David J. Spence to advise Spring's growing risk management, benefits
funding practices
BOSTON, April 25 /PRNewswire/ -- Spring Consulting Group LLC, today
announced that David J. Spence has joined the firm as a senior risk
management consultant, enhancing Spring's ability to provide strategic risk
financing and risk management advice to insurance and financial services
organizations, employers, and their captive insurance companies.
Spence, who most recently was vice president of global risk management,
insurance and real estate for Alcon Laboratories, Inc., will provide
consulting services to employers seeking to manage significant risk and/or
develop innovative funding strategies for their employee benefit and
property & casualty programs. He also will provide strategic advice to
providers seeking to develop risk management and benefit funding solutions
for the marketplace.
"David's knowledge and experience in the area of risk management will
be extremely valuable to our clients as they seek new and innovative ways
to address their increasingly challenging risk and benefit program issues,"
said Karin Landry, Spring's managing partner. "In particular, his
familiarity with captive insurance facilities will be an asset to the
growing number of employers and providers looking at captives as an
effective alternative financing solution."
In his role at Alcon Laboratories, Spence led initiatives to set up
captive subsidiaries in Bermuda and Vermont that included an initial loss
portfolio transfer of product liability reserves in excess of $20 million.
He also set up a captive insurance agency to eliminate the broker
commissions associated with insurance transactions. He helped to reduce the
global cost of risk by more than half through assertive management of
insurance costs and by optimizing the economic tradeoffs between
fully-insured and self-insured insurance structures. He also assessed the
feasibility of, and successfully implemented the funding of, various
employee benefits risks, including several that required DOL approval,
through Alcon's captive structure.
Prior to his time at Alcon, Spence was the director of risk management
and insurance at Syntex Corporation where he developed worldwide property
and liability insurance programs to reduce costs and provide consistent
coverage across the corporation. And prior to Syntex, he worked for Old
Republic Risk Management, formerly known as NN Risk Management in Milwaukee
WI, a company that specializes in fronting for captives.
Spence graduated from the University of Wisconsin with a B.B.A. in Risk
Management and Insurance and received an ARM degree in Risk Management from
the Insurance Institute of America. He has completed the Stanford Executive
Program (SEP) at Stanford University, an intense 7 week management program.
He also is a licensed life and property/casualty insurance agent and
previously held the Securities 6 and 63 licenses.
About Spring Consulting Group
Spring Consulting Group provides strategic consulting services to
insurance, financial services and health care organizations throughout the
world. The firm also provides strategic consultation directly to employers
on the use of risk management, alternative funding strategies and the use
of captive insurance facilities in the employee benefits area. Spring's
executives have extensive industry and consulting expertise in the firm's
major practice areas: life insurance, retirement services, health care and
disability management. Visit Spring at http://www.springgroup.com.
Kathleen Gilroy
617-723-4891
kgilroy@madisoncommunications.com
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