Global Captive Podcast

In this GCP Short, Richard is joined by Karen Jenner and Joseph Finbow, from Friends of the Podcast TMF, and Lisa Coomber, Senior Group Insurance Manager at Vodafone, to discuss captive structures and the often invisible costs that are insurance premium taxes and other levies. Full biographies are below.

This discussion should be particularly helpful to anyone involved with the design, implementation or management of global insurance programmes.

In 20 very practical minutes, the experts outline what taxes are associated with direct and non-admitted programmes, where the responsibilities for compliance lie within different structures and how it can sometimes be more efficient to run a hybrid programme of both direct writing and using fronting partners.

For more information on TMF, visit: https://www.globalcaptivepodcast.com/tmfgroup

To learn more about Vodafone’s captive strategy, listen to GCP #20: https://www.globalcaptivepodcast.com/gcp20

Karen Jenner, IPT Business Development Director, TMF

With over 25 years of experience in the insurance industry, 10 specialising in IPT, Karen previously held roles with insurers and brokers in the London market, before bringing her experience of global insurance programmes and non-conventional insurance into the IPT arena.

Jo Finbow, IPT Assurance Director

Joseph is a chartered accountant with over a decade’s experience in handling global insurance premium tax issues. He started his career with KPMG and has built his knowledge and experience in supporting captive insurers, P&I Clubs and other specialist insurers. This is complemented by the work he completes researching and maintaining global insurance premium tax information.

Lisa Coomber, Senior Group Insurance Manager at Vodafone

Lisa has authoritative expertise in global insurance programmes. She joined Vodafone Group’s insurance team in 2008 where as Senior Group Insurance Manager and member of Vodafone’s captive underwriting committee she has designed the Group’s insurance risk strategy and developed the captive’s market-leading multi-line stop-loss reinsurance solution. Lisa is ACII qualified and prior to joining Vodafone enjoyed roles at Marsh and Yale University.

You can subscribe to the Global Captive Podcast on iTunes, Apple Podcasts, Spotify, CastBox or any other podcast app.

Contact Richard: [email protected]

Visit the website: www.globalcaptivepodcast.com

Follow us on LinkedIn: www.linkedin.com/company/global-captive-podcast/

Twitter & Instagram: @captivepodcast

In episode 31 of the Global Captive Podcast, supported by legacy specialists R&Q, Richard is joined by Van Carlson, CEO of Strategic Risk Alternatives in Boise, Idaho, to discuss domiciling on Indian Reservation land, COVID-19 claims and intangible risks.

The captive owner interview is with Fredrik Finnman, Head of Group Risk Management at global engineering giant Sandvik, who discusses the insurance implications of the pandemic, the regulatory environment for captives in Sweden and the hardening market.

Richard is also joined by fellow podcaster Mike Tannenbaum, a risk management recruitment specialist from Key Strategies LLC, who launched the Should I Stay or Should I Go podcast in 2019.

Mike discusses the importance of captive experience to risk & insurance managers as they look to progress their career, whether we might we saw more 'outsourced' risk management functions in this economic environment.

To find out more about Mike's podcast and his business, visit his site: https://keystrategies.com/podcasts-for-insurance-risk-management-professionals/

You can subscribe to the Global Captive Podcast on iTunes, Apple Podcasts, Spotify or any other podcast app.

Contact Richard: [email protected]

Visit the website: www.globalcaptivepodcast.com

Follow us on LinkedIn: www.linkedin.com/company/global-captive-podcast/

Twitter & Instagram: @captivepodcast

In this GCP Short, Richard is joined by Paul Corver, Group Head of M&A at legacy specialists R&Q, and Paul Owens.

Richard and the two Pauls discuss how and why captives can recycle captive in order to offload legacy liabilities and write new lines of business, including the use of loss portfolio transfers, novations and commutations.

At the time of this recording Paul Owens had not yet joined Strategic Risk Solutions as a board director and was speaking in an independent capacity.

For more information on Paul Corver and R&Q, visit their Friend of the Podcast page on the new GCP website: https://www.globalcaptivepodcast.com/randq

Paul Owens

Paul was CEO of the Willis Towers Watson Global Captive Practice from 2013 until April 2020, and was responsible for all of the Group’s captive management and consulting operations. In addition to managing and growing the operations in traditional markets he was at the forefront of developing emerging markets, in particular the Chinese Captive/Mutual insurance market supporting both prospective owners and local regulator. He joined Strategic Risk Solutions as a director on the board in May 2020.

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You can subscribe to the Global Captive Podcast on iTunes, Apple Podcasts, Spotify, CastBox or any other podcast app.

Contact Richard: [email protected]

Visit the website: www.globalcaptivepodcast.com

Follow us on LinkedIn: www.linkedin.com/company/global-captive-podcast/

Twitter & Instagram: @captivepodcast

In episode 30 of the Global Captive Podcast, supported by legacy specialists R&Q, Richard is joined by Brian Kirwan, Partner and Head of Structured Solutions at one-year-old broker McGill & Partners.

