Access to Experienced Advisory Board Members

What is an Advisory Board?

Boards consist of a group of individuals selected by the business to provide advice and assist the Captive Insurance Company to act and behave as an insurance company. They are separate from a parent company’s Board of Directors and what authority the Insurance Company’s Board exercises is based upon the what is delegated from the core Company, business owners and/or entrepreneurs.  Usually board members are based on needed skills or voids to fill within this new insurance company venture.

This becomes a fresh set of eyes and a sounding board that can provide an alternative view on risk and insurance. More importantly though, if selected on an independent basis, such advisors will provide the unvarnished truth, challenging the business’s perspective, even if it is not what the business desires to hear.

Even the most diverse board can’t provide expertise in all disciplines. However, they can and do possess contacts, know someone with the expertise and experience to help address the issue, assess the environment, solve the problem or influence key constituents. These members bring experiences which have resulted from their building of careers and reputations as successful and accomplished leaders in their respective fields. These individuals are influential in their industries, communities and in the business world in general. Additionally, they know others with influence. Leveraging such influence is critical to identifying and mitigating risks… and growing a core business.

Strong advisors won’t agree to serve unless they are comfortable the business brings with them the potential to be “the real deal.” They will do their homework and it is unlikely they will participate as a member of the board if they are uncomfortable. If some of these board members are independent with appropriate experience, both the regulator and the taxing authority gives more credibility to the captive insurance company and the boards decisions with the financial results.

Because of the many financial advantages of being part of a captive financial structure, a board brings professional conduct to the practice. This includes their good judgment, and their personal and professional integrity, transparency in conflicts of interest and management practices.

Advisory Board Members

10XB provides captives it manages with access to seasoned insurance industry experts with high integrity and a vast assortment of knowledge who can serve as independent advisory board members.  Beiow are just a few of the C-suite level executives you may access for your board as a 10XB Captive member.

Tim Klopfenstein

Tim has been in the C-Suite as an Executive Director or Chief Financial Officer for 30+ years. He leverages his actuarial skills by measuring, managing and mitigating risk to improve financial outcomes.

His current position is the Executive Director of Virginia Private Colleges Benefits Consortium, a self-funded health plan covering the faculty and staff of 16 private colleges in Virginia. Before this, he was the Senior Risk Officer, Life Insurance Division for Genworth Financial, responsible for managing product and pricing risk, underwriting guidelines, reinsurance, and data driven decision-making.

As the CFO for Healthcare USA, Gen-America Financial, Healthsource Provident, and Provident National he provided management and guidance: through a liquidity crisis, in setting and executing investment strategies to maximize economic gain while minimizing interest rate risk, in managing cost reduction initiatives, in exiting under-performing portfolios and in aggressively growing profitable portfolios.

He received his Master of Actuarial Science from the University of Nebraska after obtaining a Bachelor of Science degree in Mathematics from Taylor University, Indiana. Tim is a Fellow of the Society of Actuaries and a Chartered Enterprise Risk Analyst.

For more information, visit his LinkedIn profile

Daniel G. LeVan

Daniel worked in Barbados as the Managing Director and Chairman of TD Reinsurance in Barbados, a Toronto Dominion Bank Group subsidiary, and for Amphora Financial Group, a Captive Management Services firm. During this three-year period, he worked on captives primarily based out of Canada and some in the U.K. The companies included subsidiaries boards for Agnico Eagle Mines, Bombardier, Goldcorp, Laurentian Bank, and Willis Canada; beside those of TD Group.

His experience and career leveraged his financial background which started at PWC in Chicago. He has been a CFO with a GE company, Genworth Life Insurance Company. He lived in Moscow, Russia, significantly expanding an AIG company throughout Central and Eastern Europe as the Regional Controller. Prior to these positions, he was the COO/VP for Transamerica Reinsurance International’s emerging business in Asia and Latin America. During his UNUM season in M&A and Reinsurance, he obtained 10 financial insurance designations in underwriting, trusts, administration, structures, claims, and other specific insurance functions.

In 2017, Daniel was named Tennessee Small Business Person of the Year, and has represented Tennessee in various international trade shows and in Washington DC. He received his MBA with emphasis in International Finance from DePaul University in Chicago, graduating with distinction. He is an Illinois CPA and has a Bachelor of Science degree from Grace College Indiana in Accounting. To further enhance and fresh his knowledge, he is pursuing the Associate in Captive Insurance designation. He serves his community in various boards, clean energy projects and instructs in higher education.

For more information, visit his LinkedIn profile

George B. McClennen

George brings diverse, progressive career experience from Big 4, through internal audit, controls and compliance roles, to traditional controllership, reporting and policy roles, then broadening to Business Intelligence, strategy and value creation. Over 25 years of full time International CFO experience was gained, predominantly with American Life Insurance Co. (ALICO)/AIG, as ACE/CHUBB Life’s global CFO as well as with CIGNA Worldwide.  Working experience and  Financial Services and Insurance Board service stretched throughout Europe, Latin America, Russia, Japan, and S.E. Asia.  George presently serves on two insurer boards in Europe, one of which also follows the new “cell” design.

As ALICO’s senior most Financial Officer for 14 years, he led the growth of assets from ~$10B to over $100B as revenues also grew 10-fold and profits near 15-fold. He oversaw treasury, planning (strategic, capital/surplus, dividend, and operational), tax, FP&A, compliance, and external reporting, while serving or chairing governance, compliance, product approval and investment committees.  George takes pride in ALICO being sold for 16+ billion to repay the Fed for AIG bailout support as his most satisfying professional achievement. Familiar and experienced with regulatory authorities and models, both domestic and foreign, as well as with rating agencies, George brings valuable and varied experiences.

George has represented NAIFA as a volunteer in the US Congress and the Pennsylvania House on matters relating to insurance regulation. He has completed graduate work from Temple University and Villanova Law School (Tax) after receiving his BBA in Accounting from The George Washington University. George passed the CPA exam and NAIFA’s LACP designation and his current licenses include Life and Health insurance in PA and DE, and the FINRA Series 6, 63, and 65. Currently he is pursuing his ChFC designation from the American College. He serves his community via various non-profits, including various Sisters of Mercy Ministries as well as thru his church, including serving the boards of two schools. George has demonstrated his effectiveness as a trusted advisor, leader, team builder, mentor, and a continual life learner.

For more information, visit his LinkedIn profile