FORTY under 40: Dale Sagen

Dale Sagen,VP, business development leader, cell captive, Accident & Health–North America, QBE

Dale Sagen’s career focus is supporting insurance professionals and employers with embracing an insurance risk management strategy using captive insurance. This allows them the ability to capitalise on their cost containment solutions by reducing risk and earning back underwriting profits.

He was previously vice president, leader, captive solutions at NFP from August 2021 to April 2023 in Cleveland, Ohio. At NFP he supported advisors, companies, and solution providers while creating a captive programme customised to their needs, working through all phases of support from initial review, feasibility study, implementation, licensing, captive management, and other services as a dedicated project manager.

Prior to that Sagen was programme account executive, EmCap, at Berkley Accident and Health, again in Cleveland Ohio, from March 2017 to August 2021

“It’s one of the few components in the general insurance market where the buyer, seller, and risk partner all win.”

How did you become involved in captive insurance?

My first experience with captive insurance was as an analyst for a consulting firm. We sponsored a medical stop-loss group captive programme that was performing very well and delivering underwriting surplus back to the members. Buying insurance was no longer a simple transaction as risk management became very necessary.

The concept was revolutionary, and I was very interested in the expenses and layers that made the programme function for all stakeholders.

What are the biggest challenges of working in this industry, and what do you find most rewarding?

The biggest challenge in the captive insurance industry for me is that the possibilities seem endless. I often find my clients shocked with how captive insurance can be customised for their needs and in a short conversation we can create a unique opportunity. However, the domicile always can place a limit on our creativity, for good reason.

As for most rewarding, I am always finding captive insurance to be a breath of fresh air for my clients. It’s one of the few components in the general insurance market where the buyer, seller, and risk partner all win.

Would you recommend the captive insurance industry to young people as a future career path?

Many young professionals see insurance as a bland career. However, with captive insurance careers you find a niche industry that is growing fast. There will always be the ability to pivot to a new role that is better suited for your skillsets, which is very important in a young career.

What developments do you see ahead for captives?

I see that technology advancements in the general insurance market often come out of captive insurance. An entrepreneur will use the technology to gain a competitive edge before the rest of the market catches on. I believe you will continue to see that trend with the advance of artificial intelligence into the risk market.

Do you think your long-term future remains in the captives market?

Yes. I believe that the employee benefits market will continue to advance into the captive insurance industry, and I will have a long and healthy career supporting those professionals.

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