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FOR IMMEDIATE RELEASE
Contact: Sandra Duncan
CAPTIVE RESOURCES, LLC ANNOUNCES BOARD APPOINTMENT AND PLANNED LEADERSHIP CHANGES
Itasca, IL, [DATE, 2018] — Captive Resources, LLC, a leading consultant to group captive insurance companies, today announced the appointment of Mike Foley, former CEO of Zurich North America to its Board of Directors, effective April 1, 2018. The appointment fills a vacant seat on the Captive Resources Board and is the culmination of the company’s search for a world-class director. Mr. Foley retires from Zurich North America on February 28, 2018, after serving as CEO since 2008.
The company also announced that effective January 1, 2019, current President and board member Nicholas J. Hentges will become co-Chief Executive Officer, serving in that role with current Chairman and CEO, George V. Rusu. In addition to operational responsibilities, Hentges will begin to focus on the development and execution of the company’s short and long-term strategy in his new role as co-CEO. He has served as President since 2014.
“During Nick’s tenure as President, he has presided over a period of unprecedented growth,” said George Rusu, Chairman and Chief Executive Officer of Captive Resources. “He has overseen numerous strategic initiatives including business development, re-branding, organizational structure, and risk management, as well as major improvements in the company’s information technology infrastructure, data management, and business process optimization. His transformative leadership has helped preserve our company culture by initiating a focus on training, job satisfaction, and employee engagement. I’ve no doubt that he will bring this same energy, managerial skill and leadership to bear as co-CEO.”
Also effective on January 1, 2019, Mr. Foley will join Captive Resources as President, sharing the day-to-day operational oversight of the company with Mr. Hentges. The company expects that teaming Mr. Foley’s extensive experience in growing organizations with that of Mr. Rusu and Mr. Hentges, not only augments its already deep bench strength at the executive level, but will accelerate the company’s growth for many years.
Mr. Hentges commented, “I’m looking forward to working closely with George and Mike to focus on operational and strategic priorities for Captive Resources, our sister company Kensington Management Group, Ltd., and The Captive Investors Fund. We are extremely fortunate that Mike will be working with us to oversee the continued strong growth that we anticipate. His appointment to our Board and subsequently to President is a key milestone in an executive management plan that we have been working on for the past few years.”
“I’m excited to join such a well-positioned company, with a strong track record of growth through customer focus,” said Mr. Foley. “I look forward to working with George, Nick, and the whole Captive Resources team. Together we can build on the company’s exceptional foundation to drive profitable growth and continue to enhance an already industry-leading value proposition.”
“Mike Foley brings a wealth of insurance knowledge to the table,” said Rusu. “We believe he will play a key role in shaping the future of Captive Resources, as we continue to pursue and execute our vision to provide an unparalleled customer experience, and continually expand our capabilities in the captive arena. His presence on our board will be a tremendous asset to Captive Resources as we benefit from his insights and counsel, and his operational, strategic and leadership expertise will be invaluable in managing growth and helping Captive Resources to further solidify its position as the leading group captive specialist.”
About Mike Foley
Following an early career in finance and investment management, during which he progressed in various leadership roles, Mr. Foley joined McKinsey & Company in 1996 where he later became a principal and led its North American property & casualty insurance practice. He joined Zurich in 2006 as Chief Operating Officer of its North America Commercial business division. In January 2008, he was appointed Chief Executive Officer of that division, and a member of the Group Executive Committee. Mr. Foley served as CEO until the end of December 2017 and then remained on the Executive Committee through February 28, 2018. He was also Chairman of the Board of Zurich American Insurance Company until the end of 2017.
Mr. Foley graduated with a Bachelor of Science in mathematics and economics from Fairfield University in 1984 and received a master’s degree from the J.L. Kellogg Graduate School of Management at Northwestern University, in 1989.
About Captive Resources
Captive Resources, LLC is an independent consulting company specializing in creating and overseeing the operations of member-owned group captive insurance companies. Currently, it consults to thirty-five captive insurance companies with over 4,000 member companies that generate more than $2.2 billion in annual insurance premiums.
