Caterpillar receives World Captive Forum's 2014 excellence award

AVENTURA, Fla. — Caterpillar Inc. was recognized Thursday with the World Captive Forum’s 2014 Award of Excellence during the 23rd World Captive Forum in Aventura, Fla.

Steven Resnick, chief operating officer and chief financial officer for Caterpillar Financial Insurance Services, and Don Meyers, senior corporate insurance attorney for Caterpillar Inc. and vice president, general counsel and secretary of Caterpillar Financial Insurance Services, accepted the honor on behalf of Peoria, Ill.-based Caterpillar. Stacey Apter, director of global benefits financing and asset management of last year’s honoree, The Coca-Cola Co., presented the award.

The annual WCF Award of Excellence recognizes the parent of a single-owner captive and its representatives for thought leadership in the global use of a captive insurer; contributions to the enterprise’s strategy and objectives and those of businesses in the field; and contributions to the risk and insurance profession, especially concerning the use of captive insurance programs.

In addition to using its captive program to provide property and general liability coverage, Caterpillar has tapped it to provide a successful extended warranty program for Caterpillar dealers and to finance retiree medical benefits.

“We use our captive insurance companies on a global basis,” said Mr. Resnick, adding that Caterpillar’s captive program serves as the company’s “risk management center of excellence.”