Captive User Group - Willis Towers Watson · Welcome to the 2016 Captive User Group; an annual...

Captive User GroupBenefits and captives: who’s doing what?

18 May 2016, London

1 2016 Captive User Group

Welcome to the 2016 Captive User Group; an annual gathering of those using or interested in using captives for employee benefits, to learn about and share their experience, insights, and latest thinking. This year, we will be hearing directly from companies about their experiences on the captive journey, exploring what has worked well, and how you can apply their learnings.

The 2016 meeting will be Chaired by Coca-Cola Enterprises and will look at:

�� Coca-Cola Enterprise’s employee benefits captive journey.

�� Real-life implementation of a reinsurance model for employee insurable benefits.

�� The results from Willis Towers Watson’s newly published research into the results achieved by over 200 major multinationals from their multinational pooling and employee benefit captive programmes.

�� Who is currently doing what; views from Risk, Insurance and HR covering a variety of aspects of a successful employee benefits captive model.

�� The development of pension financing through captives.

�� Controlling healthcare costs.

The forum aims to not only be informative but also inclusive, so please feel free to share your own thoughts and opinions and participate in the discussions and debate. There will also be plenty of opportunity for networking and informal discussion.

We value your thoughts and feedback so please take the time to fill out the feedback form in your delegate packs.

We hope you enjoy the event.

Mark Cook Director, Global Services and Solutions

+44 20 7170 2184 +44 7989 337148 [email protected]

Welcome


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AgendaChaired by: Jean-Pierre Lacroute, Director of Benefits, Coca-Cola EnterprisesHosted by: Willis Towers Watson, 71 High Holborn, London WC1V 6TP

Time Topic Discussion leaders

08:30 – 09:00 Breakfast

09:00 – 09:45 Introductions and setting the scene for the day

�� What to get out of the day

�� Who is in the room

Jean-Pierre Lacroute, Director of Benefits, Coca-Cola Enterprises

Mark Cook, Willis Towers Watson

09:45 – 11:00 Case study to explore Coca-Cola Enterprises’ employee benefits captive journey

�� Understand the real drivers to implement employee benefit captives

�� Prioritising countries

�� Receiving internal approvals

�� Where are Coca-Cola Enterprises in the process

Jean-Pierre Lacroute, Director of Benefits, Coca-Cola Enterprises

11:00 – 11:15 Break

11:15 – 12:30 Panel Discussion: Session will explore ‘who does what’. From an internal company perspective versus an external resource requirement what do EB captive models need to maintain success

Let’s explore what they’ve done with views from risk, insurance and HR. We will have an open discussion looking to cover aspects such as:

�� Internally who is on the team

�� Explore level of attention needed

�� Legal, tax, procurement involvement?

�� Work safety or security

�� Employee representative groups such as unions and works councils

�� Do you really need an external consultant and if so, for what?

�� What is the role of a broker

�� Internal versus external captive manager

Mark Cook to facilitate

Stacy Apter, Director, Global Benefits Financing & Asset Management, Coca-Cola Company

Nekisha Tyrrell, Underwriter, HSBC Insurance (Bermuda) Limited

Pascal Prévost, Group Risk Services, Nestlé

12:30 – 13:00 Key findings from Willis Towers Watson’s second Captive and Multinational Pooling Research Study

�� This year’s results are based on more than US$6 billion of annual premiums from over 200 major multinational participating companies

�� In this session we provide an overview of the key results from the largest research study of its kind ever undertaken with a particular emphasis on how captive programs have performed

Roger Beech, Willis Towers Watson

13:00 – 14:00 Lunch

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Time Topic Discussion leaders

14:00 – 15:00 Case study on the Swiss Re journey of implementing a reinsurance model for their own employee insurable benefits

Note this is not a captive vehicle but similar. Will include:

