FORTY under 40: Michael Reavill
Michael Reavill, associate portfolio manager, Performa.
Michael Reavill first began at Performa as an intern in 2015. After graduating from the University of Vermont in 2016, he joined as an operations data analyst. In 2019 he was promoted to his current role as an associate portfolio manager. His core responsibilities include portfolio management, data analysis and trading as well as supporting other members of the investment team. In addition, he works across teams, helping their client service, compliance and operations teams as needed. Performa‘s entrepreneurial culture means he finds himself interacting with every single employee, assisting in any possible way.
How did you first become involved in captive insurance?
Initially as an intern. At the time I thought I was getting a job at a traditional investment management company, but it turns out I was also becoming involved in the captive Insurance industry.
A captive’s liability profile is continually evolving, as are markets! This challenge makes the job rewarding
What are the greatest challenges of working in this industry, and what do you find most rewarding?
Dealing with all the diverse captive types. As we all know, captives come in all shapes and sizes. There is no one-size-fits-all approach when it comes to a captive’s investment programme. As such, tailoring investment strategies for a captive to meet their unique objectives and liability profiles is critical. Open lines of communication and a partnership approach help in this. After establishing an investment programme, the job is far from over as a captive’s liability profile is continually evolving, as are markets! But this challenge is something that makes the job rewarding, and we strive to make the complexities of it simple for captive stakeholders.
The most rewarding part of the industry is the incredible community of professionals. There are several organisations and groups in the captive world you can join. I was part of the Vermont captive insurance emerging leaders (VCIEL), a group dedicated to helping attract new young professionals to the industry. These groups help you connect with people and learn more about other roles in the industry.
Would you recommend the captive insurance industry to young people as a future career path?
Absolutely I would. The industry provides a wealth of opportunity for career advancement and networking that is important for any young professional. Job security is also very high as the industry continues to grow at a pretty rapid pace.
What developments do you see ahead for captives?
From the investment side of things, we’re in an interest rate environment that captives haven’t seen since the early 2000s. We haven’t seen bond yields this high since before the global financial crisis. Even after the Federal Reserve lowered rates at the end of last year, rates are still well above any level we saw during the last economic expansion prior to the pandemic. This is especially beneficial to smaller captives as they lack the capital to invest in a broader array of risk assets and rely more heavily on the bond market to generate returns.
Going forward, I think captives will continue the trend we have been seeing of reviewing and modifying their investment strategy to ensure they are properly positioned to take advantage of the current environment. We still see many captives holding much of their capital in cash and not deploying it in a broader investment strategy.
Do you think your long-term future remains in the captives market?
I do. I don’t think I could work anywhere but Performa. I feel strongly connected to the company and proud to be a part of such an excellent group of people.
Click here to read Captive International’s third FORTY Under 40 2025 publication.
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