Captives expansion drives demand for experienced directors
From: Captive International, June 26, 2017
Andrew Barile, CEO of Andrew Barile Consulting, explains how the value of taking on an insurance industry expert at a board level is often overlooked among captive owners.
The current captive insurance company climate is gravitating towards pushing captives—including single-parent captives, association captives, and agent-owned captives—to appoint experienced, independent directors to their boards.
Regulators such as the National Association of Insurance Commissioners and the Bermuda Monetary Authority and rating organisations such as AM Best and Standard & Poor’s have all come out in favour of the movement towards the appointment of independent directors.