Posted on 02 Jun 2009
Willis Group Holdings, the global insurance broker, announced on Monday that Les Boughner has been appointed Executive Vice President and Managing Director of the Willis HRH Captive Management Practice, the division responsible for setting up and managing captives for North American clients that choose to retain risk.
In his new role, Boughner will oversee all captive management and consulting operations in North America with a physical presence in Vermont, Bermuda, Grand Cayman, Hawaii and New York. He will report to Tom Coughlin, National Partner for Willis HRH, and will be based in Burlington, Vermont.
“Les brings more than 30 years of experience working with Fortune 1000 companies and other organizations to help them develop sound risk financing strategies, including the use of captives to protect their balance sheets and ensure greater control over their risks,” said Coughlin. “Our captive operations have a long history of exceptional growth and commitment to quality client service, and we look forward to Les making a strong contribution as we continue to develop and grow this business.”
Boughner previously held senior strategic relationship management roles at Arch Insurance Company and Zurich Insurance Company, both in Chicago. Earlier, he managed the U.S. office in New York of Bermuda-based Citadel Reinsurance, and before that was responsible for the Bermuda companies of CNA, based out of Chicago. While at CNA, Boughner developed the Alternative Financial Products Group that included Captive Management, and he expanded a rent-a-captive, North Rock Insurance Company, to more than $1 billion in assets. Boughner began his insurance career with Arkwright Mutual Insurance Company in Toronto and later joined AIG in New York, where he was responsible for all foreign captive programs.
Willis HRH is the North American retail brokerage business of Willis Group Holdings. The unit has more than 200 local offices across the United States and Canada, offering a full range of insurance and risk management services, specialist expertise and global resources to large corporate, middle-market and small business clients.