Brian, who was CEO of Allianz Global Corporate and Specialty in the UK from 2015 to 2018, and has a long background with alternative risk transfer and multi-line, multi-year programmes discusses his philosophy on captives and the role he expects them to play in an increasingly tough insurance environment.

The captive owner interview is with Jen Blair, Global Risk and Insurance Manager at Bose. The privately-owned audio giant established a Bermuda captive in 2018 and Jen discusses the company's risk financing and captive strategy.

Chris Dalziel, Executive Director, and Michael Trudeau, Institutional Portfolio Manager at London & Capital, provide the first in a new quarterly investment update series.

For more information on Friends of the Podcast London & Capital, visit their GCP page here: https://www.globalcaptivepodcast.com/londonandcapital

You can subscribe to the Global Captive Podcast on iTunes, Apple Podcasts, Spotify or any other podcast app.

Contact Richard: [email protected]

Visit the website: www.globalcaptivepodcast.com

Follow us on LinkedIn: www.linkedin.com/company/global-captive-podcast/

Twitter & Instagram: @captivepodcast

In the sixth instalment of our COVID-19 series, Richard is joined by Lorraine Stack and Michael Serricchio, of Friend of the Podcast Marsh Captive Solutions, to discuss the current and future role captive insurers can play in response to pandemic-related risks.

Michael and Lorraine (full biographies below) explain how the captive can be used to identify, quantify and insure related risks and then access the reinsurance and alternative markets. They also discuss how captives could utilise any government-backed pandemic risk pools that may be established in the future.

For more information on Marsh's captive services and the Global Captive Podcast, visit: https://www.globalcaptivepodcast.com/marsh

You can subscribe to the Global Captive Podcast on iTunes, Apple Podcasts, Spotify, CastBox or any other podcast app.

Contact Richard: [email protected]

Visit the website: www.globalcaptivepodcast.com

Follow us on LinkedIn: www.linkedin.com/company/global-captive-podcast/

Twitter & Instagram: @captivepodcast

Lorraine Stack, International Advisory and Sales Leader, Marsh Captive Solutions

Lorraine has over 25 years in the insurance industry in both the United States and Europe. She provides advice about a captive’s value proposition and assists with the feasibility assessment of captives.

Lorraine also facilitates strategic discussions with captive owners, providing advice on a wide range of captive issues such as capitalisation, coverages, investments, utilization and regulation. She is also the Global Employee Benefits Leader for Marsh Captive Solutions.

Michael Serricchio, Americas Sales Leader, Marsh Captive Solutions

Mike is a Managing Director in the Captive Advisory Group and resides in Marsh’s Norwalk, Connecticut office. Mike assists clients in the U.S. and globally with the feasibility and organization of single parent captives, as well as risk retention groups and Rent-A-Captives. Mike also participates in captive strategic reviews for clients that already have captives. Mike is frequently involved with reviewing merger and acquisition transactions where there are one or more captive subsidiaries and advises on various issues.

He handles a wide range of consulting services surrounding various captive issues and concerns, such as capitalization levels, new coverages, tax concepts, captive investment opportunities, and cost savings. Mike’s industry focus areas include privately held companies, financial institutions, retail, manufacturing, and power and utilities. Mike speaks at various industry seminars and conferences, as well as conducts training classes within the Marsh Captive Solutions Group.

In our latest GCP Short, Richard is joined by Friends of the Podcast from Zurich to discuss the evolution of captive programmes and what the future may look like for risk financing structures.

The three guests for this episode are:

Andrew Bradley, formerly Head of Group Risk Services at Nestlé, where he spent 40 years, including 10 years as CEO of their Swiss-domiciled captive Intercona Re.

Sierra Signorelli, Chief Underwriting Officer, Commercial Insurance, Zurich

Paul Woehrmann, Head of Captive Services for Zurich in Europe, Middle-East, Africa, Asia Pacific and Latin America.

For more information on Zurich's captive services and the Global Captive Podcast, visit: https://www.globalcaptivepodcast.com/zurich

You can subscribe to the Global Captive Podcast on iTunes, Apple Podcasts, Spotify, CastBox or any other podcast app.

Contact Richard: [email protected]

Visit the website: www.globalcaptivepodcast.com

Follow us on LinkedIn: www.linkedin.com/company/global-captive-podcast/

Twitter & Instagram: @captivepodcast

In episode 29 of the Global Captive Podcast, supported by legacy specialists R&Q, Rich Smith, President of the Vermont Captive Insurance Association, joins as guest co-host to update listeners on plans for a virtual VCIA conference in August and what COVID-19 legislative and regulatory developments the Association is monitoring.

The captive owner interview is with Scott Feltham, Group Insurance Manager at Compass Group PLC, a FTSE 30 company and largest foodservice provider in the world.

Chaz Lavelle, a lawyer in the Louisville, Kentucky Office of Dentons Bingham Greenebaum LLP, is the final guest. He outlines the relevance of the US Supreme Court case announced on 4 May concerning CIC Services LLC's challenge to the Internal Revenue Service over Notice 2016-66. Chaz also discusses other controversial developments in the micro-captive space in 2020.

