(WASHINGTON, DC) – The District of Columbia Department of Insurance, Securities and Banking (DISB) is pleased to share news of Fiat Lux Risk and Insurance Company receiving the 2017 Captive Insurance Companies Association (CICA) Outstanding Captive Award.
Fiat Lux Risk and Insurance Company (Fiat Lux), which means “let there be light” in Latin, is licensed and regulated by DISB. Fiat Lux was formed in the District of Columbia in 2012 as a single parent captive for the University of California system, which consists of 10 universities, five medical centers, three national laboratories, 280,000 employees and generates approximately 30 billion dollars in annual revenues.
The Outstanding Captive Award is presented to a captive insurance company or risk retention group that has shown creative uses for a captive, been successful in managing the captive in terms of net results and usefulness to its owners, has prevailed over difficult times or situations, and has gained acceptance, recognition, and a positive reputation among rating agencies, regulators and colleagues in the captive industry.
Fiat Lux has grown considerably under the leadership of Courtney Claflin, executive director – captive programs, who came on board in 2015. Starting with just five lines of coverage for 25 million dollars of premium; Fiat Lux now writes over 25 lines of coverage at 900 million dollars of premium; buys reinsurance directly and participates in quota share arrangements with reinsurers. A separate reciprocal risk retention group has also been formed.
With DISB’s assistance and guidance, Fiat Lux has either saved premiums or created new annualized revenues of over $25 million annually, with significant additional savings in development. Future growth plans in 2017 and beyond include an incorporated cell captive for employee benefits, the addition of other university systems, and additional lines of coverage.