25 at 25: Captive Review’s 25 most influential captive figures since 1999

Captive Review has featured hundreds of prevalent captive leaders over our 25 years of existence, sharing valuable insights and ideas around the subject of captive insurance.

And on our 25th birthday, we wanted to recognise those that have been the most influential of all, not only contributing to our magazine and events over the years, but also guiding the industry forward. And that’s why we created our 25 at 25 honour roll.

With the help of thousands of responses to this year’s Power 50 poll, we compiled a long list of potential entries. The difficult task of whittling down the list to 25 was then done on advisement from several of the industry’s most experienced heads to arrive at our top 25 most influential figures of the last 25 years.

Several very important people in the past and present of captive insurance missed out as a result of only partly crossing into our 25-year period when they were at their most influential, and many deliberations were had to settle on who has to be included. As with any list judging accomplishments and impact over a long period of time, we know this is one that is sure to generate debate.

So, join us as we look back on the people we feel have most shaped the captive insurance industry, and with it the everything we have covered at Captive Review, since our formation in 1999.


Marine Charbonnier

Marine Charbonnier has been one of the dominant forces in the European captive market for many years, having worked in the space since 1992. Always happy to share this expertise at industry events, she is a regular in the upper echelons of the Power 50, and her influence is only growing. Charbonnier is currently AXA XL’s head of captives and facultative underwriting, APAC & Europe, but her career also includes a 21-year spell in broking with WTW-owned Gras Savoye in France, giving her a broad base of knowledge from which she has been a highly respected commentator for many years.


Ellen Charnley

Ellen Charnley is a name everyone in the global captive industry knows thanks to her effective leadership of Marsh Captive Solutions, the world’s largest captive manager by a significant margin. The operation at the end of 2022 managed 1,900 entities across 55 domiciles, with $70 billion in premiums and $118.5 billion in surplus under management. Charnley joined Marsh in 2004 after spending several years working with captives in Bermuda, at Mutual Risk Management and Charles Taylor Captive Management. Her influence has grown and grown over the last 25 years culminating with becoming president of Marsh Captive Solutions in 2017.


Mark Cook

One of the biggest developments in the world of captive insurance since 1999 has been in employee benefits, and no one better represents this success than Mark Cook. Praised for successfully bridging the gap between employee benefits and captives, Cook has been the architect at the heart of some of the most significant EB captive transactions of the last 25 years. Since joining WTW in 1996, his regular appearances at industry events and enthusiasm for EB and captives have made him one of the most well-known figures in the European captive market, and an authority people listen to.


Malcolm Cutts-Watson

Malcolm Cutts-Watson’s long career in captive insurance saw him work in Bermuda and Vermont for Johnson & Higgins between 1982 and 1993, but it’s with WTW’s Guernsey captive practice where his influence was especially great over the last 25 years. Even when Cutts-Watson retired as chairman of WTW’s international captive practice in 2014 he has maintained a significant presence in the industry, running Cutts-Watson Consulting (CWC), and being a regular at industry events, talking up the benefits of Guernsey as a domicile. In recent years he has devoted more time to improving captive education in Guernsey, including editing a 24-module educational programme to earn a certificate and diploma in international insurance management.


Guenter Droese

One of the staunchest protectors and outspoken advocates of captive insurance over the last 25 years, Droese was the driving force behind the foundation and management of the European Captive Insurance and Reinsurance Owners’ Association (ECIROA) in 2008. The association lobbied the European Insurance and Occupational Pensions Authority during the design of Solvency II and, while captives were not carved out, the principle of proportionality was put in place. ECIROA’s work with Captive Review to build the prevalence of the European Captive Forum has also been important in providing European captive owners a forum to discuss the most pressing issues in the industry.


John English

Working for over 30 years in captives across London, Dublin and Bermuda, John English has been one of the most influential captive leaders during the lifetime of Captive Review. English was the managing director of International Risk Management Group’s captive division, before he headed to JLT to create its captive practice, which had a significant impact on the industry. Since joining Aon, the world’s second largest captive manager, in 2008 he has been a commanding figure in its captive operation, and in 2018 stepped up to become CEO of Aon Captive and Insurance Management – a role he still holds today.


David Gibbons

A consistent feature in the Captive Review Power 50, David Gibbons has been one of the most visible faces of the Bermuda captive industry throughout the history of Captive Review. A partner with PwC Bermuda since 2005, today he heads the firms dedicated captive insurance group, leading his team’s delivery of services to more than 200 captives in Bermuda. Over the years he has been one of the biggest international proponents of Bermuda as a captive domicile, developing PwC Bermuda’s annual captive update seminars, and frequently serving as a speaker, panellist and attendee at international industry conferences.


