NU Online News Service, Feb. 24, 3:20 p.m.EST

The Captive Insurance Companies Association) announced that theInternational Center for Captive Insurance Education has been namedthe recipient of the Distinguished Service Award.

In addition to the Distinguished Service Award --the highestaward possible in the captive insurance industry CICA said it washonoring the Exchange Indemnity Company (EIC), a captive insurancecompany owned by Verizon Inc., with its Outstanding CaptiveAward.

The Distinguished Service Award recognizes individuals ororganizations that have made significant contributions to advancingthe captive insurance industry.

The Outstanding Captive Award goes to a captive insurer or riskretention group that has shown creative uses for a captive,prevailed in difficult times, and gained a positive reputationamong rating agencies, regulators and colleagues in the captiveindustry, CICA said.

ICCIE, which began operating in 2004, offers both an "Associatein Captive Insurance" (ACI) degree designation and other modularprofessional development courses. Since its founding more than fiveyears ago, ICCIE has granted 122 ACI degrees and educated hundredsof professionals in the captive insurance industry.

"One of the criteria for the CICA Distinguished Service Award iscontributing to the broader understanding of captives and assistingin the growth and success of the captive insurance industry," saidCICA President Dennis Harwick. "No organization has done more foreducation in the captive industry and created a core group ofqualified professionals than ICCIE."

ICCIE is the first organization to receive the CICADistinguished Service Award, which has been awarded in previousyears to prominent industry individuals such as Hugh Rosenbaum, LenCrouse, Tom Jones and Kate Westover.

EIC was incorporated in Vermont in 1995 by NYNEX, a predecessorto Verizon. In 1997 Sheila Small, Assistant Treasurer-RiskManagement of Verizon, was appointed president of EIC and under herleadership the captive has grown from its small beginnings to acaptive insurance company that now holds assets in excess of $1billion dollars, underwrites more than 25 programs, and handles16,000 claims annually.

The programs underwritten by EIC range from workers'compensation and general liability to crime and fidelity, errorsand omissions, property, TRIA, and employment practices programs,CICA said.

More than 75 percent of Verizon's insurance costs areunderwritten by EIC. In addition, EIC has a substantial portfolioof third party business associated with Verizon's employees andcustomers. In 2000 Verizon launched an innovative multi-vendor autoand home affinity program that was reinsured in the captive and in2001 Verizon Wireless began to offer insurance products to theirsubscribers that were reinsured in EIC, according to CICA.

"ICCIE and EIC represent the best and brightest of the captiveinsurance industry," Mr. Harwick noted.

More information is online at www.cicaworld.com.