From: Captive International
CICA has grown in the past 50 years to be a unique and powerful voice for the industry. We explore the progress made so far and what the future holds.
The Captive Insurance Companies Association (CICA) has come a long way in the 50 years since it was founded, evolving into a powerful voice for the industry that is able to instigate change while also providing networking opportunities, education, innovation, and support across the industry as a whole.
In its earliest days there were just a handful of members: US captive owners who, in 1972, decided they wanted a forum in which to discuss problems relating to their relationships with fronting companies and reinsurers.
“CICA was formed to represent the interests of very large corporations that owned captives,” says Joel Chansky, principal, Milliman, whose long experience with CICA includes sitting on various committees and serving as board chair. “They needed a voice and an opportunity to network.”
CICA creates awareness, and an environment for innovation, collaboration, and education.”
RENEA LOUIE, PRO GROUP CAPTIVE MANAGEMENT SERVICES
By the later 1970s, tax concerns loomed large, intensifying the need for a voice for the industry. CICA duly evolved to become not only a significant forum for industry debate but also a platform from which its voice could be projected. As it evolved, its membership grew to include service providers as well as captive owners. A key point has always been that it is not constrained to one domicile.
“CICA has evolved into an organization that stresses advocacy, education, and networking for the captive industry, while remaining domicile-neutral,” says Chansky. “CICA has worked on issues facing the industry related to diversity/equity/inclusion and succession planning to help attract a new generation of professionals to the captives industry.”
CICA vice chair and 2022 Conference Program Chair Renea Louie, chief operations officer of Pro Group Captive Management Services, agrees that CICA has evolved to play a central role in the industry.
“CICA has grown and evolved at an impressive clip,” she says. “It tests concepts, and brings together think tanks of experts to review and modernize important key topics, best practices and white papers. CICA creates awareness, and an environment for innovation, collaboration, and education. Most of all, the networking opportunities are invaluable.”