Captive International
NEWS www.captiveinternational.com
20
Captive Resources appoints former Zurich
North America CEO to board
GROUP CAPTIVE consulting firm
Captive Resources has appointed
Mike Foley, former CEO of Zurich North
America, to its board of directors.
Foley retires from Zurich North
America on February 28, 2018, after
serving as CEO since 2008. He will join
Captive Resources on April 1.
Effective January 1, 2019, current
president and board member Nicholas
Hentges will assume the role of co-CEO,
serving alongside current chairman
and CEO George Rusu.
Hentges will focus on the
development and execution of the
company’s short and long-term
strategy in his new role. From this
date, Foley will join Captive Resources
as president, sharing operational
oversight of the company with
Hentges.
“During Nick’s tenure as president,
he has presided over a period of
unprecedented growth,” said Rusu.
“He has overseen numerous
strategic initiatives including
business development, re-branding,
organisational structure, and risk
management, as well as major
improvements in the company’s
information technology infrastructure,
data management, and business
process optimisation.
“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.”
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, 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 we have been
working on for the past few years.”
Foley added: “I’m excited to join such
a well-positioned company, with a
strong track record of growth through
customer focus. 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.” l
Department store retailer Burlington forms New Jersey captive
NEW JERSEY-BASED off-price department
captive market,” said Caride. “Burlington’s
store retailer Burlington has received
decision to select New Jersey as the
approval for a new captive insurer,
place for its new captive reflects the
Florence Insurance Company (FIC).
Murphy Administration’s commitment to
New Jersey Department of Banking
expanding the Garden State economy.”
and Insurance acting commissioner
At the end of Q3 2017, Burlington
Marlene Caride gave approval to FIC to
operated 631 stores in 45 states and
be domiciled in the state.
Puerto Rico. The retailer employs around
“We welcome Burlington Stores’ new
37,000 people nationwide including
captive insurer to New Jersey’s growing
4,900 associates in New Jersey.
Photograph courtesy of Zurich
“It was a pleasure to work with the
New Jersey Department of Banking and
Insurance on the captive’s licensing,”
said Robert Lapenta, treasurer of
Burlington Stores.
Since New Jersey introduced
its captive legislation in 2011, the
department has approved the formation
and re-domestication of 25 captive
insurance companies in the state.l
“We can build on the
company’s exceptional
foundation to drive
profitable growth”
Mike Foley