NFP has announced the formation of NFP Captive Management (Alberta) Corp., following the enactment of the Captive Insurance Companies Act in Alberta, which came into force on July 1, 2022.
The Captive Insurance Companies Act has established a regime of captive insurance in Alberta where an organization can insure itself against risk instead of buying insurance from a third party. With its new unit, NFP can form and administer Alberta-domiciled captive insurance companies for clients, giving them alternative risk solutions that lower insurance costs and enhance coverage.
“NFP is very excited about this new legislation and the opportunity it creates for Canadian employers to form captive insurance companies domiciled in Alberta,” said Joseph Seeger, managing director, co-lead, Complex Risk Solutions Group (CSRG), NFP in Canada.
“In the face of rising costs and challenging coverage access, we have been preparing for months to be ready to deliver the specialized expertise clients need to evaluate and execute a captive structure. NFP has built an extraordinary team of experienced captive professionals to mobilize our first-mover advantage.”
In addition to launching NFP Captive Management (Alberta) Corp., the P&C broker has strengthened CRSG with the addition of two industry veterans in the captives and alternative risk space, Sam Jackson and Paul Young, who joined in April 2022. Seeger expressed his excitement about the new hires’ “deep understanding of the captive market” and the “great value” they will bring to NFP CRSG.
Jackson has over two decades of industry experience. He joined NFP from Rogers Insurance, where he served as a senior broking advisor evaluating alternative risk financing opportunities. Before Rogers, he spent over a dozen years at the Energy Insurance Group, where he oversaw all operations for their energy clients’ insurance programs. Meanwhile, Young’s experience spans more than a decade, with firms including Accommodate Insurance Management, Canadian Energy and Energy Insurance Group.
“Paul and I have been impressed by NFP’s strong commitment to solving big problems for clients,” said Jackson. “With the new legislation in Alberta, we are ready to deliver solutions that enhance cost efficiency and coverage effectiveness for a variety of companies, especially those in natural resources.
“We are already actively engaging with several NFP clients to help them understand the opportunity, determine if a captive is right for them, and detail the complex processes for establishing and administering a captive in Alberta. This alternative risk transfer mechanism will deliver clients more cost-effective risk mitigation solutions in this environment of rising insurance prices.”
