Captive Resources Names Kilbane President, Beard COO

Captive Resources LLC (CRI), a provider of services to member-owned group captive insurance companies, has named Michael J. Kilbane as its new president and Jennifer T. Beard as chief operating officer.

The Schaumburg, Ill.-based firm's founder and former president, George V. Rusu, will remain as chairman and chief executive officer, allowing him to continue overseeing the business and to focus on long-range and strategic planning for the firm, the company said.

Formerly CRI's chief financial officer, Mr. Kilbane will be responsible for day-to-day operation of the firm, which employs 125 people and serves 2,000 shareholders of numerous group captive insurance companies.

Mr. Kilbane, who joined the firm in 1993, will continue to serve as a member of the board of directors and also as a board member of CRI's Captive Investor's Fund, a billion-dollar-plus mutual fund, the company said.

Ms. Beard, an alternative insurance veteran with more than 25 years of experience, had been executive vice president of operations and will work with Mr. Kilbane in running CRI. She also will continue to oversee the company's largest heterogeneous captive, Raffles Insurance, Ltd., and will continue as a member of the firm's board of directors.

Mr. Rusu said in a statement that Mr. Kilbane and Ms. Beard's contributions "are a major reason the company represents group captive insurance companies with total annual premiums approaching $900 million and assets of more than $2 billion. Our growing client base will greatly benefit from their new leadership roles."

In another move by the company, Ernest Achtien was promoted to replace Mr. Kilbane as CRI's chief financial officer and will oversee the financial aspects of the captives that CRI advises.