Rancho Mirage, Calif. ─ March 6, 2023 ─ At its annual International Conference today the Captive Insurance Companies Association (CICA) honored Joel Chansky, consulting actuary, Milliman, Inc., with the CICA 2023 Distinguished Service Award, and Kite Realty Group the CICA 2023 Outstanding Captive Award.
The CICA Distinguished Service Award is presented annually to a single individual or entity that has made a significant contribution to the captive insurance industry.
“I look at the past recipients and to be mentioned in the same breath as them is humbling.”
—Joel Chansky, Milliman, Inc.
Joel Chansky is an influential voice in the captive insurance industry. He is well-known for his actuarial knowledge and generous contributions of his time and expertise to help individuals and the industry. Chansky has been a consulting actuary with Milliman, Inc. for over 30 years. He is a frequent speaker on the topics of captives, risk retention groups and alternative risk financing. He shares his expertise through teaching as a faculty member of the International Center for Captive Insurance Education. He has provided leadership and guidance to state, national and international organizations as a former board member of the National Risk Retention Association, the Arizona Captive Insurance Association, and the Captive Insurance Council of the District of Columbia. He is an active CICA volunteer and a past CICA Board Chair.
Chansky says receiving the CICA Distinguished Service Award is a really great honor. “I look at the past recipients and to be mentioned in the same breath as them is humbling,” Chansky adds.
The Outstanding Captive Award is presented to a captive insurance company or risk retention group that has shown creative uses for a captive, been successful in managing the captive in terms of net results and usefulness to its owners, has prevailed over difficult times or situations and has gained acceptance, recognition, and a positive reputation among rating agencies, regulators and colleagues in the captive industry.
Kite Realty Group Trust’s (NYSE: KRG) captive-centric approach to structuring its insurance program proved valuable in Oct. of 2021 when KRG merged with Retail Properties of America Inc., which increased KRG’s portfolio by 60 percent with significant CAT exposure during a challenging insurance market. Using their captive allowed the major corporate changes related to the merger to be seamlessly integrated and provided KRG with more options. Utilizing their captive gave KRG flexibility when building out their coverage tower and illustrated to the underwriters their commitment to risk management, as they were willing to take a strategic and creative approach to risk.
“For me, this award acknowledges […] the importance of building a culture that focuses on risk management and creative risk financing alternatives.”
—Theresa Severson, Kite Realty Group
With the merger, it was important to KRG to develop a data-driven, captive-centric program which required taking the time for proper due diligence and maintaining both KRG’s and RPAI’s legacy captive programs until a combined program could be created.
“The Kite Realty Group organization and I are extremely honored. For me, this award acknowledges the support that the KRG leadership has provided throughout the process, and the importance of building a culture that focuses on risk management and creative risk financing alternatives,” Theresa Severson, vice president, insurance & risk management, Kite Realty Group, says.