�� Sizing the ROI/business case

�� Internal stakeholder involvement and management

�� Pushing the button and implementing

�� Governance of the program including pricing support

�� Next steps and areas of focus

Naama Israeli, Head Pensions & Benefits, Swiss Re

Anna Stenbeck, P&B Manager & Reward Consultant, Swiss Re

15:00 – 16:00 Explore development of pension financing through captives

We will cover:

�� Traditional pension captive structure

�� Siemens pension captive story

�� Cell captive structure launched in 2015

�� Recent longevity transactions

Gregor Stephan, Risk Financing and Strategy, Siemens

John Smith, Head of Pensions for North West Europe, Siemens

David Finn, Willis Towers Watson

16.00 – 16.15 Break

16:15 – 17:00 Controlling healthcare costs:

Update from Granite on market developments with a particular focus on Deutsche Post DHL’s control of medical costs and their particular emphasis on proactive and directed medical interventions

Bill Fitzpatrick, VP Corporate Risk Benefits, Deutsche Post DHL

Brian Quinn, Managing Director of Granite Management, Bermuda

17:00 – 17:15 Recap, summary and wrap up Jean-Pierre Lacroute, Director of Benefits, Coca-Cola Enterprises

Mark Cook, Willis Towers Watson


Bill Fitzpatrick Vice President, Corporate Risk Benefits, DPDHL Global Insurance & Risk Management

William (Bill) Fitzpatrick first joined the Insurance and Risk Management Group of Deutsche Post DHL (DPDHL) in June of 2006.

Bill has over 25 years of experience within the employee benefits arena and has worked extensively both in and outside the United States.

Prior to joining DPDHL, Bill spent 16 years working for the U.S.-based insurance company AIG. During his tenure with AIG, Bill’s primary responsibilities consisted of sales and sales management. Five of the 16 years that Bill spent with AIG were in London as the Director of multinational accounts. During this time he was responsible for working with European-based multinationals, in coordinating their employee benefit spend throughout the globe.

Located in London, Bill’s primary responsibility is managing the Global Employee Benefits Program which utilizes the DPDHL captive insurance companies in bringing break-even premium pricing to its global network, which operates in 220 plus countries around the world.

Currently the program operates in 100 plus countries and boasts a gross annual premium that exceeds €101m, with savings of over €19m. Bill also has responsibility for DPDHL corporate Directors & Officers insurance cover.

Jean-Pierre Lacroute Director of Benefits, Coca-Cola Enterprises

Jean-Pierre started his career as an Employee Benefits consultant before graduating as an actuary. He stayed in the consultancy business for 10 years, working both in France and

Canada, focusing mostly on pensions and global accounting.

He then joined Coca-Cola Enterprises (CCE) in 2011 as Benefits Manager for France. He is now Director of Benefits for CCE, responsible for the design and delivery of Benefits across all CCE countries. In partnership with the Risk Director for CCE, he started the journey of adding employee benefits to the group’s captive.

BiographiesConference speakers


Brian Quinn Managing Director, Granite Management Limited

Brian Quinn is a founding Director and owner of Granite Management Limited, a Bermuda based captive management and consulting company, focusing on International

Employee Benefits (IEB) and other specialist risks. Brian has been instrumental in Granite achieving recognition as a world leader in the reinsurance and/or financing of IEB programs designed to reduce the cost of employee benefit programs for client companies, without changing the terms and/or conditions of the benefits valued by their employees. Brian’s expertise lies in providing consulting and captive management services to a number of Fortune 100 companies, enabling leaders to implement global programs without additional staffing or workload but with significant and tangible benefits.

Brian has been an active member of the global insurance industry for over 25 year and prior to setting up Granite Management Limited, was the Chief Underwriting Officer for General Motors global insurance operations based in Bermuda. He is a pioneer in the financing of Employee Benefits in captives having identified an opportunity and developed the world’s largest EB captive while at GM, which he still manages at Granite along with numerous other similar companies. At GM he also had responsibility for all Life, Non-Life, Affinity and Marine covers and the development of new opportunities for the captive to assist GM in saving costs on insurance purchases and other financial transactions. Prior to that, he was employed at Willis and other broking houses in the UK and Ireland with responsibility for the service and management of complex global insurance programs for multinational clients.

