Milliman's Joel Chansky, Kite Realty Group Receive CICA Awards

The Captive Insurance Companies Association (CICA) recognized Joel Chansky, consulting actuary at Milliman Inc., with the CICA 2023 Distinguished Service Award and Kite Realty Group with the CICA 2023 Outstanding Captive Award.

The honors were announced Monday during CICA's 2023 International Conference in Rancho Mirage, California.

The CICA Distinguished Service Award is presented annually to a single individual or entity that has made a significant contribution to the captive insurance industry.

CICA described Mr. Chansky as an influential voice in the captive insurance industry, adding that he is well-known for his actuarial knowledge and for contributing his time and expertise to help individuals and the industry. He has been a consulting actuary at Milliman for more than 30 years and is a frequent speaker on the topics of captive insurance, risk retention groups, and alternative risk financing.

Mr. Chansky serves as a faculty member of the International Center for Captive Insurance Education (ICCIE) and has provided leadership and guidance to state, national, and international organizations as a former board member of the National Risk Retention Association, the Arizona Captive Insurance Association, and the Captive Insurance Council of the District of Columbia. He is an active CICA volunteer and a past CICA board chair.

"I look at the past recipients, and to be mentioned in the same breath as them is humbling," Mr. Chansky said.

The CICA Outstanding Captive Award is presented to a captive insurance company or risk retention group that has shown creative uses for a captive, has been successful in managing the captive in terms of net results and usefulness to its owners, has prevailed over difficult times or situations, and has gained acceptance, recognition, and a positive reputation among rating agencies, regulators, and colleagues in the captive insurance industry.

CICA noted that Kite Realty Group Trust's (KRG) captive-centric approach to the structure of its insurance program proved valuable in October 2021 when KRG merged with Retail Properties of America, a move that increased KRG's portfolio by 60 percent with significant catastrophe exposures during a challenging insurance market. Use of the company's captive allowed KRG to seamlessly address major corporate changes associated with the merger while providing the company options.

The captive provided KRG flexibility in building out its coverage tower and demonstrated the company's commitment to risk management and its willingness to take a strategic and creative approach to risk to underwriters, CICA said.

(Mr. Chansky is pictured above, left, at the award presentation, with CICA President Dan Towle.)