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Member, Beacon International Group, Ltd.
BONITA SPRINGS, Fla.A Deutsche Post World Net captive received the first World Captive Forum Award of Excellence on Tuesday.
Presented during the 19th Annual World Captive Forum in Bonita Springs, Fla., the award recognizes a single parent captive for its contribution to the captive’s owner and to others in the captive field, as well as its contribution to risk management and insurance worldwide.
The captive, Marias Falls Insurance Co. Ltd., was formed in 1984 in Bermuda by DHL Worldwide Express, which later was acquired by Bonn, Germany-based Deutsche Post.
Presenting the award, D. Hugh Rosenbaum, retired principal of Towers Perrin in London, noted that the Marias Falls captive “was one of the first to take on the international reinsurance of employee benefits,” and said that the “commercial advantage” the captive provided DHL and its subsidiaries “was one of the main reasons for its success.”
Accepting the award, Hugh O’Neill, senior vp, insurance & risk management at Deutsche Post A.G., said, “This has been a journey that couldn’t really have been successful without a healthy contribution form many service providers who, in one way or another, have been involved in supporting captive insurance.”