NFP, a company of Aon, a property and casualty (P&C) broker and benefits advisor, established the P&C Group captive insurance business through the acquisition of Trinity Risk Advisors, LLC, a Charlotte, North Carolina-based captive insurance brokerage.
Alan Wise, founder and president of Trinity Risk Advisors, will lead P&C Group’s captive insurance business as managing director. He will report to Meg McSherry, managing director and head of P&C for NFP’s Atlantic region.
Previously, Wise founded Trinity Risk Advisors after selling risk management and employee benefits firm Trinity Consulting to NFP in 2015.
The Group Captive Insurance business will support companies seeking greater control and efficiency over their property and casualty risks and associated costs by pooling resources with like-minded businesses. It will help clients assess eligibility and potential financial cases for group captive participation, identify appropriate programs in the market, coordinate placement and onboarding, and support the transition to captive coverage.
NFP said the new approach complements the firm’s proprietary advisory and management platform, Risk and Insurance Strategies Collective (RISC). Headquartered in Burlington, Vermont, RISC specializes in the formation of single parent captives, isolated cell captives, and risk retention groups. It also supports the feasibility, formation and ongoing captive management of captive insurance companies, as well as the strategic review of existing captives.
“We are excited to formalize a group captive solution that helps small and medium-sized clients retain certain risks at a lower cost,” said McSherry. “Allan’s technical expertise and leadership in managing all aspects of the group’s captive model will enable clients to unlock their strengths and position themselves for long-term financial strength and stability.”
“I am excited to help launch NFP’s group captive business and provide clients with a collaborative risk sharing mechanism tailored to their risk management needs,” said Wise. “The education component is particularly exciting. I will advise NFP producers on the most effective group captive structures on the market, helping clients achieve greater cost efficiencies, improve cash flow and gain greater control over their insurance programmes.”
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