Today we round off our 2025 Power 50 countdown by revealing the captive professionals that fill the top 10 ranking positions

After we revealed which captive insurance professionals this year made the prestigious Power 50 list from 50-31 on Tuesday, and then continued the countdown from 30-11 yesterday, today is the day you’ve been waiting for as we announce who are the top ten most influential professionals working in the captive industry today.

Congratulations to all that made that Power 50, as well as those that were inducted to our Hall of Fame, and those named Ones to Watch in the industry, both announcements which we also made today, and can be found by clicking the links.

The entire Power 50 rankings, alongside the Hall of Fame inductees and Ones to Watch, can also be found in our dedicated Captive Review Power 50 2025 publication, released today, alongside video interviews and thought leadership articles from some of those that were voted the most influential professionals in the captive insurance industry.

10. Nancy Gray (DOWN 7), Regional managing director – Americas, Aon

A former Power 50 No.1, Gray retains a top ten placing in the Power 50, reflecting her influence and industry leadership position at the world’s second-largest captive manager. Based in Burlington, Gray led her team to a particularly strong year in Vermont in 2024, forming 11 new captives in the world’s largest domicile – more than any other manager. Gray joined Aon when IRMG was acquired in 2001 and moved into her post as regional managing director – Americas in 2009, giving her a wide sphere of influence across the US, Bermuda, Cayman, Barbados and Vancouver. A regular attendee and speaker at captive conferences and events, as well as her current Aon role, she has served as a director and past chair and treasurer of the National Risk Retention Association and as a director and officer for several captive clients. Previously, she served as a director and treasurer of ICCIE and as a director and treasurer of the Vermont Captive Insurance Association. Gray’s standing in the industry over many years is underscored by her appearances last year on Captive International’s Influential Women in Captive Insurance list, and the Captive Review 25 at 25 list, chronicling the most influential captive figures since 1999.

Nominator quote: “Nancy has spearheaded several innovative captives over the years and is continuing to do so with several notable launches in the last 12 months.”

9. Peter Carter (DOWN 2), Head of climate practice and global head of captive and insurance management solutions, WTW

Making a fourth consecutive appearance in the Power 50 top ten reflects Carter’s importance to the captive market, as the leader of one of the largest global captive management operations since 2019. WTW formed 22 new pure captives in 2024, and it ended the year with 325 captives under management (up from 316 at the end of 2023). These captives include some of the largest and most mature in the world, writing all kinds of diversified risks, giving Carter an influential position with some of the most skilled risk managers running often complex captive programmes, and keeping on top of new market conditions. Carter and the WTW team helped many of these captives grow their portfolios in 2024, as WTW’s total premium under management rose by 23% from $10.5 billion to $12.9 billion. Being based in London, Carter is at the centre of an ongoing boom in captive interest across Europe and has become a leading advocate in this market thanks to regularly sharing his views on captive matters both through conference speaking roles and written articles. Since 2023, Carter has also had responsibility at WTW for its climate practice, giving him another important area of expertise that is also highly relevant to the captive insurance industry. 

Nominator quote: “Peter Carter for executing the vision. Most C-suite have a vision but slow pace, but Peter has made the captives team technology driven.”

8. Anne Marie Towle (LEVEL), CEO, Hylant Global Risk and Captive Solutions

Now a regular in the upper echelons of the Power 50, this is Towle’s fifth time in the top ten. Towle has spent the last six years developing Hylant’s global captive unit, introducing a number of innovative programmes and growing the number of captives it manages. She took on the added role of Global Risk Management CEO in 2023, and today holds both roles, making her a key figure influencing the risk solution decisions of many risk managers and captive owners. But her high standing in the industry is down not just to her leadership position at Hylant, but also her industry advocacy work, doing huge amounts to support learning among those in the industry as well as the next generation of captive professionals. She has given many young people their start in the captive market and mentored them to become highly skilled in their own right. In a 30-year career, she has worked at some of the biggest names in captive insurance, with spells at EY, KPMG and Crowe, as well as WTW and JLT, where she led its captive consulting practice. In this time she has also worked across various different areas, with expertise cutting across tax, consulting and the structuring and ongoing management of captives. She has willingly shared this expertise and her thought leadership on the most important issues at captive conferences and by penning written articles, as well as through her eight years with ICCIE, and sitting on and chairing various conference committees. She has been a board member on captive associations for the domiciles of Hawaii, Vermont, North Carolina and South Carolina, and she continues to advocate for greater diversity and inclusion in the captive industry as chair of CICA’s Amplify Women committee. She also currently sits on the CICA programme committee. For her willingness to help the industry and share with the next generation her vast levels of knowledge, she was honoured with the Outstanding Achievement Award at the 2024 US Awards, while she was also last year recognised by Captive International in its list of Influential Women in Captive Insurance. 

