Augment Risk, the reinsurance and risk capital solutions broker, today announces the appointment of Steve McElhiney as partner of newly created captive and alternative risk transfer solutions offering. McElhiney will focus on driving growth in market segments where traditional solutions fall short, allowing Augment Risk to bring innovative strategies to under-penetrated areas, supporting the firm’s development across North America.
Based in Dallas, Steve will develop Augment Risk’s efforts in creating legacy solutions within the captive space, identifying opportunities to repurpose micro captives and explore roll-up initiatives with various capital providers. He will extend captive capabilities to MGAs, positioning Augment Risk to deliver unique solutions across diverse client bases.
Throughout his career McElhiney has held executive roles in reinsurance underwriting and corporate finance across global carriers, reinsurers, intermediaries and captives. Most recently, he was a senior vice president and global director of reinsurance for Artex Risk Solutions. His expertise will be instrumental in developing bespoke captive solutions, including single parent captives and segregated cells.
A passionate advocate for the insurance industry, McElhiney serves on the advisory boards for the risk management and global supply chain tracks in his alma mater, the University of Southern California, where he mentors the next generation of industry leaders. He has served as global president of The Institutes CPCU Society, held board chair roles with the Captive Insurance Companies Association (CICA) and the Vermont Captive Insurance Association (VCIA), and is actively involved with AIRROC and other industry associations. He has also been recognized by Captive Review, earning a place in their “Hall of Fame”.
Since its launch in 2023, Augment Risk has experienced significant growth, now boasting a global workforce of more than 45 professionals. The company’s “work from anywhere” approach is central to its global operations, enabling collaboration without geographic barriers.
The newly created captive and alternative risk transfer solutions offering seamlessly integrates into the larger strategy of the firm, which focuses on delivering core capital and risk solutions that drive enterprise value. By optimizing captives as a strategic capital tool, Augment Risk seeks to help organizations manage risk and improve their financial performance.
Andrew Matson, Augment Risk CEO, said: “We’ve established strong foundations over the past two years, which help us attract talent such as Steve. His well-rounded background in corporate finance and reinsurance makes him an invaluable addition to the Augment Risk team. His expertise in the captive market will play a key role in crafting innovative, tailored solutions that support Augment Risk’s overall strategy.”
McElhiney added: “I was impressed by Augment Risk’s commitment to partnership and its high-performance culture. I look forward to bringing innovative strategies to life and developing the newly launched captive and alternative risk transfer offering. As mutual insurers face reinsurance capacity and capital constraints, our work will help broaden the scope of available solutions and facilitate access to the necessary tools for sustainable growth.”