December 30, 2014
Missouri Captive Manager Maria Sheffield named to Captive Review's Power 50
State sees significant growth under her leadership, now has 44 captive insurers
Jefferson City, Mo. - Missouri Department of Insurance Captive Manager Maria Sheffield is receiving international recognition for Missouri's captive growth since she took over in July 2012. Sheffield was one of only eight women who were named to Captive Review's "Power 50".
The London-based publication, with more than 12,000 subscribers, annually selects 50 of the most influential professionals who are viewed as having wielded the biggest impact on the industry worldwide. In compiling the final list, four main criteria were used: industry influence and history, level of respect within the captive community, relationship with regulatory bodies and ability to creatively shape the future of the industry.
"It's a great honor to be named to this elite list, this designation is a testament to the tremendous work done by Director (John) Huff and Missouri's entire captive insurance team to create an environment where businesses want to work and grow," said Sheffield.
More than 600 submissions were received for the Captive Review Power 50 in 2014 and then vetted by a panel of industry experts from around the world. Sheffield was recognized for playing an active role in marketing Missouri as a domicile by attending captive conferences around the country and for networking with managers and prospective captive owners who consider the Show-Me-State as a domicile option.
Missouri was also nominated and placed on the "short list" for Captive Review's 2014 Domicile of the Year. The state currently has 44 captive insurance companies. Sheffield expects that number to continue to grow in early 2015.
Similar to self-insurance, a captive insurance company is formed to insure some of the risks of its owner and subsidiaries. Since the update of Missouri's captive insurance laws in 2009, the state has positioned itself to become a preferred domicile to companies seeking a sophisticated regulatory infrastructure.