NAME: Peter C. Parent
NEW JOB TITLE: Portland, Maine-based chief underwriting officer, MSL Captive Solutions
PREVIOUS POSITION: Portland, Maine-based executive vice president, TMS Re Inc.
INDUSTRY OUTLOOK: With the growth of the stop loss market, captives have become a hot topic. For larger employers, single-parent captive programs provide the ability to enhance their self-funded plans. For small and mid-sized employers, group captives provide the ability to retain risk and gain control and transparency over their health care costs. As the market evolves, I see many opportunities for growth in the captive market.
GOALS FOR NEW POSITION: I am excited to be part of the growth and expansion of MSL Captive Solutions, a specialty MGU in the captive market. I am committed to working with our business partners and maintaining a level of service they are accustomed to. Building a great team and culture will be integral to our growth and success.
CHALLENGES FACING THE INDUSTRY: Catastrophic claims continue to be a challenge for any self-funded plan, especially in the specialty prescription drug area. Implementing effective risk and cost-control measures and making sure the employer is committed to improving its overall health plan. Also, it is easy to get caught up in dropping your margins to win business. Maintaining underwriting integrity will produce better long-term results.
FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: RE Moulton in an underwriting training program. It has been a great ride since.
ADVICE: Learn as much as you can about all aspects of the self-funding industry. As an underwriter, having some general knowledge of cross-functionality in other areas (claims, administration, etc.) helps to really build your skill set. As your career develops, there are many opportunities available.
OUTSIDE THE INDUSTRY, A DREAM JOB: Landscape design. I love to work in the yard.
COLLEGE MAJOR: B.S. geography. I thought I was going to be a teacher.
LOOKING FORWARD TO: Building new relationships with our business partners and strengthening our position in the market.
FAVOURITE MEAL: A good steak dinner.
BOOK: I love anything by John Grisham.
HOBBIES: Spending time with my family and friends, skiing, running and landscaping.
TV SHOW: Currently Ozark
ON A SATURDAY AFTERNOON: Work in the yard and BBQ with friends and family
