Insurance broker NFP has established a captive management firm in Canada following Alberta’s establishment of a regime for captive insurance for organizations wanting to self-insure against risk instead of buying insurance from a third party.
The Captive Insurance Companies Act in Alberta went into effect on July 1, 2002, and will enable NFP to form and administer Alberta-domiciled captive insurance companies for its clients.
“In the face of rising costs and challenging coverage access, we have been preparing for months to be ready to deliver the specialized expertise clients need to evaluate and execute a captive structure,” said Joseph Seeger, managing director, co-lead, CRSG, NFP in Canada.
The new entity, NFP Captive Management Corp. is housed within NFP’s Complex Risk Solutions Group. NFP has hired two industry veterans in the captives and alternative risk space – Sam Jackson and Paul Young – to join its CRSG.
Jackson has two decades of service in the insurance industry. He joined NFP from Rogers Insurance, where he served as a senior broking advisor evaluating alternative risk financing opportunities. Jackson spent over a dozen years at the Energy Insurance Group, where he oversaw all operations for their energy clients’ insurance programs.
Young’s insurance experience spans more than a decade and includes positions with Accommodate Insurance Management, Canadian Energy and Energy Insurance Group.
NFP has more than 1,000 employees based in Canada and more than 6,900 employees globally.
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