We begin the countdown of the Captive Review Power 50 by revealing those who ranked 50-31 

It’s what you’ve been waiting all year for! Today begins our run-down of the 50 most influential professionals working in the captive insurance industry today, starting with those ranked 50-31. 

While this is the first edition of the Power 50 since Captive Review was acquired by Newton Media last year, it’s still clear that this prestigious list of the 50 most influential professionals working in the captive insurance industry remains just as significant as ever. 

There were almost 2,000 individual submissions in the nominations period earlier this year, spanning a great range of deserving names. Narrowing all these names down to 50 was a challenging task, and one which we’re sure will prompt debate. 

As ever, the nominations period served as a valuable tool for putting names in the frame, and where reasons were given, this was particularly helpful for compiling our lists. But you quickly realise that 50 is a small number in the ever-growing world of captive insurance, and that with more names vying for inclusion, many accomplished captive professionals had to miss out. 

It makes it all the more of an achievement to make the top 50 this year.

Read on to discover who ranked from 50-31, then come back tomorrow to see who placed 30-11. On Thursday we have the big reveal of the top ten, plus the new inductees into the Hall of Fame, and who are our Ones to Watch for future rankings! 

You’ll be able to find everything you need in our dedicated Captive Review Power 50 2025 publication, also released on Thursday, including video interviews and thought leadership articles from some of those that were voted the most influential professionals in the captive insurance industry.

50. Al Rhodes (NEW), President & senior actuary, SIGMA Actuarial Consulting Group

SIGMA Actuarial Consulting Group marks its 30th anniversary with founder Rhodes’ first appearance on the Captive Review Power 50. Under his leadership, Nashville-based SIGMA has grown over the decades to become one of the most respected actuarial firms in the captive insurance market. It has been recognised many times over the years, including last year when Captive International’s US Awards named SIGMA actuarial firm of the year, and Rhodes individual actuary of the year. His background includes experience in the process of developing both traditional and alternative insurance programmes for entities of all sizes and types.

Nominator quote: “Al Rhodes has been active for many years in the captive industry and supports the overall industry through education, analysis and numerous publications.”

49. Greg Cobb (UP 1), Director of insurance solutions, Sage Advisory

With Austin-based investment advisory Sage, Cobb focuses on developing portfolio management strategies and risk management solutions for both commercial and captive insurance companies. Over the past three years and under his direction, Sage’s insurance services have been widely recognised. In 2024, he entered the Power 50 for the first time, and for the fourth consecutive year, was recognised by Captive International as Insurance Asset Manager of the Year. He is a frequent speaker at industry events and also serves as a faculty member for investments at the International Center for Captive Insurance Education (ICCIE).

Nominator quote: “Totally immersed in the industry; a leader in pushing sustainable investing across the industry.”

48. Kristen Lawler (NEW), Tax partner, Crowe

Fresh from her recent move from Deloitte to Crowe’s highly regarded captive practice, Lawler makes it into the Power 50 for the first time this year after receiving many nominations praising her contributions to the industry. In more than 13 years with Deloitte, Lawler is said to have brought great value to the captive industry, working on captive consulting, compliance and auditing projects. Named a One to Watch last year, Lawler has raised her profile over the past decade thanks to her ability and appearances at captive events, becoming a respected speaker and go-to person on captive insurance matters – which is sure to continue with Crowe.

Nominator quote: “She’s demonstrated her knowledge through her advisory services and presence in the industry. She’s made herself present at industry events and is known by many in the industry.”

47. Fenhua Liu (UP 1), Assistant deputy commissioner, Connecticut Insurance Department

Making the Power 50 for a third consecutive year is Connecticut’s lead captive regulator. Liu has overseen impressive ongoing growth in the state’s captive market since taking up a leadership role in its insurance department five years ago. The state remains one of the fastest-growing domiciles and most active in passing updates to its captive legislation. This again happened last year, as it passed new rules allowing protected cells to convert into a new captive. Liu is alert to the evolving needs of captive owners and has proved one of the most innovative regulators in the types of captive Connecticut is attracting.

Nominator quote: “Fenhua is a dedicated advocate with an immense passion for the success and growth of the captive industry.”