For more information about Captive Resources, visit its website: www.captiveresources.com or contact John Pontin, SVP-Business Development at 847.230.8431.
FOR IMMEDIATE RELEASE
Contact: Sandra Duncan, Senior Vice President
CAPTIVE RESOURCES, LLC ANNOUNCES $2 BILLION IN CAPTIVE PREMIUM
Schaumburg, IL, March 30, 2017 — Captive Resources, LLC, a leading consultant to member-owned group captives, announced today that its affiliated captives have reached a combined premium volume exceeding $2 billion, doubling in less than five years. The company continues to see a very robust year over year growth in the captive insurance companies to which it consults.
“We attribute the continuing intense interest in group captive insurance to a strong economy, growing awareness among regional insurance brokers, and our vigorous educational initiatives for both prospective member-owners and their brokers,” said George Rusu, co-founder, Chairman and CEO of Captive Resources. “In addition, an increase in the number of homogeneous captives, has resulted in expansion into a wider variety of industries, and we’re also seeing an increase in the number of larger companies that generate higher premiums, exploring ownership in, and ultimately joining group captives.”
Nick Hentges, President of Captive Resources noted that “There are certain aspects to Captive Resources’ group captive model that are very attractive to potential member-owners, including a predictable collateral formula, strong dividend potential, the ability to close policy years in a timely manner, and excellent risk management resources which help members to reduce their losses and lower their premium.”
“The sustained growth in our core business continues to support our expansion into new areas and has allowed us to bring on captive-specific and other specialized talent to service our captive clients in more diverse ways,” added Hentges.
Captive Resources, LLC is an independent consulting company specializing in creating and overseeing the operations of member-owned group captives. It has no ownership interest in the captives it advises, which today number thirty-three with nearly 4,000 member companies.
For more information about Captive Resources, visit its website: www.captiveresources.com or contact Nick Hentges at NHentges@captiveresources.com.
Captive Consulting Firm Will Consolidate Properties and Relocate from Schaumburg
(Schaumburg, IL) — Captive Resources, LLC announced that it has purchased 1100 N. Arlington Heights Road, Itasca, IL and will relocate its world headquarters from Schaumburg, IL. Colliers International’s Chicago-based Office Advisory Group represented Captive Resources in the purchase; the transaction closed on November 21, 2016.
Captive Resources (CRI) provides advisory services to member-owned group captive insurance companies and other alternative risk facilities in the U.S. The company currently owns and occupies two Schaumburg properties at 201 East Commerce Drive and 55 East Commerce Drive. A consolidation of these two properties is planned and CRI will relocate all employees to the 1100 N. Arlington Heights Road property in the third quarter of 2017. The Schaumburg properties will be made available for sale leading up to the company’s relocation to Itasca.
According to George Rusu, the company’s Chairman and Chief Executive Officer, CRI will invest significant capital into the renovation of 1100 N. Arlington Heights Road in order to make it a world-class headquarters facility. Additional conferencing and training areas will be added, and the fitness and food facilities will be expanded. CRI will occupy approximately 100,000 square feet on the first four floors with third-party tenants occupying the remainder of the building.
Rusu added, “The 1100 N. Arlington Heights Road property presented an opportunity for Captive Resources to increase efficiencies with a consolidation, control growth, and also own a property at a very attractive operating cost relative to leasing.”
Originally constructed in 1999, 1100 N. Arlington Heights Road is a 150,000 square foot, six-story, Class A office property located on the northwest corner of Thorndale Road and Arlington Heights Road.
About Captive Resources
Captive Resources, LLC is an independent consulting company specializing in creating and overseeing the operations of alternative risk facilities including member-owned group captives, which today number thirty-one, with over 3,600 member companies and $1.9 billion in annual insurance premiums.
For more information about Captive Resources, visit its website: www.captiveresources.com or contact Nick Hentges, President at 847.879.2365.