FORTY under 40: Karen Hsi
Karen His ,executive director, UC captive programmes.
Karen Hsi has more than 14 years’ experience in the higher education risk management industry. She started at the University of California office of the president as an intern as a student at UC Berkeley. Upon graduation she was hired as a risk analyst. A few years in, she was promoted to senior analyst within liability programmes in the office of risk services at UC, where she specialised in building risk management and insurance programmes for their students, faculty, staff, retirees, alumni and foundation groups. In 2016, After the captive was formed, she embraced the role of programme manager of UC captive programmes, strategically planning and managing them. She was the lead architect formulating new strategies to utilise the captive in more efficient risk financing arrangements.
Two years into her current role, she is executive director of UC captive programmes, leading the university’s captive platform, consisting of four different insurance companies that provide coverage for the UC system consisting of 10 campuses, five academic health systems and three national laboratories, incorporating more than 400,000 students, 280,000 faculty and staff, $36 billion of annual revenues and more than 2 million alumni living and working around the world.
How did you first become involved in captive insurance?
When our parent organisation engaged in a feasibility study to build its own captive insurance company in 2012. As a part of the risk management department and finance division, I was involved in a workgroup tasked with looking into third-party insurance we were procuring in the commercial market and if they could potentially be placed into a captive.
What are the greatest challenges of working in this industry, and what do you find most rewarding?
One is recruiting young talent into this specific niche industry. I was very lucky to come from the captive owner side and be able to see a formation of my first captive insurance company from a unique perspective within the parent organisation. Having worked in the captive industry for more than nine years, I find the partnerships, relationships and friendships I’ve built throughout the years to be the most rewarding part of working in this industry.
Captive insurance truly is an industry where you can make your career what you want it to be
Would you recommend the captive insurance industry to young people as a future career path?
Absolutely, there is an immense amount of career development opportunities in this industry. I work with various partners across the industry with a variety of subject matter expertise, so there are limitless opportunities to find an area you are passionate about and develop a very successful career in captives. It truly is an industry where you can “make your career what you want it to be”, and I believe that is a huge benefit for young professionals looking to be innovative and proactive about their future careers.
What developments do you see ahead for captives?
I no longer view captive insurance as the alternative risk insurance market, but instead as being integrated into traditional risk management and insurance strategies. I think the future for captive insurance industry is very bright and we will become a central part of how large organisations retain their risk and choose to approach their overall insurance and risk management philosophies.
Do you think your long-term future remains in the captives market?
Yes, I believe I will stay in the captive insurance industry for the long term. I have always had a huge desire for continuing education and professional development throughout my career. There are plenty of growth opportunities in the captive industry, with courses/designations, positions to grow into and exploration of new areas of expertise to develop and mature within the industry. I feel I’ve only begun to uncover the tip of the iceberg and would be excited to see what else there is to discover. The willingness of folks in the industry to coach and mentor younger professionals, proactively building a true succession plan, has been uplifting and very enticing to the next generation of working professionals.
Click here to read Captive International’s third FORTY Under 40 2025 publication.
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