SCOTTSDALE, ARIZONA ─ At its annual International Conference today the Captive Insurance Companies Association (CICA) honored Energy Insurance Services, Inc., (EIS) with the CICA 2018 Outstanding Captive Award and the European Captive Insurance and Reinsurance Owners’ Association (ECIROA) with the CICA Distinguished Service Award.
The Outstanding Captive Award is presented to a captive insurance company or risk retention group that has shown creative uses for a captive, 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 industry.
Energy Insurance Services, Inc. (EIS) was created 26 years ago to provide member companies of Energy Insurance Mutual with access to solutions to address a broad range of risk management challenges.
Today the EIS cell captive has become an essential risk mitigation tool for member companies. EIS provides a cost-effective vehicle that enables them to tailor specific risk management solutions to complement their overall corporate insurance programs, whether it is managing self-insured retentions, carving out hard to place or cost-prohibitive coverages, or simply better managing specific risks associated with company operations.
EIS has over 15 mutual business programs with lines of insurance ranging from workers compensation, general liability, property and employee benefits, to terrorism, wildfire and cyber liability. Today EIS has cumulative cell assets of $1.4 billion, aggregate written premium of more than $200 million and collective surplus in excess of $140 million, making it one of the largest sponsored captive insurance companies in the state of South Carolina.
“Receiving this prestigious award is confirmation that the concept of innovative, flexible and prescribed solutions, such as those provided by captive insurance, must form an essential part of any company’s insurance and risk mitigation strategy. CICA has long been a leader in identifying and sharing groundbreaking concepts designed to effectively and efficiently manage risk. EIS and its members are pleased to be recognized by CICA and hope to continue the tradition highlighted in the 2018 CICA conference theme of embracing and meeting the ‘Challenge of Change,’” said Tommy Bolton, EIS chief financial officer.
The CICA Distinguished Service Award is presented annually, when appropriate, to a single individual or entity that has made a significant contribution to the captive insurance industry.
The European Captive Insurance and Reinsurance Owners’ Association (ECIROA) has been a leading advocate for captives across Europe since its formation just 10 years ago. From its very early days, ECIROA’s leaders reached out to CICA to discuss collaborating on efforts to protect the captive industry.
ECIROA’s voice and lobbying efforts were essential to protecting the captive insurance community in the Solvency II discussions. The organization also works extensively with supervisory and regulatory bodies such as European Insurance and Occupational Pensions Authority, the International Association of Insurance Supervisors and the Organization for Economic Development and Cooperation or OECD. In addition to providing comments to OECD whenever the opportunity arose, CICA and ECIROA developed a guidance document for captive owners and managers to help them in addressing the OECD Action Plan on Base Erosion and Profit Shifting.
The cornerstone of ECIROA’s educational efforts is their co-sponsorship of the biennial European Captive Forum, with the next conference in November 2018.
“ECIROA is very appreciative of this award. We are fully committed to continue with the work we have done so far to support the best interest of all captives, but especially to our members which have given us their direct mandate as global players in industry, commerce, trade and finance,” said Udo Kappes, chairman of ECIROA.