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MIAMI—Michael Lusk, vp of insurance and risk management at Decatur, Ill.-based Archer Daniels Midland Co., on Tuesday was honored with the World Captive Forum's Award of Excellence.
Mr. Lusk and ADM were recognized as the parent of a single-owner captive insurance company, Agrinational Insurance Co. Inc., for thought leadership in the global use of a captive; contributions to the enterprise's strategy and businesses in the field; and contributions to the risk and insurance profession with regard to captive insurance.
Vermont-domiciled Agrinational Insurance touches on nearly every aspect of risk and helps ADM achieve its business goals, according to the WCF.
Among other things, ADM in 2003 was one of the first U.S. companies to win Labor Department approval to fund certain employee benefits through its captive.
The agricultural product processor also has used the captive to provide crop insurance for agricultural producers and to provide coverage for international operations in areas where local coverage options were considered inadequate.
“The company allowed me to do a lot of things. It's allowed me to present ideas to the top management and it's been very supportive of the use of the captive,” Mr. Lusk said at the 21st annual World Captive Forum conference in Miami.