INDIAN WELLS, CALIF.–Claude Parenteau was elected chairman of the Captive Insurance Companies Association (CICA) during its 37th International Conference here, the association announced.
Mr. Parenteau is president of Parenteau Associates, LLC, in Easton, Conn., an independent third-party representative of institutional asset managers.
CICA said Mr. Parenteau has more than 20 years of experience in investment management, specializing in captive insurance asset management. He became a CICA Director in 2003, was re-elected in 2004, and has served as vice-chair and secretary/treasurer of CICA in previous years.
The CICA board also elected Karin Landry as vice-chair. She is managing partner of Spring Consulting Group, LLC, of Boston, Mass. John Svoboda, president of National Home Insurance Co. (RRG) of Denver, was elected secretary/treasurer.
In other action CICA named Katherine A. Westover of Colchester, Vt., recipient of the 2009 CICA Distinguished Service Award.
Ms. Westover is vice president of alternative risk financing services for Innovative Captive Strategies Inc. and also serves as executive director for the Community Blood Centers' Exchange Risk Retention Group, an Overland Park, Kan.-based organization. She has published two books about captive insurance, and is a frequent speaker at industry conferences.
Ms. Westover has also served as the international business representative for the domicile of Barbados, as an advisor to the Washington, D.C. Department of Insurance and Banking, and Vermont Captive Insurance Association board member.
CICA also selected Raffles Insurance Ltd. as the 2009 CICA Outstanding Captive Award winner, which recognizes creative uses of a captive insurance company or risk retention group.
Raffles was formed in 1984 to address the insurance needs of nine businesses seeking adequate insurance coverage at an affordable rate. It has now grown to 270 member companies representing the manufacturing, distribution, contracting, retail, communications and service industries, CICA said.
Raffles is the largest “heterogeneous” captive insurance company representing unrelated businesses who have banded together to provide insurance protection for their nonrelated shareholders–also its insured parties. The underlying concept is that the member shareholders should control their own insurance destiny by operating a well-managed, member-owned insurance company.
Raffles is domiciled in Cayman and is managed by Captive Resources, LLC of Schaumburg, Ill.
CICA represents hundreds of captive insurance companies, risk retention groups and related organizations from more than 30 jurisdictions throughout the world.
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