John Smith Head of Pensions for North West Europe, Siemens

John has responsibility for all funding, finance and governance aspects of Siemens DB and DC pension schemes in the UK and North West Europe. He has been at Siemens AG for five years and prior to that held pension roles at Marsh & McLennan, Pfizer and Monsanto. He gained his M.B.A. at Cranfield School of Management.

Gregor Stephan Risk Financing and Strategy, Siemens

Gregor is a senior manager in risk financing and strategy for Risicom Rückversicherung AG, a reinsurance company owned by Siemens AG. Prior to this role, Gregor has worked in Pensions Management, Capital Markets and Treasury.

Gregor holds a German Master degree in Business Admin and an MPhil in Management.


Roger Beech Director, Global Services and Solutions, Willis Towers Watson

Roger is responsible for the delivery of international consulting services to a number of major multinational clients. He also manages Willis Towers Watson’s own multinational

pools globally. Roger has more than 25 years of experience of international consulting and has advised numerous multinational companies on all aspects of their compensation and benefit arrangements. He specialises in advising companies across geographies on how to align their benefit and reward practices globally, to support improvements in business performance. Roger has helped companies optimise the financing of employee benefits by leveraging preferred pooling and captive retrocession providers, establish expatriate pension, medical and risk benefit arrangements, review new plan designs, global governance, compliance and benchmarking strategies.

Mark Cook Director, Global Services and Solutions, Willis Towers Watson

Mark Cook is a Director in Willis Towers Watson’s Global Services and Solutions based in London and advises on a range of international employee benefits

issues. He has worked at Willis Towers Watson for over 18 years. Mark has undertaken a significant number of global benefit strategy projects including designing new benefit arrangements (including flexible benefits programs), total remuneration studies, designing global benefits and governance frameworks and implementing internationally mobile employee retirement frameworks and retirement plans. Mark’s international benefits work has also involved leading merger and acquisition and divestment work including the negotiation of employee reward packages pre-deal, the calculation of incentive payments across countries, the transition of employees and implementation of new benefit arrangements across countries.

A large part of Mark’s role now is leading Willis Towers Watson’s Risk Benefit Financing group in EMEA and assisting companies in making informed decisions on the optimisation of employee benefits financing. He has worked with a range of clients from different sectors in determining the most efficient mix of self-insurance, insurance, pooling and sometimes captive solutions in addressing their financing requirements.

David Finn Director, Global Services and Solutions, Willis Towers Watson

David Finn is a Director in Willis Towers Watson’s Global Services and Solutions and joined Willis Towers Watson in 1997. David is a global leader on pension risk

management at Willis Towers Watson. During the course of this work he assists multinational companies manage their employee benefits worldwide. This includes ongoing governance and monitoring, global investment policy, financing, benefit design and cash & funding strategy. He is currently involved with a number of multi-country exercises to help companies make decisions about investment deployment and possible external risk transfer.


Delegate list

Name Company

Sebastian Bregning A.P.Moller – Maersk A/S

Paul Sharma ABB Reinsurance AG

Amber Minor Amazon

Ashley Bestwick Apple

Clemence Garcia Apple

Ursula Stoeckl BMW Group

Sarah Cameron BP Treasury

Tracey Skinner BT Group

David Broughton Centrica

Matthew McEwan Coca-Cola Enterprises

Jean-Piere Lacroute Coca-Cola Entreprises

Valerie Alexander Deutsche Bank

Bill Fitzpatrick DHL UK

Rob Stevens DHL UK

Scott Bristow GlaxoSmithKline

Brian Quinn Granite Management

Nekisha Tyrrell HSBC Insurance (Bermuda)

Andrew Clarke ITX Re (Inditex)

