Delaware Insurance Commissioner Matt Denn has tapped William P. White, former director of the captive insurance division for Washington, D.C, to attract captive insurance companies to Delaware as administrator of a new program in the Department of Insurance. White will begin work August 1.
“I am pleased that someone of Bill White’s stature in the captive insurance arena will head up our efforts to become the premier state in which to form and maintain a captive insurance company, similar to our status for corporations,” Denn said. “Our hope is to boost Delaware’s economy while maintaining the firm and fair oversight of business that our state is known for.”
Captive insurance companies, which are owned by the entities that they insure, are usually formed by businesses that wish to better manage the cost and administration of their insurance coverage. In 2005, the Delaware General Assembly, at the urging of Denn and representatives of the Delaware financial services and legal communities, passed House Bill 218, modernizing Delaware law regarding the formation of captives and positioning Delaware to grow this sector.
White, currently living in Westampton, N.J., served as director of the captive insurance division for the Department of Insurance Securities and Banking in Washington, D.C. in 2003 and 2004. In that position, he developed regulatory and marketing strategies that increased licensing activity and premium tax revenue by 280 percent in one year. Currently, he is senior vice president of Heartland Fidelity Insurance Company in Lawrenceville, N.J.
“I have been involved in the alternative risk transfer market, particularly captive insurance companies for nearly half of my career,” White said. “Captive insurance companies are an important part of managing and financing risk for businesses at all levels and I am happy to see that more than half the states have passed captive insurance legislation. It takes a specific set of conditions for a domicile to be successful. I believe those conditions exist in Delaware and I am pleased to work with the Department of Insurance on this important initiative.”
White has worked in the insurance industry since 1974, including experience as corporate vice president and in other senior management positions at American Reinsurance Corp. from 1997 to 2003, as consulting director at Milliman & Robertson from 1992 to 1997, and vice president of Munich American Reinsurance Co. from 1985 to 1992.
A private website promoting the Delaware captive industry can be found at www.delawarecaptive.org.
Source: Delaware Insurance Department