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McGriff forms captive unit targeted at middle market

Reprints
Steve Aldrich

McGriff has formed McGriff Captive Solutions and named Steve Aldrich to lead it, the commercial broker said in a statement Wednesday.

Mr. Aldrich, who also serves as McGriff’s industry practice group leader, will manage global captive program formation for the middle market, the statement said.

This will include compliance and working with clients and brokers to develop new captive products and resources.

“Given the hard market we’re now experiencing, clients with strong balance sheets are looking for options … ,” Mr. Aldrich said in the statement.

McGriff Captive Solutions expands alternative risk transfer operations at McGriff. MBT Ltd., a Bermuda-based single-parent captive and reinsurance company founded in 2001, is owned by Truist Financial Corp. and managed by McGriff, the statement said.

“Captives are a critical risk mitigation strategy for our clients,” McGriff CEO Rick Ulmer said in the statement.

McGriff, which comprises McGriff Insurance Services Inc. and McGriff, Seibels & Williams Inc., is a subsidiary of Truist Insurance Holdings, a wholly owned subsidiary of Truist Bank. McGriff was rebranded in May 2020.