Nicolas Hubé Johnson & Johnson

Xavier Mutzig Johnson Matthey

Razvan Coarca Liberty Global

Ed Hughes Liberty Global

Andrew Moore Liberty Global

Gary O'Reilly Liberty Global

Beverly King Liberty Mutual Insurance

Sebastian Willmanowski Merck

Name Company

Marcus Reichel Merck KGaA

Pascal Prevost Nestec S.A. (Nestle)

Lyne Bergeron Intercona (Nestle)

Victoria Gibbard Pepsico International

Alan Bignell PGS

Scott Shakespeare Prudential plc

Martin Williams Royal Mail Group Treasury

Christelle Chouet Sanofi

Lisa Shufflebottom Sanofi

Laura Donohoe Schlumberger

Sarah Moise Schlumberger

Gillian Allard Shell International

Gregor Stephan Siemens

John Smith Siemens

Roy Douglas Sony Europe

Paul Martin Sony Europe

Naama Israeli Swiss Re

Anna Stenbeck Swiss Re

Angela Benedetti Syngenta

Stacy Apter The Coca-Cola Company

Matthias Helmbold The Coca-Cola Company

Tia Brett Thomson Reuters

Geoff McKenzie Vodafone Group

Kieran CreevyVolkswagen Insurance Company dac

Aine McMahonVolkswagen Insurance Company dac



Mark Cook +44 20 7170 2184 [email protected]

Roger Beech +44 1737 274089 [email protected]

Aino Castren +44 20 7170 3029 [email protected]

David Finn +44 20 7170 2249 [email protected]

Dieter Gistelinck +44 20 3193 9549 [email protected]

Tom Levi +44 20 7170 2721 [email protected]

David Lewis +44 7415 860347 [email protected]

Paul McNiff +44 20 7170 2794 [email protected]

David Stebbings +44 20 3124 7531 [email protected]

Kathleen Waslov +1 617 223 7817 [email protected]

The Willis Towers Watson team


The Captive User Group (CUG) was developed some 16 years ago by Towers Perrin and a small group of select clients. Now, as Willis Towers Watson, we continue to support and facilitate the expanding Captive User Group as an annual forum for those using or interested in using captives for employee benefits, to learn about and share their experience, insights, and latest thinking.

The objectives of the group are to:

�� Exchange information between companies that use captives for employee benefits (or companies that are considering using a captive for employee benefits).

�� Create leverage for the group in the market place for obtaining reinsurance.

�� Generate ideas to develop insurance networks, for example on appropriate administration systems and captive structures.

�� Keep pace with legislative changes and new developments.

�� Since the group was first launched, the use of captives has expanded in three key areas:

�� More companies are now financing employee benefits in captives – in the last four years the number has doubled.

�� There are more opportunities to use captives for US benefit risks:

– Until 1999 the use of captives in the US was prohibited for the most part by the Department of Labor (DOL). Now, with the Columbia Energy ruling (which first allowed the use of a captive for employee benefits in the US), more US and non-US Multinationals that have large US operations are looking at captive financing opportunities in the US. This includes not only traditional risk benefits, but also medical stop loss, retiree medical, deferred compensation, Company Owned Life Insurance.

�� Companies looking at transferring part or all of a plan’s pension assets and annual contributions.

As a result of these developments, we now have over 650 group members including senior risk, finance and HR people.

There are two meetings a year, one in the US and one in Europe. Each meeting is chaired and/or hosted by a member of the group. In previous years, chairs have included Coca-Cola, HSBC, Deutsche Post, DHL and adidas. The session adopts an open format allowing for discussion and an exchange of views between attendees.

Feedback from those attending is always positive, welcoming the informal style of the event, the calibre of attendees, the information exchanged and the opportunity to network with others facing similar issues.

What is the Captive User Group?

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willistowerswatson.com

About Willis Towers WatsonWillis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 countries. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.

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Captive User Group - Willis Towers Watson · Welcome to the 2016 Captive User Group; an annual...

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