Shutterstock.com_2150770595/Sergey Nivens
17 April 2025Analysis

FORTY under 40: Spencer Towle

Spencer Towle ,consulting analyst, Spring Consulting Group.

Spencer Towle’s career started 18 months ago when he began an internship at Spring Consulting Group in November 2023. He really enjoyed the team he was working with and being part of such an innovative group that he knew he’d be able to learn from some of the best in the industry. After his internship, he was offered him a job as a consulting analyst and that is where he is today.

How did you first become involved in captive insurance?

I have family that works in the industry, but despite that I did not have much of a perspective, until I had the opportunity to attend the VCIA conference while a student at the University of Vermont. I met many captive insurance professionals at the conference, and it opened my eyes to the diverse opportunities available in the  industry. That’s when I first gave serious consideration that this might be a good career opportunity.

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

I think one initially was understanding all the jargon and different terminology. Fortunately for me, my team was great helping to get me up to speed quickly. 

What I find most rewarding is every client is different and every solution we come up with is different, too. This helps to keep the work interesting and engaging because every day varies. However, it makes it challenging being new to the industry because there is still a lot to learn.

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

Absolutely. I think the industry has so many niche components to it that really anyone can find a career in it depending on what kind of job they are looking for. The captive industry is constantly evolving and growing and that makes for great opportunities for young professionals to get involved and make a name for themselves.

Captive insurance has so many niche components that really anyone can find a career in it depending on what kind of job they are looking for

What developments do you see ahead for captives?

I see the captive industry continuing to grow, specifically the use of employee benefits in captives. Employee benefits are still largely underutilised and there are so many growth opportunities. On the property and casualty side, captives have been the norm for a long time. Nevertheless, there are numerous ways to utilise a captive. Part of what I find satisfying is helping our clients to see the unique solutions captives can bring them.

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

Yes, there are many opportunities to grow personally in the industry. Captives continue to be more popular, and I do not think things are going to slow down any time soon. Spring is a leader in this space, and I really enjoy learning and growing with them. I could see myself making a long career out of this. 

Click here to read Captive International’s third FORTY Under 40 2025 publication.

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