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 group leader in industry practice, will handle the global formation of captive programs for the middle market, the statement said.
This will include compliance and working with clients and brokers to develop new products and resources. ] "Given the tough market we are now experiencing, customers with strong balance sheets are looking for alternatives …", Aldrich said in the statement.
McGriff Captive Solutions expands alternative risk transfer operations at McGriff. MBT Ltd., a Bermuda-based single parent captivity and reinsurance company founded in 2001
"Captivity is a critical risk mitigation strategy for our customers," McGriff CEO Rick Ulmer said in the statement.
McGriff, which consists of 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 redirected in May 2020.