San Diego
13 March 2017
Reporter: Becky Butcher

Karin Landry and Fiat Lux receive CICA awards


Two awards for contributions to the captive insurance industry have been dished out at the Captive Insurance Companies Association (CICA) International Conference in San Diego.

Karin Landry has received the 2017 CICA distinguished service award, while Fiat Lux Risk and Insurance Company has been presented with the 2017 outstanding captive award.

Landry, managing partner of Spring Consulting Group, and a past board chair at CICA, accepted the award for making a “significant contribution to the captive insurance industry”.

Landry said: “Captives are the Legos of the insurance industry; there are a million different ways to piece them together and take them apart, allowing for infinite creativity. After 25 years in the industry, I am still excited to play with them and find the newest innovation to serve our clients."

“I am deeply humbled by this honor from CICA, and I want to thank our dedicated team and incredible clients for supporting me and giving me the opportunity to do the work I love," she added.

Fiat Lux, which received the outstanding captive award, was formed in 2012 as a single-parent captive for the University of California system, which consists of 10 universities, five medical centres, three national laboratories, 280,000 employees and generates approximately $30 billion in annual revenues.

The company has “grown considerably” under the leadership of Courtney Claflin, executive director of captive programmes.

Fiat Lux started out with just five lines of coverage for $25 million of premium. It now writes 25 lines of coverage at $900 million of premium, buys reinsurance directly and participates in quota share arrangements with reinsurers. In addition, a separate reciprocal risk retention group has also been formed.

Claflin suggested that the growth of the Fiat Lux programme is down to a supportive board of directors. He said: “It was really helpful to show how money saved or new revenues generated could support the universities’ mission of research, teaching, and public service.”

More Industry news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Funds approved for ‘crumbling foundations’ captive
21 February 2018 | Connecticut | Reporter: Ned Holmes
The Connecticut State Bond Commission has approved $350,000 to set up a non-profit captive insurer, which is a state government solution for an issue impacting a reported 5000 homes in the state
Crawford launches workers compensation service
20 February 2018 | Atlanta | Reporter: Ned Holmes
Crawford & Company has expanded its service portfolio in Australia to include workers’ compensation.
Tax shelter micro captives bubble set to burst, says Adkisson
16 February 2018 | Las Vegas | Reporter: Ned Holmes
The tax shelter micro captive bubble is set to burst in 2018, resulting in large numbers of such companies to surrender their licenses, as many did last year, predicts Jay Adkisson, partner at Riser Adkisson
Second cat bond issued on ILSBlockchain
13 February 2018 | St Peter Port | Reporter: Ned Holmes
Solidum Partners has issued the second catastrophe bond on ILSBlockchain, a private blockchain set up by their incorporated cell company Solidum Re
RRGs remain financially stable, says Powell
12 February 2018 | Ohio | Reporter: Ned Holmes
RRGs collectively reported almost $2.8 billion of direct premium written through Q3 last year, a 3.5 percent increase over the same period in 2016, according to a report by Demotech's senior financial analyst Douglas Powell
Carey Olsen and Michael Hanson launch Bermudian firm
08 February 2018 | Hamilton | Reporter: Ned Holmes
International offshore law firm Carey Olsen and Bermudian attorney Michael Hanson have joined forces to establish Carey Olsen Bermuda, a new law firm for the island’s international finance market
Barbados welcomes 20 new captives
08 February 2018 | Bridgetown | Reporter: Ned Holmes
Barbados licensed 20 new captive insurance companies last year, an increase on the 13 that were licensed in 2016, according to the Barbados Financial Services Commission