The appointment fills a vacant seat on the Captive Resources board and is the culmination of the company's search for a world-class director. Foley retires from Zurich North America on Feb. 28 after serving as CEO since 2008.
Captive, an independent consulting company specializing in captive insurance companies also said that effective Jan. 1, 2019 current president and board member Nicholas J. Hentges will become co-chief executive officer, serving in that role with current chairman and CEO George V. Rusu.
In addition to operational responsibilities, Hentges will begin to focus on the development and execution of the company's short and long-term strategy in his new role as co-CEO. He has served as president since 2014.
Also effective on Jan. 1, Foley will join Captive Resources as president, sharing the day-to-day operational oversight of the company with Hentges. The company expects that teaming Foley's extensive experience in growing organizations with that of Rusu and Hentges, not only augments its already deep bench strength at the executive level, but will accelerate the company's growth for many years.
"Mike Foley brings a wealth of insurance knowledge to the table," Rusu said. "We believe he will play a key role in shaping the future of Captive Resources, as we continue to pursue and execute our vision to provide an unparalleled customer experience, and continually expand our capabilities in the captive arena."