Captive Resources, LLC (CRI), a leading consultant to group captive insurance companies, today announced the appointment of Mike Foley, former CEO of Zurich North America to its Board of Directors, effective April 1, 2018. The appointment fills a vacant seat on the CRI Board and is the culmination of the company’s search for a world-class director. Mr. Foley retires from Zurich North America on February 28, 2018, after serving as CEO since 2008.
The company also announced that effective January 1, 2019, current President and board member Nicholas J. Hentges will become co-Chief Executive Officer, serving in that role with current Chairman and CEO, George V. Rusu. In addition to operational responsibilities, Hentges will begin to focus on the development and execution of the company’s short and long-term strategy in his new role as co-CEO. He has served as President since 2014.
“During Nick’s tenure as President, he has presided over a period of unprecedented growth,” said George Rusu, Chairman and Chief Executive Officer of Captive Resources. “He has overseen numerous strategic initiatives including business development, re-branding, organizational structure, and risk management, as well as major improvements in the company’s information technology infrastructure, data management, and business process optimization. His transformative leadership has helped preserve our company culture by initiating a focus on training, job satisfaction, and employee engagement. I’ve no doubt that he will bring this same energy, managerial skill, and leadership to bear as co-CEO.”
Also effective on January 1, 2019, Mr. Foley will join Captive Resources as President, sharing the day-to-day operational oversight of the company with Mr. Hentges. The company expects that teaming Mr. Foley’s extensive experience in growing organizations with that of Mr. Rusu and Mr. Hentges, not only augments its already deep bench strength at the executive level but will accelerate the company’s growth for many years.
Mr. Hentges commented, “I’m looking forward to working closely with George and Mike to focus on operational and strategic priorities for Captive Resources, our sister company Kensington Management Group, Ltd., and The Captive Investors Fund. We are extremely fortunate that Mike will be working with us to oversee the continued strong growth that we anticipate. His appointment to our Board and subsequently to President is a key milestone in an executive management plan that we have been working on for the past few years.”
“I’m excited to join such a well-positioned company, with a strong track record of growth through customer focus,” said Mr. Foley. “I look forward to working with George, Nick, and the whole Captive Resources team. Together we can build on the company’s exceptional foundation to drive profitable growth and continue to enhance an already industry-leading value proposition.”
“Mike Foley brings a wealth of insurance knowledge to the table,” said Rusu. “We believe he will play a key role in shaping the future of Captive Resources, as we continue to pursue and execute our vision to provide an unparalleled customer experience, and continually expand our capabilities in the captive arena. His presence on our board will be a tremendous asset to Captive Resources as we benefit from his insights and counsel, and his operational, strategic, and leadership expertise will be invaluable in managing growth and helping Captive Resources to further solidify its position as the leading group captive specialist.”
Following an early career in finance and investment management, during which he progressed in various leadership roles, Mr. Foley joined McKinsey & Company in 1996 where he later became a principal and led its North American property & casualty insurance practice. He joined Zurich in 2006 as Chief Operating Officer of its North America Commercial business division. In January 2008, he was appointed Chief Executive Officer of that division, and a member of the Group Executive Committee. Mr. Foley served as CEO until the end of December 2017 and then remained on the Executive Committee through February 28, He was also Chairman of the Board of Zurich American Insurance Company until the end of 2017.
Mr. Foley graduated with a Bachelor of Science in mathematics and economics from Fairfield University in 1984 and received a master’s degree from the J.L. Kellogg Graduate School of Management at Northwestern University, in 1989.
Captive Resources, LLC is an independent consulting company specializing in creating and overseeing the operations of member-owned group captive insurance companies. Currently, it consults to 35 captive insurance companies with over 4,000 member companies that generate more than $2.2 billion in annual insurance premiums.