CICA Recognizes Leaders in Captive Insurance Industry

The Captive Insurance Companies Association (CICA) marked the opening day of its annual conference by recognizing key figures and organizations that have made significant contributions to the captive insurance industry. The CICA 2024 Distinguished Service Award was presented to Robert "Skip" Myers, Jr., senior counsel at Morris, Manning & Martin, LLP, while the CICA 2024 Outstanding Captive Award honored Woodward Straits Insurance Company.

CICA Distinguished Service Award

Over his career, Mr. Myers, one of the top voices of captive insurance and regulatory law, has presented testimony before legislative bodies on various issues, including antitrust regulation, financial services reform, the utilization of interstate compacts, the Liability Risk Retention Act, and the Terrorism Risk Insurance Act.

His articles have appeared in numerous risk and insurance publications including Captive Insurance Company Reports. He also speaks frequently at industry conferences and teaches courses for the International Center for Captive Insurance Education (ICCIE).

Mr. Myers was drawn to captive insurance during the 1980s while working on corporate insurance and regulatory matters. He saw captive insurance as a "new challenge," and the growing captive industry brought more corporate, tax, and operational issues, which further fueled his interest.

Over the years, he dedicated his time to serving on industry boards, including the CICA Board of Directors, the National Risk Retention Association, and ICCIE.

Mr. Myers said upon receiving the award, "It is a great honor! This puts me among those who have worked hard to improve the captive industry."

CICA Outstanding Captive Award

Woodward Straits Insurance Company (WSIC) was recognized with the CICA 2024 Outstanding Captive Award for its exceptional performance, adaptability, and innovative use of captive insurance. WSIC, a single-parent captive domiciled in Michigan, stands out for its flexibility in addressing unique insurance and reinsurance needs across its enterprise.

Fred Driscoll, director, risk financing and captive operations, at Blue Cross Blue Shield of Michigan and responsible for WSIC's daily operations, said, "The captive increases our flexibility when there is a need for new or unique insurance and reinsurance across the enterprise. For example, we have written, but have not had to utilize, $5 to $10 million layers across our most important programs in the event the traditional market is not competitive regarding pricing or terms."

During COVID, WSIC distinguished itself by using a broadly written insurance policy with a sublimit targeted at reimbursing locations for cleaning and sanitizing expenses associated with protecting on-site employees.

Along with WSIC's captive success, Mr. Driscoll has been encouraged to share his captive success stories with others, including health insurers that are now implementing or considering implementing captive insurance "to assist with the strategic utilization consistent with their plan's needs."

Pictured above, CICA President Dan Towle, left, and Robert H. "Skip" Myers Jr., senior counsel at Morris, Manning & Martin, LLP. (Photo courtesy of CICA and used with permission.)