Marsh expands Captive Solutions operations in Halifax

Global insurance broking and risk management firm Marsh has announced plans to expand its Captive Solutions Group operations in Halifax, including hiring more employees over the next five years.

The Captive Solutions division provides consulting, design and management services to about 1,220 captive insurance companies around the world.

Its Halifax office opened in 2006 beginning with 10 international captive accounts. The office currently serves more than 300 captive accounts worldwide.

“Our Halifax office is recognized for its productivity, efficiency, and they are consistently early adopters of new technology we’ve introduced,” Julie Boucher, practice leader for Marsh Captive Solutions Group noted in a statement.

“The office will be instrumental in rolling out our new global initiatives to our Marsh Captive Solutions offices around the world.”

Marsh’s Captive Solutions Group in Halifax is the first operation of its kind in Canada, according to the Nova Scotia Business Inc. (NSBI), the province’s economic development agency.

In return for hiring up to 60 new employees over the next five years, Marsh will qualify for up to $924,000 in earned incentives though NSBI.

Marsh will be hiring skilled and experienced workers who have strong backgrounds in accounting as well as new post-secondary graduates in the province, the NSBI noted. Every year, Marsh also hires a number of co-operative education students from local universities, including 13 at its Halifax location last year.

“It is a unique type of work for the financial services industry in Nova Scotia,” added Stephen Lund, president and CEO of NSBI.

“While most captives usually locate in offshore jurisdictions with laws favourable to their arrangement, Marsh chose Nova Scotia as a nearshore solution for its shared services, middle and back office operations because of the cost competitive environment of doing business and access to our talented labour force,” Lund noted.

Marsh is a wholly-owned subsidiary of Marsh & McLennan Companies.