NU Online News Service, Feb. 24, 3:20 p.m. EST
The Captive Insurance Companies Association) announced that the International Center for Captive Insurance Education has been named the recipient of the Distinguished Service Award.
In addition to the Distinguished Service Award --the highest award possible in the captive insurance industry CICA said it was honoring the Exchange Indemnity Company (EIC), a captive insurance company owned by Verizon Inc., with its Outstanding Captive Award.
The Distinguished Service Award recognizes individuals or organizations that have made significant contributions to advancing the captive insurance industry.
The Outstanding Captive Award goes to a captive insurer or risk retention group that has shown creative uses for a captive, prevailed in difficult times, and gained a positive reputation among rating agencies, regulators and colleagues in the captive industry, CICA said.
ICCIE, which began operating in 2004, offers both an "Associate in Captive Insurance" (ACI) degree designation and other modular professional development courses. Since its founding more than five years ago, ICCIE has granted 122 ACI degrees and educated hundreds of professionals in the captive insurance industry.
"One of the criteria for the CICA Distinguished Service Award is contributing to the broader understanding of captives and assisting in the growth and success of the captive insurance industry," said CICA President Dennis Harwick. "No organization has done more for education in the captive industry and created a core group of qualified professionals than ICCIE."
ICCIE is the first organization to receive the CICA Distinguished Service Award, which has been awarded in previous years to prominent industry individuals such as Hugh Rosenbaum, Len Crouse, Tom Jones and Kate Westover.
EIC was incorporated in Vermont in 1995 by NYNEX, a predecessor to Verizon. In 1997 Sheila Small, Assistant Treasurer-Risk Management of Verizon, was appointed president of EIC and under her leadership the captive has grown from its small beginnings to a captive insurance company that now holds assets in excess of $1 billion dollars, underwrites more than 25 programs, and handles 16,000 claims annually.
The programs underwritten by EIC range from workers' compensation and general liability to crime and fidelity, errors and omissions, property, TRIA, and employment practices programs, CICA said.
More than 75 percent of Verizon's insurance costs are underwritten by EIC. In addition, EIC has a substantial portfolio of third party business associated with Verizon's employees and customers. In 2000 Verizon launched an innovative multi-vendor auto and home affinity program that was reinsured in the captive and in 2001 Verizon Wireless began to offer insurance products to their subscribers that were reinsured in EIC, according to CICA.
"ICCIE and EIC represent the best and brightest of the captive insurance industry," Mr. Harwick noted.
More information is online at www.cicaworld.com.