Vice President and Managing Director of Captive Management Services Business
Wilmington Trust, a leading provider of institutional trustee, agency, and administrative services through its Corporate Client Services (CCS) business, announced today that it has added Kirk D. Mooneyham as vice president and managing director of the company’s Captive Management Services business.
Mooneyham will oversee the team of captive management professionals located throughout the various jurisdictions in which Wilmington Trust provides services for captives. He and his team are responsible for the design, implementation, formation, and ongoing management services required by captive insurance companies. Mooneyham will be based in Colorado and will report to Richard F. Klumpp
, president, CEO, and division manager of Wilmington Trust SP Services.
“We are thrilled to welcome Kirk to our captive management team,” said Klumpp. “His background and personality are a perfect fit for our organization. We look forward to his leadership and contributions to our captive management program as we continue to grow and diversify our product offerings.”
Prior to joining Wilmington Trust, Mooneyham served as vice president of captive services for Beecher Carlson and its predecessor RiskCap, Inc. in Denver, Colo. In his role he oversaw a staff of professionals providing management services for approximately 50 captive insurance companies in various locations. Previously, he held financial management positions with accounting firms in Georgia and Florida. Mooneyham is a Certified Public Accountant. He holds a bachelor’s degree from Erskine College and a Master’s of Professional Accountancy from Clemson University.
Captive insurance companies, also known as captives, are insurance companies that are owned by the organizations they insure. Typically formed by organizations that wish to better manage the cost and administration of their insurance coverage, captives require ongoing administrative services. The use of captives continues to rise. According to a March 2011 report by “Business Insurance Magazine,” there were more than 5,600 captives worldwide in 2010, up from 5,525 in 2009.
Wilmington Trust provides these captive management services through offices in Delaware, Nevada, South Carolina, Vermont, and the Cayman Islands, which are among the most popular locations for captive insurance company operations. Wilmington Trust Captive Management Services is part of Wilmington Trust’s CCS business.
Wilmington Trust’s CCS business offers institutional trustee, agency, asset management, retirement plan, and administrative services for clients worldwide who use capital markets financing structures, as well as those who seek to establish or maintain nexus, or legal residency, for special purpose entities. CCS is distinguished from many of its competitors by its status as a core business, the experience and expertise of its global staff, its multi-jurisdictional presence, and its reputation for superior service and execution.