TUCSON, ARIZ. ─ At its annual International Conference today the Captive Insurance Companies Association (CICA) honored captive tax expert Gary Bowers with the CICA 2019 Distinguished Service Award, and American Contractors Insurance Group Ltd. (ACIG) with the CICA 2019 Outstanding Captive Award.
“Promoting best practices through education and recognition is one of the cornerstones of how CICA delivers on its mission. For over 20 years CICA has been honoring contributors who exemplify best practices and demonstrate the effective use of captives. Congratulations to this year’s winners and thank you for being industry leaders,” Dan Towle, CICA president, said.
The is presented annually, when appropriate, to a single individual or entity that has made a significant contribution to the captive insurance industry.
Gary Bowers, recently retired tax partner, Johnson Lambert & Co. LLP, received the CICA 2019 Distinguished Service Award. Bowers served the financial services, not-for-profit and employee benefit industries for most of his career. He worked at KPMG and EY before joining Johnson Lambert in 2001. His expertise in dealing with corporate tax planning issues, corporate tax compliance, reorganizations, and negotiations with the Internal Revenue Service (IRS) was often sought out. He was a regular speaker on taxation matters at accounting and captive industry conferences, including the CICA Conference. He also authored several articles for National Underwriter, Captive Review and CICA.
Bowers helped to open and grow Johnson Lambert’s North Carolina office. He led the firm’s Tax Practice for approximately 15 years, and in that time, was instrumental in the team’s growth and development.
“I’m very thankful and appreciative of this recognition. The captive industry is a small world. I’m pleased that I’ve made good friends over the years and together we have accomplished a lot,” Bowers said.
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.
American Contractors Insurance Group Ltd. (ACIG), a group captive, got its start in 1981 as a Bermuda-based reinsurance organization. Over the years, ACIG formed its domestic insurance companies that provide direct workers compensation, employers liability, auto and general liability; and subcontractor default coverage for its 38 members, all of which are privately-owned U.S commercial construction companies.
ACIG’s mission is to save lives, prevent injuries and reduce the overall cost of risk for its members. Project Lifesaver, an aggressive loss reduction initiative, has achieved outstanding results over a 16- year period with reductions of: 54% in the loss rates for workers’ compensation, 80% for general lability and 30% for auto liability.
ACIG and its subsidiary companies carry an A.M. Best Company rating of “A” (Excellent), Financial Size Category “VIII” ($100 million- $250 million of policyholders’ surplus).
“On behalf of our construction industry members and team of insurance professionals, we’re honored to receive CICA’s Outstanding Captive Award. We look to CICA to provide critical information and support by way of its best practice publications. CICA’s International Conference brings together leading experts, thought leaders and service providers to a venue that encourages networking and sharing of best practices. Captives will continue to flourish and grow as they are deployed to finance a myriad of ever-expanding business risks,” Mike O’Neill, ACIG president and CEO, said.
About the Captive Insurance Companies Association (CICA) www.CICAworld.com
CICA is the only global domicile-neutral captive insurance association. CICA is committed to providing the best source of unbiased information, knowledge, and leadership for captive insurance decision makers. CICA is your advocate around the world, key to the captive industry and the resource for captive best practices.