46. Nick Frost (LEVEL), President, Davies Captive Management

Appearing in the prestigious Captive Review Power 50 for a fifth consecutive year, Frost has built up his influence leading the captive operation of Davies Group for the past 14 years. One of the few truly global captive operations outside the large broking houses, the practice was formed more than 40 years ago in Bermuda but today claims to cover all US domiciles and the Cayman Islands, as well as providing technical solutions to captives in Europe, the US, Latin America, Canada, Asia, Guernsey, Australasia and the UK. The acquisition-hungry group continues to grow across various service offerings and geographies, which could extend its global footprint and position the practice strongly as the popularity of captives grows in emerging markets.  . 

Nominator quote: “A popular figure known by many inside and outside of Bermuda.”

45. Frederik Van den Eede (NEW), Chief commercial officer, Generali Employee Benefits

Generali Employee Benefits remains one of the leaders in providing captive solutions for the ever-popular sector of employee benefits, and Van den Eede has over the past few years emerged an increasingly influential figure in that team. After earning several promotions at GEB since joining in 2014, Van den Eede was named a one to watch in the 2023 Captive Review Power 50, and then received another promotion to the role of chief commercial officer. Highly regarded internally by GEB colleagues and externally by fellow professionals and ex-colleagues, Van den Eede has become one of the main faces of GEB.

Nominator quote: “A mix of certified experience in managing employee benefits through captives and future talents who will surface with strength.”

44. Jelto Borgmann (NEW), Head of captive services, HDI Global

Another former One to Watch, this time from 2022, Borgmann debuts in the Power 50 after his latest promotion at the start of this year to head of captive services. HDI Global has been investing more heavily in its captive offering in recent years on both sides of the Atlantic, and with this the firm’s presence and influence in the captive industry has grown. During his nine years with HDI, Borgmann has similarly grown in standing, particularly within Europe, and in his new role his influence will grow further both within HDI and externally, as he spearheads strategic initiatives for the captive services department.

Nominator quote: “One of the rising leaders of captive insurance.”

43. Bailey Roese (LEVEL), Partner, Dentons Bingham Greenebaum

Roese appears in the Power 50 for a second consecutive year, reflecting the ongoing prominence of 831(b) regulation, and Roese’s status as one of the go-to experts in this field. Working alongside Hall of Famer Chaz Lavelle, Roese and Dentons have been at the forefront of advising captive owners impacted by the IRS’s latest rules, with Roese sharing her views widely in writing and through speaking on panels. Since joining Dentons 12 years ago and becoming a partner in 2020, Roese has also involved herself in the captive industry through roles at CICA, co-chairing the NextGen Initiative last year. Her standing in the industry was further emphasised as she won Captive Service Professional of the Year last year’s Captive Review US Awards.

Nominator quote: “Bailey hasn’t been in the industry long, but has made a huge impression, and is someone you listen to when they talk.”

42. Nate Reznicek (NEW), Principal, Captives.Insure

Highly rated for a number of years, Reznicek makes his debut in the Power 50 at number 42 this year, after a year of growth for Captives.Insure, the business he founded in 2020, which works with captive managers, brokers, and business owners to provide turn-key captive insurance solutions designed to maximize control and premium retention for businesses around the world. Prior to setting up Captives.Insure, Reznicek spent time at Assurance Partners and CIC Services, and he was also head of US distribution for I-RE Miami, where Captives.Insure was engaged to provide captive consulting services, as well as build the framework for its broker distribution model. Reznicek is renowned for his observations on the industry and ability to simplify them for his audience, whether through speaking on a panel or authoring an article. As well as being praised as a great innovator in the captive space, Reznicek holds various other industry roles, including acting as an adviser to the 831(b) Institute and holding positions on the CICA programming committee, the Self Insurance Institute of America’s (SIIA) captive advocacy and captive committees and the ICCIE curriculum committee. He also works as an ICCIE faculty member and teaches the “Forming and operating a captive” course. 

Nominator quote: “Nate is a true innovator in the captive space and works hard to bring solutions to business owners struggling in the current insurance environment.”

