NAME: William Wood
NEW JOB TITLE: Hamilton, Bermuda-based senior vice president, captives, Price Forbes & Partners Ltd.
PREVIOUS POSITION: Hamilton, Bermuda-based senior vice president, captives, Price Forbes & Partners Ltd.
INDUSTRY OUTLOOK: For many years, the captive industry seemed to be in the doldrums with little upward momentum. This was largely driven by commercial pricing of insurance being so competitive. However, over the last 18 months or so, there has been a material uptick in activity, resulting from both increased innovation in the usage of captives and captives becoming a more viable option/component of corporate risk management strategy.
GOALS FOR NEW POSITION: Simply put, to build a portfolio of captives using an efficient service delivery model (starting from scratch provides the optimal situation for the latter). More specifically, the insurance management function is there to support both Price Forbes and the wider Ardonagh Group to develop opportunities internally, with existing clients and providing a broader offering to new clients.
CHALLENGES FACING THE INDUSTRY: Increased and increasing compliance and regulation are a big challenge. They accrete significant time and effort and therefore cost. However, they are there for a reason and standards of both are rising, also for a reason: to address risks inherent and growing in the (re)insurance industry, as well as the demonstration and documentation of compliance and regulation. For Bermuda, theres always the specter of a global taxation being imputed. Bermudas tax structure is different to the traditional model (and taxation does exist municipal infrastructure has to be funded somehow) and a poorly designed global tax system would not sit well with that. However, many captives already pay tax on profits in qualifying jurisdictions and are therefore exempt from economic substance matters.
FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: I started as an account executive, managing a portfolio of captives for Sedgwick Management Services (now part of Marsh) in 1994. Things were very much simpler then. It was a ground-floor introduction to the industry, but a necessary step and I was glad not to come via the audit route.
ADVICE: Generally, most newcomers are required to have some sort of accounting designation. If they intend to make their career in the industry, a (re)insurance qualification would be useful. Also, Id take a look around and see what sort of role/environment most appeals to them: size of organization, broad everyman role or focused discipline. Then seek a path down that road.
OUTSIDE THE INDUSTRY, A DREAM JOB: Id say it would be more a function of the component parts, rather than a specific job. It has always appealed to me to be part of a nice-sized team of people I respect and enjoy working with, and to have a role with a broad range of responsibilities. Building something from new would be a bonus. For all these reasons, I just had to jump at this new position with Price Forbes.
COLLEGE MAJOR: I have a Bachelor of Science degree in mathematics from the University of Bath, U.K. Academically, probably the most difficult thing Ive done.
LOOKING FORWARD TO: I am hoping we see a diverse range of problems that we can solve with different self-insurance mechanisms being part of the total solution. Also, Id like to build the most efficient service delivery platform to support that business.
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ON A SATURDAY AFTERNOON: Just catch up with good friends over a couple of pints at the pub, preferably outside on a sunny day.
