White Resigns As D.C. Captive Head

White Resigns As D.C. Captive Head

By Caroline McDonald

NU Online News Service, Sept. 3, 1:10 p.m. EDT?The District of Columbia Department of Insurance, Securities and Banking today announced the resignation of William P. White as director of the captive insurance program for the District of Columbia.[@@]

Mr. White, who the department said is leaving for a private sector position, will vacate his post as of Oct. 1.

Arthur Perchetz, chairman of the Captive Insurance Council of the District of Columbia told National Underwriter that Mr. White has "done a wonderful job of bringing us up to this level."

The District of Columbia, which had five licensed captive insurers when Mr. White was hired in June 2003, now has 33 licensed captives with another seven in various stages of the application process, according to the department.

"As in any business, people move on for their own reasons and we're looking at this as an opportunity to actually find someone to bring us up to that next level," Mr. Perchetz said.

He explained that Lawrence H. Mirel, commissioner of the department, "through Mr. White's leadership, has formed a Bureau of Alternative Risk Transfer." The bureau, he said, "has several spaces that need to be filled with top-notch people."

Mr. Perchetz said a director will be sought with a "broad captive background and national stature."

The next level, he said, involves "expanding the District," and making sure the infrastructure is in place "to support the huge influx of captives and applications and new companies we've had."

A new director, he added, would also "leverage on our new law, which will be one of the most creative laws in the country, if not the most creative. We think we will attract significant additional business."

In the meantime, he noted, department counsel, Dana Sheppard will serve as acting director.

Mr. Mirel said in a statement that Mr. White "has made the District of Columbia one of the top American domiciles for captive insurers."

He added that "We are very grateful for his service and wish him well in his new endeavor."

Having a state-of-the-art captive insurance law, and a "first-rate, knowledgeable person like Bill White in charge, has catapulted the District to the forefront of on-shore captive jurisdictions," Mr. Mirel said. "Being the capital of the United States also helped."

Mr. Mirel also announced he will appoint a search advisory committee including Mr. Perschetz of Muldoon, Murphy, Faucette, and Agugguia; Robert "Skip" Myers of Morris, Manning and Martin; and George Pantos, president of CIC-DC, to help find new talent to lead the District's captive insurance program.

For more information, visit www.disb.dc.gov.