Nominator quote: “Anne Marie is an inspiration to many in the market and a representative for the industry we can be proud of.” 

7. Marine Charbonnier (DOWN 2), Head of underwriting, captives and facultatives, APAC and Europe

Another experienced captive industry figure to have featured on both the Captive Review 25 at 25 list and Captive International Influential Women in Captive Insurance list, Charbonnier has for many years been one of the leading figures in Europe’s captive insurance market and is another that is becoming more influential as Europe takes a greater interest in captives. Nowhere is that truer than in France, and Charbonnier has become one of the go-to people for French risk managers looking for fronting solutions to take advantage of new French captive legislation. Charbonnier has been in her current role, leading AXA XL’s captive fronting operation in both Europe and APAC, since 2023, but her captive experience stretches over three decades and also includes a 21-year spell in broking with WTW-owned Gras Savoye in France. She is also a strong advocate for women in leadership positions within the insurance industry and an active member of the French chapter of WLT – an organisation working across the US and Europe to achieve this goal. As someone who has previously been honoured as Captive Service Professional of the Year at the Captive Review European Awards, Charbonnier has a uniquely broad base of knowledge which has enabled her to become one of the market’s most highly respected commentators. 

Nominator quote: “No one knows more about captive insurance than Marine Charbonnier. She is a great asset to our industry.” 

6. Peter Child (UP 5), CEO Europe, SRS

Child, one of the biggest names in Guernsey’s captive insurance market, leads SRS’s ever-expanding European operation and moves into the top ten on our Power 50 countdown after a particularly active year in 2024. Perhaps the most innovative development within SRS’s European business is SRS Altitude, the group’s Zurich-based MGU, which went from strength to strength last year recruiting a number of high-profile names to its team and forming a capacity partnership with Generali Global Corporate & Commercial. SRS Altitude subsequently won Underwriting Solution of the Year at the 2024 Captive Review European Awards, indicative of great strides taken forward by the business last year. Other notable accomplishments in Europe for SRS last year included the acquisition of Robus Group to grow its Guernsey business and establish a Gibraltar office, launch a new Italian business and bolster its Switzerland and Luxembourg offices with key hires. Child has been spearheading this growth since joining the group from Artex in July 2021, where in 14 years he worked his way to being head of European operations. His experience also includes time with Aon Insurance Guernsey and the Guernsey Financial Services Commission. As SRS invests more into the European side of the business to grow its presence, Child’s influence also grows, and this shows no sign of ending any time soon.

Nominator quote: “Has demonstrated a proven track record of success wherever he’s gone and that is continuing now with SRS.”

5. Dan Towle (DOWN 2), President, CICA

Towle maintains a position in the top five of the Power 50 after making CICA into the stand-out trade body for captive insurance professionals in the US. Towle took over as head of CICA in 2017 and has since put his stamp firmly on the organisation, breaking records for CICA membership and attendance at its annual conference year-on-year and setting up key industry initiatives including NextGen and Amplify Women, which are increasingly proving their value with the emergence of younger captive professionals and helping bring on more women leaders. Towle has also striven to develop CICA’s international standing by collaborating more with European captive groups and welcoming European members. Through these efforts, and his extensive travels around the world representing CICA at global risk management and captive events, his network has grown substantially, and he is now one of the best-connected professionals in the global captive network. Prior to CICA, Towle spent 17 years as director of financial services for the state of Vermont, serving as the chief marketing and business development professional during a period of explosive growth for that domicile. For his achievements in taking CICA to where it is today, in addition to his part in Vermont’s rise to number one global captive domicile, Towle was recognised as one of Captive Review’s 25 most influential captive professionals since 1999 in our 25 at 25 list.   

Nominator quote: “Dan is a tireless supporter of the captive concept and serving the entire industry.”

4. Adriana Scherzinger (UP 15), Group head of captives, Zurich

Our biggest mover in this year’s Power 50, Scherzinger jumps up 15 spots in the rankings after securing a major promotion last year that took her from leading Zurich North America’s alternative risk solutions to directing Zurich’s entire global captive operation. Holding this position at one of the world’s largest global captive fronters is one thing, but Scherzinger’s influence is particularly great because of her wide network of international connections. In more than 17 years at Zurich, in addition to leading the North America operation based in Chicago, she has led Zurich’s Latin American multinational and captive business and spent three years living in Brazil while working for Zurich Insurance Latin America as head of multinational business. As she and her teams have helped many different types of clients in different industries all over the world in that time, and earned several promotions, Scherzinger’s reputation has grown and grown, culminating in her taking on Zurich’s top captive job. Zurich itself had a great year in 2024, achieving the double of Fronting Partner of the Year at both Captive Review’s  European and US awards, as well as at Captive International’s US Awards. Scherzinger also picked up the individual award from Captive International in the fronting category, and she was further honoured with a place on the publication’s list of Influential Women in Captive Insurance. 