41. Dustin Carlson (NEW), President, SRA 831(b) Admin

The treatment of 831(b)-electing micro-captives by the IRS has been one of the largest issues of the past decade in the US captive space. After the IRS published its controversial final rules on micro-captive disclosures, never has the subject been so prominent. As president of the 831(b) Institute, Carlson has been one of the industry’s leading advocates for micro-captives, regularly voicing his views and taking action to get the best deal possible for owners of 831(b)-electing micro-captives. Through his leadership at SRA 831(b) Admin, he has also gained praise from the sector, focusing on compliance, industry best practices, and empowering business owners. 

Nominator quote: “He consistently pushes himself and the SRA organisation to deliver excellence, ensuring every task is completed to the highest standard. A true and undeniable leader in the field.”

40. Paul Shimomoto (UP 5), Partner, Goodsill, Anderson, Quinn & Stifel

Shimomoto moves up five places in the rankings as Hawaii continues to excel and grow as one of the most significant global captive domiciles. Shimomoto is a leading authority in Hawaii’s captive insurance sector and has been president and director of the Hawaii Captive Insurance Council for the past three years. Specialising in corporate and insurance regulatory law, he advises Fortune 500 and Global 500 companies across the US, Japan, and Europe. Recognised for his expertise, Shimomoto frequently presents at industry seminars and conferences. In 2024, he was honoured as Lawyer of the Year at the Captive International US Awards, underscoring his great contributions to the industry.

Nominator quote: “Committed to Hawaii and seeing it thrive.”

39. Alanna Trundle (NEW), President, Global Captive Management

Making her debut in the Power 50 at 39, Trundle has emerged as a leading figure in Cayman’s burgeoning captive market. Trundle has climbed the ranks at Global Captive Management since joining from Deloitte Cayman 15 years ago as an account executive. Her time there has seen GCM become one of the largest managers in Cayman – managing 63 international insurance companies as of 31 March 2025. Her rise at GCM culminated with her being named president last year, and as a specialist in group captives and segregated portfolio companies she has been quick to put her ideas into action, driving the company forward into new areas, while also bringing on new talent. A vocal proponent of the Cayman captive market, she is currently a member of the IMAC Forum committee, which organises the Cayman Captive Forum and often shares her views on the strengths of Cayman as a captive domicile through speaking roles and in written form. Trundle is praised as a driving force for women in business and women in leadership, and as a role model for young professionals in Cayman. She was recognised last year for all that she has achieved by being named one of Captive International’s Influential Women in Captive Insurance.

Nominator quote: “Alanna is a truly influential professional in the captive space and has a wealth of knowledge which shows in every interaction you have with her.”

38. Max Jong (NEW), Managing director – captive practice leader, Risk Management Advisors 

As the importance of the middle market to captive insurance growth has increased, so too has the influence of RMA’s MD Jong, as he makes his first appearance in the Power 50. Owned by acquisitive broker Risk Strategies, RMA has been able to increase its footprint in the market both organically and through M&A. Jong has spent 18 years with the firm, but his influence increased significantly with the decision to merge Atlas Insurance Management with RMA towards the end of 2023. The firm is now estimated to be the sixth largest captive manager in the world by number of captives, and has the resources and support to continue growing.

Nominator quote: “From captive education to inspiring articles, they are a key force for the industry. RMA has experienced exceptional growth in the past five years which is a testament to the quality of leadership.”

37. Stephen Morton (NEW), Multinational head of complex accounts, AIG

Morton has held many different roles for AIG since joining the company 22 years ago that have taken him to Bermuda, the UK and, since 2017, France. An established and popular figure for many years in the European captive market, he was promoted to his current role in 2021 and makes his debut in the Power 50 this year. The French captive market has evolved significantly during his time in the country, with an explosion of interest in new captives over the past couple of years. With his experience, connections and reputation as a skilled professional in captive fronting arrangements, he holds great value to the captive industry.

Nominator quote: “Stephen is a highly skilled professional in the captive business.”

36. Adrien Collovray (NEW), Head of captive advisory, GB, Europe and International, WTW

Collovray has established himself as one of the leading voices in Europe’s ongoing captive insurance revolution and is recognised for that with his first appearance in the Power 50 at number 36. A frequent speaker on captive insurance matters, Collovray provides tailored consulting for new and existing; insurance, self-insurance and alternative risk structuring, with a specialism in applying analytics to risk retention and alternative risk strategies, including captives. Based in London and focusing on multinational corporate structures, Collovray has spent the past eight years with WTW, and benefits from further market experience in broking and underwriting, as well as captive management.

