As Captive Review turns 25 this year, leaders from the industry share their thoughts on the history of captive insurance since 1999, and what could be to come in the next 25 years
Emma Sansom, group head of captives, Zurich Insurance Company
“The world and society we live in are currently experiencing a period of significant challenge and change, and the insurance industry as a whole is undergoing substantial transformation driven by digitisation, new technology, and a changing risk landscape. Captives have an opportunity to support their parent’s navigating this new landscape, to add real value throughout the risk management and financing value change, as well as help steering organisations through their transition journey. The captive industry has always been a dynamic centre for innovation and I have no doubt that it will continue to be so in the future.”
Nick Hentges, CEO/principal, Captive Resources
“Since I am celebrating my 30th anniversary working in captives, it seems as if Captive Review and I have “grown up” together in this amazing industry. I am confident that the captive industry is changing the insurance industry for the better and delivering a product that insurance buyers love. The potential for growth in the casualty and benefits space is unlimited, and I plan to be around for a while longer to witness it.”
Kevin Poole, general manager, The Insurance Managers Association of Cayman
“The Insurance Managers Association of Cayman has just celebrated 30 years of the Cayman Captive Forum which has grown from small beginnings to become the largest captive conference in the world. This mirrors the years of development which has seen the Cayman Islands’ captive insurance industry embark on a journey of evolution, remaining steadfast in its commitment to excellence, regulatory compliance, and client-centric service. As we look into the future to 2024 and beyond, our sector embraces the future with confidence, leveraging on its strengths, embracing innovation, and charting new pathways for sustainable growth and resilience for the years to come.”
Travis Wegkamp, director of captive insurance, Utah Insurance Department
“Utah has just recently concluded our 20-year anniversary as a captive domicile. During this period Utah has seen historic growth to become the second largest domicile in the US. The captive industry has served Utah well and Utah intends to continue its business-friendly approach to serving its captives. Despite any current challenges, we foresee captives to continue to be a strong viable option in the alternative risk financing space. Utah has the infrastructure and regulatory support to remain a strong and competitive leader amongst domiciles and is your most cost-effective option with zero state premium taxes.”
Anne Marie Towle, CEO, Hylant Global Risk and Captive Solutions
“Over the past 25 years, the captive insurance market has seen substantial growth. As a captive professional with over 30 years of experience, I’ve found the last four years particularly remarkable from an innovation perspective, both domestically and globally. More organisations, regardless of size, are exploring captive options daily. Insurance buyers now wield unprecedented sophistication and access to data, enabling informed risk financing decisions. I’ve been invigorated by the surge in enthusiasm, innovation, and risk appetite in recent years and eagerly anticipate future developments in the industry.”
Jackie Obusek, chief deputy commissioner, and Lori Gorman deputy commissioner of the captive insurance companies division, North Carolina Department of Insurance
“Twenty-five years ago, North Carolina did not have a captive programme in place. Enacted in 2013, North Carolina’s captive insurance law was written by state leaders to address the needs of industry and to generate a positive economic impact to our state. In the 10 years since passage of the North Carolina Captive Insurance Company Act, North Carolina has grown to be a leading US captive domicile providing flexible regulation in a business-friendly environment. North Carolina’s dedicated staff of in-house analysts and actuaries are committed to providing an excellent customer service experience. Our programme recognises captive insurance as an important tool to manage today’s emerging risks. Together, we are eager to see what the next decade will bring to the industry!”
