NFP, a property and casualty (P&C) broker that is part of Aon, has launched a P&C (property and casualty) group captive practice after acquiring Trinity Risk Advisors.
Trinity Risk Advisors is a captive brokerage operator based in Charlotte, North Carolina.
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Alan Wise, president of Trinity Risk, will head the practice as a managing director.
He will report to Meg McSherry, managing director and head of P&C in NFP’s Atlantic region.
Wise previously sold Trinity Consulting, a risk management and employee benefits company, to NFP in 2015, before going on to establish Trinity Risk.
McSherry said: “We are excited to formally establish a group captive solution that helps small and mid-size clients retain certain risks at lower costs.
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By GlobalData“Alan’s technical expertise and leadership in managing all aspects of the group captive model will enable clients to unlock its benefits and position themselves for long-term financial strength and stability.”
NFP said the new group captive practice will serve companies looking for greater control and efficiency related to P&C risks and associated costs by pooling resources with other businesses.
The team will help clients assess eligibility and the potential financial case for group captive participation, identifying suitable programmes in the market, and handling placement and onboarding.
It will also assist clients through the transition into the captive.
NFP said the practice complements its Risk and Insurance Strategy Collective (RISC), its captive consulting and management business.
RISC focuses largely on forming single parent captives, segregated cell captives and risk retention groups. It also provides feasibility work, formation support, ongoing captive management and strategic reviews of existing captives.
Wise said: “I am thrilled to help launch NFP’s Group Captive practice and provide clients with a collaborative risk-sharing mechanism tailored to their risk management needs.
“The educational component is especially exciting. I will be advising NFP producers on the most effective group captive structures available in the market, helping clients achieve greater cost efficiency, improved cash flow and more control of their insurance programmes.”