Julia Graham

A passionate and innovative thinker on captive insurance in the UK and Europe, Graham has become a strong leader for the industry and has over the last 25 years dedicated significant time and effort to spread the word on good risk and insurance management. A director of risk management at DLA Piper for 11 years, Graham oversaw the running of its Guernsey captive and still sits on captive boards today. She was president of the Federation of European Risk Management Associations from 2013 to 2015 and has since 2021 been CEO of AIRMIC – serving as a leading figure in the effort to bring a captive regime to the UK.


Nancy Gray

Someone who regularly features at the top end of our Power 50, Nancy Gray last year made it to number one on our list, but her influence extends well beyond recent years. A prominent and highly visible captive leader at Aon for almost the entire lifetime of Captive Review, Gray joined Aon when IRMG was acquired in 2001, and moved into her position of regional managing director – Americas, in 2009, giving her a wide sphere of influence across the US, Bermuda, Cayman, Barbados and Vancouver. She has also previously served as a director and treasurer of ICCIE, the VCIA, and the NRRA.


Nick Hentges

The impact of Captive Resources on the captive industry in the last 25 years is one that we felt deserved recognition, and Nick Hentges has been the principal face of the company in this time. Most notable for its role in bringing life to the group captive concept in the US – Hentges and Captive Resources have been key players in bringing much needed control of insurance programmes to thousands of employers. Having been with the company since 1993, Hentges has been associated with Captive Resources throughout the entire lifetime Captive Review, and especially in the last decade, his influence has been keenly felt.


Tom Jones

It’s not unusual to hear Tom Jones’ name mentioned among the most invaluable to aid multinationals and American domestic companies on all things captive concerning both state and federal tax over the last 25 years. Jones’ nearly 50 years of contribution with McDermott Will & Emery across a range of North American and Caribbean domiciles has truly left a lasting impact, and resulted in numerous accolades, including placing number one on the 2014 Power 50. Jones has additionally designed and helped implement scores of onshore and offshore self-insurance programmes involving single parent and multi-owner captive insurers and risk retention groups, and is a frequent speaker at captive events.


Art Koritzinsky

A captive veteran of over 30 years, Art Koritzinsky has been among the leading captive consultants in the global alternative risk financing space throughout the life of Captive Review. Since joining Marsh from Johnson & Higgins and then becoming a managing director in 2003, Koritzinsky played a leading role in spreading Marsh Captive Solutions’ footprint far and wide around the globe, by focusing on new market growth. Koritzinsky was one of the few captive consultants to have been involved in the early days of Vermont and onshore US captives, and remains a key cog in the Marsh captive machine.


Karin Landry

As one of the co-founders of Spring Consulting, Karin Landry helped to create and build what has been one of the stand-out captive consultancies of the last 25 years. However, not only does she deserve recognition for her part in the success of Spring, she also must be recognised for her captive advocacy and how she gives back to the industry. She is a professor at ICCIE, a past chair of CICA, and still today a regular attendee at industry events, willing to share her thoughts on captive issues and offer advice.


Charles ‘Chaz’ Lavelle

Chaz Lavelle’s 45-year career with Dentons Bingham Greenebaum has seen him involved in some of the most important 831(b) micro-captive cases of all time. His involvement in the landmark 1984 Humana case was extremely significant, and continues to be referenced to this day, notably cited in 2001 when the IRS Revenue Ruling determined a captive can provide insurance for tax purposes if done correctly. As well as representing large numbers of micro-captives facing IRS audit in the 2010s and 2020s, Lavelle is highly respected for his efforts to bring on the next generation of captive lawyers, and enthusiasm to speak at industry events over the last 25 years.


George McGhie

George McGhie has been one of the stand-out figures in the development of Asia’s captive insurance market over the last 25 years. One of the most knowledgeable people on captives in the region, McGhie established Johnson & Higgins’ APAC captive operation in 1993 after a spell with the captive manager in Bermuda, and on its acquisition by Marsh was appointed to lead the consolidated APAC office. He went on to establish JLT’s APAC operation in 2001 and later lead WTW’s APAC captive practice between 2015 and 2021. Today he continues to offer consulting services in the region and is a strategic adviser to Artex.


Peter Mullen

Peter Mullen is one of the industry’s best known captive leaders, having led two of the largest captive operations in the world. Starting his insurance career over 30 years ago, it was during his stint in Gallagher’s Bermuda office where he first made his mark helping to found Artex in 1997. He went on to leave to become global CEO of Aon Captive and Insurance Management in 2011, before returning to Artex in 2019 to assume the role of CEO. In dictating how two of the largest captive managers are run, few can match the influence he has had during Captive Review’s lifetime.


