RICK HARTMANN

Rick Hartmann is a senior vice president in Guy Carpenter’s treaty North America broking team, which is responsible for providing risk transfer and capital management solutions for captives and property & casualty insurers. Additionally, he serves as Guy Carpenter’s captive segment sales leader. In this role he is accountable for leading business development and actively identifying both prospective and retrospective reinsurance solutions to help risk managers transfer and finance risk more efficiently.

Prior to joining Guy Carpenter, Hartmann was a treaty account executive in Gen Re’s mutual practice and began his career as a global property facultative underwriter in Gen Re’s Philadelphia office.

Hartmann said that he is extremely passionate and active about spreading awareness around insurance careers and is a frequent speaker and published author on various reinsurance topics including state of the market updates, alternative risk financing strategies and the impact of emerging risks on the insurance sector.

Hartmann was described as having a knack for engagement and that he believes in the captive insurance product as a durable solution. In this regard, he will eagerly give of his time and talent to evangelise the industry and support numerous trade or state association endeavours. As he develops a network of contacts in this segment and gains credibility, his public speaking ability can be leveraged by Guy Carpenter and its captive clients to support ongoing conferences and educational opportunities.

Here Hartmann shares what is most rewarding about the captive insurance industry, why he’d recommend it to young professionals and why he sees his long-term future in this area of the insurance market.

Do you feel that the captive insurance industry is a rewarding sector to work in?

Working in the captive insurance industry has accelerated my professional development and industry knowledge, by exposing me to an entirely new sector of the insurance industry with its own unique challenges and opportunities.

The most rewarding aspect of working in the sector is the people. I’ve been able to make some great connections, meet mentors, establish new professional relationships and build friendships. I’m grateful for having some great mentors, who have been extremely generous with their time. Without their support and counsel, I certainly wouldn’t be in the position I am in today.

Would you recommend the captive insurance industry to young people as a future career path?

Unequivocally, yes. There is a tremendous amount of opportunity in the captive insurance industry, as the sector continues to experience steady growth. Equally important, working in the captive insurance industry offers the unique opportunity to have exposure to the entire spectrum of the insurance value chain ranging from retail agents, wholesalers, risk managers, MGAs, policy issuance carriers, traditional reinsurers, legacy reinsurers and the capital markets.

Working in the captive insurance industry will open the door to exposure to the full suite of captive structures, reinsurance solutions inclusive of facultative, prospective, legacy and structured reinsurance transactions including parametric and insurance-linked securities or cat bonds.

How do you feel that the captive insurance industry will evolve?

The captive insurance industry greases the gears of commerce and helps mitigate uncertainty for governments and communities around the world. Captives lie at the very heart of innovation and continue to evolve to address emerging issues and non-traditional risks such as third-party business, terrorism, medical stop-loss, cyber liability and business interruption.

Captives are increasingly being utilised to support all aspects of ESG strategies. More and more industries are forming captives, demonstrating the value and resilience captives provide to address complex challenges and manage market cycles.

Do you think that your long-term future remains in the captive insurance industry?

Yes. Captives have proved to be effective tools for organisations in responding to risks and changing market conditions when commercial insurance becomes expensive or too difficult to obtain. Despite the sector’s experiencing consecutive years of historic growth, I believe there is ample opportunity for sustained growth as organisations and insurers seek more efficient ways to finance and transfer traditional and non-traditional risks.

We are a people business—my colleagues and clients motivate me to continue to grow, learn and deliver the right solutions to our clients to help them manage the expanding list of risk management challenges.