You can subscribe to the Global Captive Podcast on iTunes, Apple Podcasts, Spotify or any other podcast app.

Contact Richard: [email protected]

Visit the website: www.globalcaptivepodcast.com

Follow us on LinkedIn: www.linkedin.com/company/global-captive-podcast/

Twitter & Instagram: @captivepodcast

In the fifth GCP Short, Richard is joined by Paul Phillips and Mikhail Raybshteyn, Partners at EY, to discuss the importance of risk shifting and risk distribution when thinking about tax qualification for captives in the United States.

Paul and Mike (full biographies below) discuss the difference between risk shifting and distribution, how it can be achieved and demonstrated, the common pitfalls and the consequences when it is not executed correctly.

For more information on the EY Captive Insurance Services team, visit their website: https://www.ey.com/en_us/financial-services/captive-insurance-services

Paul Phillips is a Partner within Ernst & Young LLP (US). He has held various positions within the firm and currently serves as the Chief of Operations and the leader of the Global Compliance and Reporting (GCR) service line for the EY Americas Financial Services Organization (FSO) Tax practice. He also continues to serve as a Co-leader of EY’s Global Captive Insurance Network.

He leads broad and diverse teams spanning a vast geographic footprint. Paul has a proven track record of creating profitable departments and positive work environments while achieving exceptional growth. Throughout his 25-year career, Paul has focused on the taxation of financial institutions and he continues to directly serve various financial firms and alternative risk financing and captive insurance arrangements.

Paul earned his MBA from The Ohio State University Fisher College of Business, his MS in Taxation from DePaul University in Chicago and his BS in Accounting from Southeastern Louisiana University.

Mikhail Raybshteyn is a Partner in EY's Tax practice, with a focus on Insurance sector clients.

For over 15 years, Mikhail has been advising global, multinational and regional Life, Property & Casualty, Health/BCBS, Financial Guarantee and Captive Insurance clients (and Captive Insurance owners). Some of the areas where he has advised clients include all aspects of domestic and global tax accounting and financial reporting (GAAP, IAS and SSAP), Domestic and International tax planning, structuring, and tax financial forecasting and Captive Insurance and alternative risk financing structures.

Mikhail is member of EY Global Captive Network and is the Deputy Leader for EY Americas Captive Insurance Services co-leading a practice of over 40 professionals in the Americas across tax, advisory, risk, and actuarial service lines that comprise EY's Captive Insurance Services practice.

He holds a BBA from Baruch College and an MS from Fordham Gabelli School of Business.

You can subscribe to the Global Captive Podcast on iTunes, Apple Podcasts, Spotify, CastBox or any other podcast app.

Contact Richard: [email protected]

Visit the website: www.globalcaptivepodcast.com

Follow us on LinkedIn: www.linkedin.com/company/global-captive-podcast/

Twitter & Instagram: @captivepodcast

In episode 28 of the Global Captive Podcast, supported by legacy specialists R&Q, Richard is joined by Karen Jenner, IPT Business Development Director at TMF Group. Karen discusses the pandemic's impact on tax compliance, and the way captive programme structures impact insurance premium tax calculation.

The captive owner interview is with with Julie Bordo, President of PCH Mutual Insurance Company, a Risk Retention Group, while Richard also catches up with three members of the CICA NEXTGen Committee - Erin Hackett, Joe McDonald and Adam Miholic.

For more information about the NEXTGen Committee, visit their webpage: http://www.cicaworld.com/membership/professional-development/nextgen---young-and-new-professionals

You can subscribe to the Global Captive Podcast on iTunes, Apple Podcasts, Spotify or any other podcast app.

Contact Richard: [email protected]

Visit the website: www.globalcaptivepodcast.com

Follow us on LinkedIn: www.linkedin.com/company/global-captive-podcast/

Twitter & Instagram: @captivepodcast

In the latest GCP Short, Richard talks to Karin Landry, Managing Partner of Friend of the Podcast Spring Consulting, an Alera Group Company, about the need for Department of Labor approval to write employee benefits in the United States.

Karin talks through which benefits require DoL approval, the process and requirements and the timelines involved.

For more information on Spring's employee benefits services: http://springgroup.com/services/employee-benefits/

Karin Landry is the Managing Partner for Spring Consulting Group. Karin has over 25 years of experience in the insurance, health care, risk financing, retirement and benefits industries. She is an internationally recognized leader in captive insurance strategy, benefits and financing. She is Past-Chairman of the Board of The Captive Insurance Company Association and a member of the ERISA Industry Committee and was recently appointed to the Board of Directors for Fallon Community Health Plan. She is also a Professor of Employee Benefits and member of the finance committee for the International Center of Captive Insurance Education part of the University of Vermont.

You can subscribe to the Global Captive Podcast on iTunes, Apple Podcasts, Spotify, CastBox or any other podcast app.

Contact Richard: [email protected]

Visit the website: www.globalcaptivepodcast.com

Follow us on LinkedIn: www.linkedin.com/company/global-captive-podcast/

Twitter & Instagram: @captivepodcast