D.C. Finally Hires Captive Director

By Caroline McDonald

NU Online News Service, April 17, 1:42 p.m. EDT?More than two years after its creation, the District of Columbia's Captive Insurance Division has finally hired a director, it was announced.

William P. White, an insurance industry veteran with marketing expertise, will assume the post in June, the District of Columbia Insurance Securities Department said.

"We've been very careful in filling the position," Insurance and Securities Commissioner Lawrence H. Mirel told National Underwriter. "We wanted to get the right person and it's an area where there are not a lot of experienced people out there."

The District of Columbia Captive Insurance Act became law in November 2000. Since then, Mr. Mirel said, the program has been managed on a consultant basis by Kathryn Westover, director of Strategic Risk Solutions in Vermont.

Last year the District of Columbia licensed two captives, and the department is expecting to license six more this year, officials told National Underwriter.

Mr. Mirel said the new director "has really got to create this program. He's got to become the Len Crouse of the District of Columbia."

Mr. Crouse is director of captive insurance for the Vermont Department of Banking, Insurance and Securities. Vermont, the largest U.S. captive domicile, reported licensing 70 captives in 2002 and projects at least 70 for 2003.

"That involves a lot of things," Mr. Mirel continued. "He's first of all got to be the face on our program." The position also involves a combination of marketing and production.

Mr. White, he said, will have to approve new captive applicants and be the person attending meetings and conferences on behalf of the captive program. He will communicate with brokers, associations "and other organizations that we think could make good use of D.C. captives."

Mr. White's background includes more than 20 years of experience in the insurance industry, including senior level management, consulting and marketing positions with Milliman & Robertson, MunichRe Group, including American Reinsurance, and General Reinsurance Corp.

The department also noted his experience in captive insurance, underwriting, reinsurance and capital markets.

"Mr. White has a background in alternative risk financing, including captives," Mr. Mirel said. He explained that Mr. White has worked with captives as a marketing manager and as a consultant. "He just knows his stuff and that's what we need," he said.

Mr. Mirel said in a statement, "We believe the District of Columbia, with thousands of associations and affiliate organizations, is a logical place to establish a captive insurance company.

"We now have to make sure that we establish a first rate regulatory system for captives so that they can function effectively and their insureds are properly protected."

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D.C. Finally Hires Captive Director

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