Nominator quote: “Part of an outstanding team that is there for clients.”

35. Jenny Pooley (NEW), Managing director and CEO, Strategic Risk Solutions Cayman 

Pooley is a high new entry to the Power 50 at 31, after taking on leadership of SRS’s already impressive Cayman office and taking it to the next level. Pooley assumed the role in 2023 and led the firm to become the largest captive manager in Cayman last year – a lead it has grown, managing 119 international insurance companies at last count on 31 March 2025. Named one of the global captive industry’s Influential Women by Captive International last year, Pooley has spent 13 years in SRS’s Cayman office, having initially come to Cayman with KPMG in 2008. 

Nominator quote: “Jenny is an exceptional leader dedicated to captives and seeing them deliver positive results.”

34. Julie Patel (NEW), Americas captive consulting leader, Marsh Captive Solutions

Texas-based Patel is this year’s highest new entry to the Power 50, as someone who not only received a recent major promotion but is also so highly thought of for her client service and skill in crafting complex captive arrangements. With 22 years of experience working for Marsh, 19 of those with the captive solutions unit, Patel had been a senior vice president up until March this year, when she took over as Americas captive consulting leader following a leadership reshuffle. Patel is also a regular conference speaker and has been involved with the Texas Captive Insurance Association since the state passed captive legislation in 2013. She led the conference committee as chair for several years, in January 2019 joined the board, and in January 2025 was appointed vice president of the association.

Nominator quote: “Julie’s extensive knowledge and experience in the captive insurance market have helped several of my clients navigate the complexities of the captive environment, optimising their insurance costs and tailoring coverages to meet their specific needs.”

33. Paul Eaton (DOWN 1), CEO, Artex EMEA

Guernsey-based Eaton is a leading figure in Artex’s growing global operation. As Artex EMEA chief executive officer, he serves on the executive leadership team, driving strategy around talent, organic growth, mergers and acquisitions and operational efficiency for Artex’s international operations, including Guernsey, Gibraltar, Malta, London and Singapore. Eaton’s influence has continued to grow in recent years with the expansion of Artex. In 2024, this included launching an Abu Dhabi office to provide captive management and alternative risk management in the Middle East and Africa region. With acquisitive broker Gallagher as its parent, it’s likely Artex’s global operation will continue to grow in the coming years, and with it Eaton’s influence.

Nominator quote: “Paul has long been a leader in Guernsey’s financial sector and deserves his place among the elite.”

32. Mikhail Raybshteyn (UP 3), Partner – global insurance tax, insurtech and captive insurance services practice, EY

Raybshteyn continues to rise up the rankings, moving up three positions in this year’s Power 50. Raybshteyn co-leads the firm’s Americas captive insurance services practice. With nearly 20 years of experience at EY, he specialises in captive tax, insurance risk advisory, and tax account leadership. Promoted to partner in 2019, Raybshteyn oversees a team of more than 40 professionals across tax, advisory, risk and actuarial services. A respected figure in the industry, Raybshteyn received recognition at Captive International’s US awards, with EY winning accountancy, audit and tax advisory firm of the year and Raybshteyn taking the individual award in this category as well.

Nominator quote: “Mikhail exhibits all the traits you look for in a leader.”

31. Prabal Lakhanpal (UP 9), senior vice president, Spring Consulting

One of the biggest movers in this year’s list is Lakhanpal, as he continues to take more of a leadership role within Spring Consulting and Spring’s parent Alera Group – last year taking the additional title of Alera’s national practice leader – alternate risks and captives. Since joining Spring in 2015, he has become a prominent industry figure and popular speaker at events, recognised for his innovative approach, demonstrated by how he has become a leading voice in the area of pension benefit captives. Additionally, Lakhanpal was this year elected as vice chair of the CICA board of directors, and he also sits on three CICA committees – the NextGen, awards and nominating committees.  . 

Nominator quote: “If people like Prabal Lakhanpal stick around the future of captive insurance will be in safe hands.”