TORONTO – July 12, 2022 – NFP, a leading property and casualty broker, benefits consultant, wealth manager and retirement advisor, announced today it has established the NFP Captive Management (Alberta) Corp. and augmented its Complex Risk Solutions Group (CRSG) with the addition of two industry veterans in the captives and alternative risk space. These moves, in conjunction with the recently enacted Captive Insurance Companies Act in Alberta (the Act), will enable NFP to form and administer Alberta-domiciled captive insurance companies for their clients.
The 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. The Act came into force on July 1, 2022.
“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, CRSG, 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.”
Seeing the tremendous upside of the legislation and newfound ability to help clients structure captives in Alberta, NFP recently recruited two captive industry veterans – Sam Jackson and Paul Young – to join its CRSG. “Sam and Paul possess a deep understanding of the captive market and the structures and processes required to operate a successful captive. They add great value to our organization and clients pursuing alternative risk mitigation opportunities in Alberta,” said Seeger.
Jackson arrived at NFP in April with over two decades of service in the insurance industry. He joined from Rogers Insurance, where he served as a senior broking advisor evaluating alternative risk financing opportunities. Jackson spent over a dozen years at the Energy Insurance Group, where he oversaw all operations for their energy clients’ insurance programs.
Young also joined NFP in April. His insurance experience spans more than a decade and includes positions with 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. 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,” said Jackson.