Nominator quote: “Having Adriana and Zurich Captives team as captive fronting partner gives us the confidence that their programmes will be sustainable for the long term. She is a professional global captive leader.”

3. Ciaran Healy (RETURN), Global head of captives, Aon

Healy makes an impactful return to the Power 50 in the top three, after taking a major promotion that puts him in charge of Aon’s global captive business. Healy has long been thought of highly by captive professionals across the European captive industry after spells earlier in his captive career with Aon and WTW – going on to become consulting and development leader – Europe for the latter’s global captive practice. Since rejoining Aon Captive & Insurance Managers in 2019 as director of client solutions – EMEA, his reputation has grown to new heights, subsequently earning a promotion to chief commercial officer – EMEA in Aon’s global risk consulting division. This role also gave him a broader role beyond captives to help clients with other risk transfer requirements, but throughout that time he continued to maintain a constant presence at European captive events and play a key part in conversations with clients considering a captive due to his vast skillset and connections in the market. On taking his new role from the start of 2025, Healy assumed leadership at the second-largest captive manager in the world, which passed the milestone of having 1,000 non-cellular captives under management last year. Progress has continued this year with the launch of an innovative employee benefits cell facility, as Healy looks to keep driving his talented team forward. 

Nominator quote: “It’s big boots to fill, but he has all the skills to be a real success in the role.”

2. Will Thomas-Ferrand (UP 11), Global leader, Marsh Captive Solutions

In a year of big promotion announcements, perhaps none was as significant as Thomas-Ferrand taking up his role as global leader of Marsh Captive Solutions, which is why he moves up 11 spots in our Power 50 rankings to No.2. Marsh has for many years been the largest captive manager in the world, managing 1,139 non-cellular and 350 cell captives at year-end 2024. Thomas-Ferrand has spent 21 years at Marsh working across its Bermuda, Malta and UK captive offices and now takes overall control of the business managing these captives, many of which are some of the largest and most mature captives out there spread across 58 different captive domiciles. Thomas-Ferrand steps up from leading Marsh’s international captive practice now to lead a global team of 617 staff and build on innovative developments last year, such as the launch of the new Bermuda-based group cyber captive Edgware Re, and the ReadyCell facility in DC to make it quicker and easier for firms to establish cell captives. Marsh formed 92 new captive entities in 2024, which is down on previous years, but Thomas-Ferrand has already firmly stamped his mark on the company with a leadership reshuffle across all regions this year as he looks to maintain Marsh’s top-spot status.

Nominator quote: “One of the very best, now at the helm of Marsh Captive Solutions and making an impact.”

1. Sandy Bigglestone (LEVEL), Deputy commissioner – captive insurance division, Vermont Department of Financial Regulation

Bigglestone achieves the incredible feat of maintaining her No.1 position in the Captive Review Power 50 for a second successive year after another spectacular year for captive insurance in Vermont. Bigglestone’s team approved the formation of 41 new captives in 2024, as year-on-year the state continues to attract more new captives than any other domicile and extends its lead as the largest captive domicile in the world, with 683 captives at the end of 2024. Already in Q1 2025, the state has licensed another 16 new captives, putting it on course for another high-growth year and likely to pass 700 captives in the state this year should growth trends continue. Bigglestone has overseen this rise, having spent nearly three decades with the department, which included 12 years as director of captive insurance. She was promoted to her current role in 2022, and earlier this year also spent time as acting commissioner of the department – giving her the opportunity to see how other financial units function and, uniquely for a captive regulator, have influence at the National Association of Insurance Commissioners, giving the captive industry a voice on a stage where it does not usually have one. However, not only does Bigglestone exert influence on the many captives she regulates, as well as on a national level with commissioners, but she is also one of the greatest advocates for captive insurance globally – regularly travelling around the US, and even internationally, to speak on the benefits of captives. She leads a stable team that is generally looked on as having perfected a model regulatory environment for captive insurance, and which is always easily accessible and alive to the changing needs of captive owners. It’s part of the reason that Vermont picked up awards for Domicile of the Year and International Domicile of the Year at Captive Review’s US and European Awards last year, while Captive International also honoured Vermont as Domicile of the Year at its US Awards and included Bigglestone on its list of Influential Women in Captive Insurance in recognition of all that she has achieved.

Nominator quote: “The Vermont DFR team are all helpful and supportive, while thorough and professional in their duties. Sandy is at the heart of that.”