judges, particularly the firm’s leveraging of expertise in the UK’s highly developed industry. The judges felt Willis Towers Watson had a clear long-term goal and showed strong commitment to ensuring the highest standards are followed.
Highly Commended: Aon Captive & Insurance Management
Category: Outstanding Contribution by an Individual
Winner: Julia Graham, Technical Director, Airmic
Judges’ comments: It is hard to think of an individual in the risk, insurance and captive industry better known among her risk management peers and those on the service provider side of the industry than Julia Graham. Managing risk for more than 35 years and FERMA president for two years, Julia is now technical director of Airmic. She is a particularly passionate advocate of captive insurance and good governance of the captive. Now retired from her full-time role at DLA Piper, she remains on the firm’s captive board and a number of others in Guernsey.
The April edition of Captive Review will feature all winners photographs and the judges’ comments.