A generous gift from the South Carolina Captive Insurance Association will support Moore School students interested in captive insurance

The South Carolina Captive Insurance Association (SCCIA) recently made a generous gift of $100,000 to the Moore School to create the South Carolina Captive Insurance Endowed Fund.

The fund will provide support for undergraduate scholarships and graduate fellowships for Moore School students, specifically for students who have expressed interest in pursuing a career in captive insurance in the state of South Carolina. The fund will give preference to students who have completed or are enrolled in risk management and insurance classes and those who have interned for a South Carolina Captive Insurance Association member organization.

“Organizations are challenged by risks each and every day; identifying and managing these risks in a systematic manner is critical to long-term organizational success,” said Robert Hartwig, director of the Moore School’s Risk and Uncertainty Management Center and finance clinical associate professor.

The SCCIA provides advocacy, promotion and education for stakeholders of the South Carolina captive insurance industry, which relates to a smaller insurance subsidiary that is fully owned by a larger parent company helping to manage risk mitigation services and provide insurance for its parent company or related entities.

The SCCIA created the South Carolina Captive Insurance Endowed Fund to sustain and expand the captive insurance industry in South Carolina through supporting future graduates of the Moore School.

“We were inspired to partner with the Moore School on this endowment to expose talented students to the captive insurance industry and assist them financially as they decide to pursue a related career,” says Annie Wilson, SCCIA executive director. “The SCCIA promotes the formation and growth of captive insurance programs and professionals in South Carolina, and we hope this endowment serves as a stepping stone to development, diversity and innovation in the industry.”

Finance professor Greg Niehaus, who works directly with students studying captive insurance, described the potential impact this fund will have on the Moore School community.

“We expect that this gift will expand the opportunities for students to not only learn about the captive industry, but to also to become a participant in the industry,” said Niehaus. “The SCCIA has a long history of supporting students and faculty to attend their annual meetings. Several of our students have had the opportunity to attend the SCCIA’s Captive Academy, where they learned about the captive industry and the operation of captive insurers. We are very excited and thankful that the SCCIA has provided this very generous gift.”

The SCCIA believes this fund will help support the captive industry in South Carolina for decades to come, sustaining a vast pool of professionals to support the industry, and thus attract more captives to reside in the Palmetto State. By engaging students while they’re enrolled, the SCCIA hopes to inspire and prepare the next generation of professionals and ensure those who are interested, qualified and passionate do not face a roadblock to entering the industry based on financial status.

SCCIA President Warren Miller says the organization is “thrilled to have created this $100,000 endowment with the Darla Moore School of Business to help promote and sustain the captive insurance industry in the Palmetto State.” Miller says he looks forward to meeting the recipients of this scholarship and hopes to one day welcome them as colleagues.

The SCCIA has partnered with the Moore School on numerous economic impact studies since 2009. Over the years, the SCCIA has also had an “invaluable and close relationship with Moore School professors who have served as subject matter experts and speakers and regularly attended our Annual Educational Conference,” Wilson said.

Wilson says her team is eager to see the fund’s impact on the captive insurance industry and the next generation of captive professionals in South Carolina.

“In the years ahead, the spectrum of risks confronting organizations will continue to evolve and expand rapidly — with technology, geopolitical, climate and legal risks leading the way,” USC’s Hartwig said. “All will require solutions — and all of those solutions will be developed by dedicated and skilled risk management professionals.”

-Peyton Palazzo