Insurance broker NFP has established a captive management firm in Alberta, Canada following the enactment of the Captive Insurance Companies Act in Alberta (the Act).
The Act, which came into effect on 1 July 2022, has formed a regime of captive insurance in Alberta where an organisation can insure itself against risk instead of purchasing third-party insurance.
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It allows NFP to form and administer Alberta-domiciled captive insurance companies for their clients.
NFP in Canada Complex Risk Solutions Group managing director and co-lead Joseph Seeger said: “NFP is very excited about this new legislation and the opportunity it creates for Canadian employers to form captive insurance companies domiciled in Alberta.”
“In the face of rising costs and challenging coverage access, we have been preparing for months to be ready to deliver the specialised 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.”
As part of its efforts to provide enhanced alternative risk solutions to its clients, NFP has bolstered its Complex Risk Solutions Group (CRSG) with two new hires.
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By GlobalDataThe new hires, Sam Jackson and Paul Young, are said to be industry veterans in the captives and alternative risk space.
Jackson joined NFP in April from Rogers Insurance. He is said to have more than two decades of experience in the insurance space.
Young, whose insurance experience spans more than a decade, previously held several notable positions at firms including Accommodate Insurance Management, Canadian Energy and Energy Insurance Group.
Commenting on the development, Jackson said: “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.”
In April, NFP acquired Irish specialist commercial insurance broker ReSure.
