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Digital EditionMarsh Broker Julie Patel Recognized as a 2024 Captives Power Broker
Julie Patel, Senior Vice President, Marsh
Julie Patel, ARM
Senior Vice President
Marsh, Houston
There’s almost no aspect of captive insurance that Julie Patel hasn’t dealt with. When her client Knife River Corporation, a construction materials and contracting provider, was spun off by its parent company, Patel, having led the captive efforts pre-spinoff, was engaged to discuss the various options with her client and its tax advisors and weigh up the pros and cons of each.
She carried out a captive feasibility study outlining the financial and operational benefits, cost and tax considerations, and program structure, as well as a domicile analysis. Knife River decided to form a new captive in Utah, and Patel coordinated discussions between the client, the regulators and other service providers, such as the actuary and local attorney, to ensure it was swiftly established given the time sensitivity of the spin-off.
The captive services provided proved to be an integral part of the client’s insurance program and strategy. Joshua Jeffers, risk manager at Knife River, said: “Julie’s customer service is top notch. She always comes up with timely and thoughtful responses.”
Patel was also instrumental in leading a captive feasibility study for another client, Toyota Financial Services, looking at other ways that it could best utilize its captive. The results have provided her client with the support needed to expand its use of the captive.
Chad Jenkins, dealer lending and insurance manager at Toyota Financial Services, said that “Julie’s knowledge is exceptional. She can answer most of my questions off the top of her head, and she’s also well versed in exactly what we do as a company.”
2024 Captive Power Broker Winners and Finalists
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 have 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.