Robert ‘Skip’ Myers

A managing partner at DC law firm Morris, Manning & Martin since 1996, Robert ‘Skip’ Myers has been one of the most important figures in the global captive industry over the last few decades. Having written, spoken and presented testimony before legislative bodies on various issues, including the Liability Risk Retention Act in 1986, Myers has always had a particularly strong influence on RRGs, and acts as general counsel and as a board member for the National Risk Retention Association. He has been a regular member on a number of other captive association boards and committees and also had input into the design of the Terrorism Risk Insurance Act in 2002.


Gary Osborne

Gary Osborne’s influence in the world of captive insurance stretches across decades in both captive management and auditing roles. He has been vice president at Risk Partners for the last six years, but before that spent more than 22 years with USA Risk Group, including as president from 2004 onwards. He has worked in a variety of domiciles and had leadership roles in the captive associations of Vermont, Hawaii, Tennessee and South Carolina. He was also director of the National Risk Retention Association from 2004 to 2007. As a result, over the span of the last 25 years he has become one of the industry’s most well-known figures.


Paul Phillips

EY has been one of the major proponents of captives over the last 25 years, and that is in large part thanks to Paul Phillips. After time at KPMG between 1999 and 2011, Phillips then joined EY, where he specialised in captives and became head of its global captive tax network. Phillips has been a vocal presence keeping captives up to date on the variously changing tax laws – an always important aspect of captive insurance for the last 25 years – but his expertise has in this time extended to other important areas of the industry.


David Provost

Vermont’s ascent in the last 25 years to its status as the world’s leading domicile has been remarkable, and its established regulatory team over those years has been a big reason behind that. David Provost arrived at Vermont’s Department of Insurance in 2001, and from 2008 picked up where Len Crouse left off, leading the department for 14 years as deputy commissioner and leaving it on the verge of being the world’s largest domicile. Prior to joining the state he had more than 10 years of captive management experience working for Johnson & Higgins, Sedgwick and AIG.


Dan Towle

Today Dan Towle is the president of CICA, a role he has held since 2017, in which time he has taken the association forward, widening its reach and what it could potentially achieve through initiatives like NextGen and Amplify Women. But he has been active in the captive industry since 1999 as Vermont’s director of financial services. In this role he played a major role in the successful marketing of the state, helping it on the journey we have witnessed over the last 25 years to become the world’s leading captive domicile.


Paul Woehrmann

Someone who eats, sleeps and breathes captives, Paul Woehrmann has earned his spot for his dedication to the industry over the last 25 years, and knowledge of the European captive sector. His career in captives with Zurich stretches back over 30 years, including 11 years as head of captive services, Europe, the Middle East, Asia Pacific and LatAm between 2012 and 2023, and five years before that as global head of captive services for corporate customers. And throughout that time he has been a vocal captive advocate, sharing his wisdom and acting as a thought leader both for Zurich and new players entering the space.


Bruce Wright

One of the leading captive experts on tax, Bruce Wright is an active partner at Eversheds Sutherland. With over four decades of experience in the insurance industry, Wright is among a small group of universally respected tax experts equally at home advising on pure captives, cell companies or RRGs. Wright’s firm represented R.V.I. Guaranty in its 2015 US Tax Court victory over the IRS, seen as a crucial win for the captive industry, as a win for IRS may have threatened captives’ future ability to write emerging or non-traditional risks.


Gerry Yoshida

Gerry Yoshida was instrumental in licencing the first Hawaii captive in 1987, and ever since then has been a big player in the success of Hawaii as a domicile, which by the end of 2022 was the third largest in the world by captive premium. As a specialist captive lawyer with Char Hamilton Campbell & Yoshida, and with Goodsill Anderson Quinn & Stifel, Yoshida has been a significant part of Hawaii’s growth story in the last 25 years, attracting some of the largest companies in the world to base their captive here, as well as a introducing a number of Japanese firms to the benefits of captive insurance. Described by peers as the “Godfather of Hawaii Captives”, Yoshida has seen it all and is always willing to share all he has learned with future leaders.


Brady Young

Brady Young’s impact on the captive industry over the last 25 years cannot be understated. After being a founding member of SRS since its inception in 1993, he then led the management buy-out of the company to establish it as an independent entity in 2002, setting it on course for the unprecedented growth that was to come. Young has been CEO of SRS ever since, leading the company on its journey to become one of the largest captive managers in the world, standing toe to toe with all the major global broking houses. It’s a unique achievement that has earned the respect of all his peers.

12 August 2024
5-6 November 2025

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