The Risk and Insurance Management Society (RIMS) presented its annual Risk Manager of the Year awards to Loren Nickel, head of Imi Insurance Company, a captive insurer of Google, and to Benjamin Evans, chief executive of insurance and risk management at Pennsylvania State University; to Juliana Keaton, chairwoman of the captive insurer of transportation-industry top-250 company CSX, and to Scot Schwarting, head of risk management at Whirlpool Corporation, the world's largest home appliance group.

    Imi Insurance Company is a single-parent captive insurer wholly owned by Google, established in Hawaii, U.S., in 2010. In 2012, the company was approved by the U.S. Department of Labor to underwrite employee benefit plans, and is currently applying to underwrite reinsurance programs covering Google's employee benefit plan, including life insurance, accidental death and dismemberment (AD&D) and long-term disability (LTD) benefits. Loren Nickel, as head of the captive insurer, focuses on Google's future risk management, emphasizing the risks and insurance needs arising from the company's rapid growth. He established a 5-10-year risk management plan for the group and organized the development of a comprehensive total cost of risk tracking system.

        Benjamin Evans is chief executive of insurance and risk management at Pennsylvania State University in the United States, managing the university's self-insurance programs and also serving as chairman of the university's 2 risk retention groups (RRGs), including Casualty Insurance Company, registered in Vermont, U.S., in 1996 (2015 premium income of US$41 million), and established in Bermuda in 1997, Quaker Insurance Company, providing reinsurance for Franklin and wholly owned by the Pennsylvania State University trust plan.

        Juliana Keaton is chairwoman of the captive insurer of U.S. transportation-industry top-250 company CSX. Over the past three years, she has saved the company nearly 30% in premium expenses and reduced legal costs by 60%. CSX's captive insurer was registered in South Carolina, U.S., in 2004, writing 14 policies each year, with annual written premiums of about US$40 million.

    Scot Schwarting has been head of the risk management department of Whirlpool, the world's largest appliance manufacturer, and of Whirlpool Insurance Company registered in Bermuda since 2007. From 2007 to 2015, he reduced the group's risk management costs from US$1.87 per share to US$0.89 per share.

Source: captivereview