The Edge of Risk Podcast by IRMI

Innovative Captive Insurance Solutions: Fronting and Nonadmitted Paper for Hard-To-Place Risks

In this episode of The Edge of Risk Podcast by IRMI, host Joel Appelbaum sits down with Jeremy Colombik, president of Management Services International (MSI), to explore how captive insurance can solve hard-to-place risk challenges. Drawing from over 2 decades of industry experience, Jeremy unpacks the advantages of integrating unrated and nonadmitted paper into captive structures, including cost efficiency, greater flexibility, and custom coverage solutions.

The conversation dives deep into fronting arrangements, regulatory considerations, and the evolving use of captives across high-risk sectors. Whether it's environmental exposures, cyber liability, or excess layer risks, Jeremy explains how businesses can use captives to craft tailored strategies that go beyond what the traditional market offers. Tune in for insights on quarterbacking a successful captive, structuring reinsurance relationships, and ensuring compliance while building innovative programs that stand the test of time.

Know about the Agricultural Claims Association?

How different is a "regular" property claim from an agricultural property claim? The answer could be—significant. This 8-minute The Edge of Risk Podcast by IRMI episode features a Snap Talk by Julie Overdeer, executive director and partner at the Agricultural Claims Association, LLC (ACA). The mission of the ACA is to provide agricultural claims professionals with a resource that offers training, education, and support. After this Snap Talk, you will have even more of an appreciation of the importance of this specialized knowledge.

Insurance Considerations for Adaptive Reuse Projects in Construction

The Edge of Risk Podcast by IRMI welcomes Kerry Powers, national director of large accounts at Gallagher, and Ted Way, senior vice president at Gallagher, for an insightful discussion on insurance considerations for adaptive reuse projects in construction. In this 16-minute episode, gain valuable insights into the increasing prevalence of these projects and the tax incentives some municipalities may provide for adaptive reuse developments. Learn the importance of the insurance market in keeping pace with this trend and the role of technology in providing insurers with the confidence to cover adaptive reuse projects.

Navigating the Evolution of a Captive Insurance Program in Construction

In this episode of The Edge of Risk podcast, host Joel Appelbaum welcomes Andy Stoelting, senior director of insurance and risk management at Webcor, to discuss the evolution of Webcor's Hawaii-domiciled captive insurance company, Paramount Insurance, Inc. Andy shares his journey from insurance defense attorney to risk management leader and provides an inside look at how Paramount transitioned from a pure captive to a sponsored captive with protected cells.

The discussion explores how Paramount supports Webcor and its affiliates in managing construction risks, including innovative uses of the captive to address unique challenges, such as a 10-year performance obligation for the University of California, Merced project. Andy also highlights the benefits of domiciling in Hawaii, the influence of Japanese governance from Webcor's parent company, Obayashi Corporation, and the strategic considerations for balancing captive utilization with opportunities in the commercial market. Whether you're in the construction industry or exploring captives as a risk management tool, this episode offers valuable insights into the power of captive insurance in a complex and evolving landscape.

Hired and Nonowned Auto Exposures and Control

Hired and nonowned auto exposures historically represented an incidental exposure for many insureds; however, there appears to be a noticeable shift in how construction insureds are approaching this coverage. This 18-minute episode of the The Edge of Risk Podcast welcomes Jim Vachon, manager of casualty risk control, and David Lind, loss control service manager, from Starr Insurance. Listen in as Mr. Vachon and Mr. Lind discuss hired and nonowned automobile exposures in the construction industry and share controls that employers can utilize to manage the associated risks.

Ongoing Driver Safety Training Is Essential

A common misconception is that experienced drivers don't require ongoing training. In this 11-minute podcast episode, Brian Hammer, senior risk management consultant at Nationwide, shares that ongoing driver safety training is essential.

Nationwide's new Drive the 5 program is yet another important initiative to keep its insureds, and society as a whole, safe. After this podcast episode, you will understand the five principles that address specific risks and help drivers stay safe on the road, and you will know where you can access free resources to make our roads safer for everyone.

Adapting to Change: How Solvency II is Shaping the Future of Captive Insurance

The regulatory landscape for captive insurance in the European Union is evolving, with Solvency II amendments bringing significant changes to capital requirements, proportionality, and reporting obligations. In this episode, Joel Appelbaum, chief content officer at IRMI and Captive.com, sits down with Alex Gedge, senior captive consultant at Hylant, to discuss what these updates mean for captives and how organizations can adapt.

Solvency II, introduced over a decade ago, was designed to enhance the financial stability of insurers operating within the European Union. However, its one-size-fits-all approach has long been a challenge for captives, which operate with distinct risk profiles compared to traditional insurers. The latest amendments introduce a more proportional regulatory framework, reducing capital burden and simplifying governance requirements for small and noncomplex undertakings. Alex provides insights into how captives can leverage these changes, including the benefits of the reduced cost-of-capital rate in risk margin calculations, strategies for adapting to evolving environmental, social, and governance regulations, and how captives can position themselves for long-term success in a shifting regulatory environment.

Rethinking Risk: Captives as Game Changers for Delivery Service Partners

In this episode, host Joel Appelbaum sits down with Dave Johnson from Innovative Captive Strategies to discuss how captives empower Delivery Service Partners (DSPs) to take control of their insurance and risk management strategies. As the backbone of e-commerce and logistics, DSPs face unique risks that traditional insurance may not address effectively. The podcast explores how captives offer tailored coverage, cost stability, and proactive risk management, making them a perfect fit for DSPs operating in an ever-evolving delivery landscape.

The conversation also delves into real-world examples of how captives have mitigated risks, reduced costs, and transformed insurance expenses into profit centers for DSPs. Mr. Johnson also shares insights into the future of captives as technology and autonomous delivery systems reshape the logistics industry. Whether you're a DSP owner, a logistics professional, or someone intrigued by the role of captives in addressing emerging risks, this episode offers invaluable takeaways.

Mental Health in the Construction Industry

The construction industry has unique factors that can impact a worker's mental well-being. In this 19-minute episode of the IRMI Podcast, Dr. Marcos A. Iglesias of Travelers shares how the "perfect storm" of psychosocial issues affects construction workers' mental health and outlines some tools workers and employers can utilize to tackle this prevalent problem within the construction industry.

Building Construction, ITV, and Valuation Options in the Ag World

Continuing with our agent-focused 2025 IRMI Emmett J Vaughan Agribusiness Conference (AgriCon) topics, this 10-minute podcast episode features a Snap Talk with Joann Webb, chief risk officer and assistant vice president of underwriting for Berkley North Pacific, as she shares the importance of insurance to value (ITV) factors. We never want to be put in a bad position with our clients. This episode will serve as a preview of Ms. Webb's 2025 IRMI AgriCon presentation, titled "Building Construction, ITV, and Valuation Options in the Ag World." We look forward to seeing you at IRMI AgriCon West, scheduled for March 2–4, 2025, in Sacramento, California, where you will glean important information like this that helps make you the agent of choice.