FORTY under 40: Erin Hackett
Erin Hackett, Account executive, Hylant Global Captive Solutions
The first part of Erin Hackett’s career was in public accounting as an auditor of various mid-sized companies. She found the captive insurance industry when she relocated back to her home state of Vermont approximately 10 years ago and began auditing captives at a public accounting firm specialising in the industry. She joined Hylant Global Captive Solutions in September 2023 as an account executive.
Hackett oversees the captive management of various types of captives and risk retention groups which includes maintaining records and policies of the captive, reviewing and discussing financial reports with those charged with governance, coordinating and facilitating board meetings as needed, working with the captives’ other service providers and in general assisting with strategic discussions and direction of the captive.
How did you become involved in captive insurance?
I’m a native Vermonter, but I moved to the Boston area after college. When I decided to move back, I was looking for a job in accounting and through a friend, found a regional accounting firm that specialised in audits and tax work for captive insurance companies.
It was a shock to me that this very large industry with deep roots in Vermont was something I wasn’t aware of growing up in the state, but I’m so thankful I found it.
What are the biggest challenges of working in this industry, and what do you find most rewarding?
The biggest challenge of working in this industry but also the most rewarding part is that every captive is different. You need to understand the specific programme and the strategic direction management wants to drive towards in order to successfully manage each captive.
However, being able to truly partner with our clients and educate on options regarding their programmes is very rewarding.
Would you recommend the captive insurance industry to young people as a future career path?
I would recommend the captive insurance industry as a future career path by describing how the industry has changed so significantly to keep up with the needs of the businesses/individuals who utilise them.
As world economics and businesses change, it forces the captive insurance industry to change as well, to keep pace with the needs of those who utilise captive vehicles. This means there is a high demand for young people who want to think outside the box and who know that the next 30 years will not be the same thing every day. This can be a huge opportunity to grow in to a meaningful and long career.
“There is a high demand for young people who want to think outside the box.”
What developments do you see ahead for captives?
As businesses and the world economy continue to explore new ways to efficiently and effectively run their operations and serve clients, captives will need to keep pace and adapt. Although not necessarily a new development, I believe it’s becoming even more important for captives to have management and board members who understand the ever-changing world and how to use a captive to manage risk.
More than a development in the type of captive or structure of a captive, the types of risks explored may start to change to continue managing the risk not easily available through the commercial market.
Do you think your long-term future remains in the captives market?
Yes. This industry is about the people who work in it and that includes some of the most intelligent and caring people I’ve met in my professional career. The amount of mentorship and collaboration is something that is hard to find and because of that, leaving the industry isn’t something I would easily consider.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
