MINNEAPOLIS ─ Nov. 29, 2021, ─ The Captive Insurance Companies Association (CICA) today announced case study topics for its 2021-2022 Using Captive Insurance Solutions to Address Coverage Gaps essay contest for college insurance and risk management students sponsored by Strategic Risk Solutions (SRS).

Essay contest winners receive cash prizes, the opportunity to present their winning papers at the CICA 2022 International Conference March 6-8 in Tucson, Arizona, and publication of their essays in Captive Insurance Times.

Case Studies

Case studies focus on developing strategies to help fictional organizations in real-world situations develop captive solutions. Students are asked to help an organization create captive insurance solutions to provide member value and address coverage gaps for current and emerging risks.

  1. American Cannabis Association (ACA) – is interested in exploring the formation of a captive insurance company to provide the needed liability coverages for general, product and automobile (product transport) liability insurance. Cyber risk is a growing problem as well. Beyond insurance the ACA wants the captive to help encourage loss control and the development/sharing of best risk management practices among its members.
  2. Craft Breweries Association (CBA) – will identify if and how a captive can be used to provide medical stop loss coverage to participants and help participants control future health insurance costs for employers and employees. A longer-term priority is offering some type of voluntary benefit offering to the employees to give them a “safety net” in the event of a serious health issue.

“We hear from young professionals they want to be challenged in their careers and they want to make a difference. Captive insurance provides those types of opportunities. You can see by the case studies that captive insurance is at the forefront of addressing risk management issues,” says CICA President Dan Towle.

Brady Young, president and CEO, Strategic Risk Solutions and CICA Essay Contest sponsor, says “Captives have long provided stability and control over insurance costs for many organizations. With higher premiums due to the continuing hard market, the impacts of the COVID-19 pandemic and new and emerging risks, the benefits that captives can provide have never been greater.”

Towle also emphasized the benefits to the students who have the opportunity to work directly with the SRS team. “Creating connections and finding mentors is also important when you are first entering a new industry. We are pleased to again have SRS mentors working with and advising the students on these case study options,” Towle said.

The CICA Essay Contest invites two-person teams of college risk management and insurance students to describe how and why a captive insurance company could be used as a cost-effective means of alternative risk financing for emerging risks and their corresponding loss exposures. Contest details, entry requirements and award details for the top three essays are available on the CICA website.