Beecher Carlson Broker Peter Kranz Recognized as a 2021 Captives Power Broker
Peter Kranz, Executive Managing Director, Captive Practice Leader, Beecher Carlson
Making the most of your captive is even more crucial during these trying times with insurance premiums skyrocketing in certain markets.
That’s where Peter Kranz comes in.
Having overseen the management of Cummins’ captive for the last 10 years, Kranz has helped the company establish and grow its structure, extending its uses to encompass a greater number of risks and become more self-sufficient.
Kranz has also supported its global risk insurance team with premium funding and accountability strategies, loss reserving, business unit retentions and risk optimization.
“Peter has helped to manage our captive very successfully and guide us along the way, helping us to insure more of our own risks and rely less on the traditional market, especially during these hardening times,” said Sally Leyes, managing director of global risk at Cummins.
“During this time, he has remained a key advisor for us, which has been invaluable given his strategic view and knowledge of alternative risk financing. Over the last 18 months he has helped us put together a reinsurance agreement and structure for our captive that enables us to take on more risks for ourselves and also protects us in the event of a large catastrophic loss, which is unique in our industry.”
Mildred Claire, VP, risk management at AECOM Tishman, said: “Peter came in and said from day one he was going to handle our captive personally. Everything went through him, no matter how trivial: He was detail-oriented, super responsive and just a class act.”
What is a Power Broker?
A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they delivered over the past year. While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes problem solving, customer service and industry knowledge.
Our goal is to broadly recognize and promote outstanding risk management and customer service among the brokerage community.
Who selects the winners?
Power Brokers are selected by risk managers based on the strength of the testimonials they provide to a team of 15 Risk & Insurance editors and writers.