#United States #New York #NFP #Trinity Risk Advisors #Group Captive

NFP Establishes Group Captive Practice

In an impactful development for the insurance landscape, NFP, a prominent Aon company recognized for its expertise in property and casualty (P&C) brokerage and employee benefits consulting, has officially announced the establishment of its P&C Group Captive practice. This significant move follows the acquisition of Charlotte, North Carolina-based Trinity Risk Advisors, a well-established captive brokerage firm.

Leadership and Management

The new Group Captive practice will be spearheaded by Alan Wise, the founder and president of Trinity Risk Advisors, who will serve as managing director. Wise brings a wealth of experience and deep knowledge in risk management and employee benefits, having previously sold his risk management firm, Trinity Consulting, to NFP in 2015. This leadership transition is expected to strategically enhance NFP's offerings in the captive market.

Client-Centric Solutions

With this new practice, NFP aims to provide small to mid-sized businesses with a structured way to manage their risks at a lower cost. According to Meg McSherry, managing director and head of P&C in NFP's Atlantic region, the Group Captive solution will empower clients to retain certain risks, thus facilitating financial strength and stability in the long term. The initiative promises a collaborative platform where companies can pool their resources to achieve greater control over their insurance costs.

A Focus on Efficiency

The benefits of the Group Captive practice are multifold. NFP plans to help clients navigate eligibility for group captive participation while evaluating the financial implications. The practice will identify suitable programs in the market, assist in the onboarding process, and ensure smooth transitions into the captured framework—ultimately enhancing operational efficiency for businesses.

Complementing Existing Services

The launch of the Group Captive practice aligns seamlessly with NFP’s existing Risk and Insurance Strategy Collective (RISC)—a captive consulting and management unit. Situated in Burlington, Vermont, RISC's focus includes the formation of single parent captives, segregated cell captives, and risk retention groups. This comprehensive approach helps clients not only in creating new captives but also in managing existing ones and reviewing their strategic value.

Educational Component

Wise expressed enthusiasm about his role in the new practice, emphasizing the importance of offering tailored risk-sharing mechanisms that adapt to clients' specific needs. A crucial aspect of this initiative is the commitment to educating both NFP producers and clients about the most effective structures and benefits of group captives available in the market. By facilitating a deeper understanding of these options, NFP is keen on enabling clients to achieve enhanced cost efficiency, improve cash flow, and gain better control over their insurance programs.

About NFP

As an integral part of the Aon family, NFP stands tall in addressing significant challenges related to Risk Capital and Human Capital for both companies and individuals. The company's expansive footprint spans the U.S., Canada, the UK, and Ireland, backed by the global capabilities afforded by Aon. NFP is dedicated to delivering specialized expertise and customized solutions in property and casualty insurance, employee benefits, life insurance, executive benefits, wealth management, and retirement planning.

For those interested in learning more about NFP and its services, further information can be found at nfp.com.

In conclusion, the establishment of the P&C Group Captive practice marks a strategic development in the insurance sector, aimed at empowering clients with innovative solutions while leveraging the expertise garnered from Trinity Risk Advisors.