New York’s Superintendent of Insurance, Gregory V. Serio, announced that he has named David Ahl as the newest member of the Department’s Captive Group effective immediately. He will serve as Director of Captive Development, under the direction of Senior Deputy Superintendent Peter Molinaro.
“David’s expertise in economic development, as well as his insurance background make him uniquely qualified for the needs of the Captive Group which was created earlier this year at the Insurance Department to be even more responsive to the needs of businesses in a rapidly changing insurance marketplace,” Serio commented. “I am pleased to welcome David back to the Insurance Department and look forward to his leadership in the development of captives in New York State as we continue to offer businesses more personal customer service and flexible insurance options to manage their insurance risks.”
The announcement noted that N.Y. has “seen a growing number of companies take advantage of the Captive Law since it was expanded by Governor Pataki last year to allow a wider range of businesses the opportunity to create New York State licensed captives.” Ahl will join the Group’s current members: Senior Deputy Superintendent Molinaro; Jody Wald, Group Coordinator; Michael Moriarty, Group Capital Markets Advisor; and Michael Campanelli, the Group’s Counsel.
“The Department anticipates having 20 licensed captives in New York State by year-end, having begun the year with only 4 captives,” added Serio. “David’s intimate knowledge of the needs of businesses, specifically their insurance needs, in the current environment makes his arrival at the Department very timely as the Captive Group strengthens its efforts to provide businesses real solutions to risk management through captives.”
He joins the NYSID from the Empire State Development Corporation (ESDC) where he was the Senior Director of Industry Development since September 11, 2001. Prior to his position as Senior Director, he was Director of Industry Development where he was responsible for business development in the insurance industry. Ahl formerly worked at the NYSID as Special Assistant to the Superintendent where he worked on venture capital legislation.
Was this article valuable?
Here are more articles you may enjoy.