Influential Women in Captive Insurance: Jennifer Pack

Jennifer Pack, VP of risk management, Hyatt Hotels Corporation

With more than 1,300 hotel, all-inclusive, and wellness resort properties in 72 countries across six continents, Hyatt strives to be the preferred choice for its guests, associates and owners.

Jennifer Pack has responsibilities for all aspects of Hyatt’s global insurance programme, health, safety, fire life safety, and physical security, business resilience, workers’ compensation, and claims management functions. The risk management team includes 25 individuals in the US and six outside the US, with another 60+ individuals supporting the team worldwide, reporting to the SVP finance & treasurer.

Pack partners with a global team to support crisis management, and board-level enterprise risk management reporting functions.

She manages an Arizona-based captive insurance company for Hyatt and is the president of this entity, Xenia Assurance Company. Pack has been with Hyatt for 16 years and in addition to having a role in the risk management department, she has held roles in finance and internal audit. Prior to joining Hyatt in 2007, she was an external auditor with PricewaterhouseCoopers (PwC) for six years, where she primarily audited public insurance companies.

Pack graduated from University of Wisconsin–Madison in 2000 with majors in accounting, human resources and management. She is a Certified Public Accountant (inactive) and has obtained her Associate in Risk Management.

How did you get started in the captive insurance industry?

I started my career at PwC as public insurance company auditor. I became familiar with large insurance company operations, financial statements, etc. I was then hired by Hyatt as a Sarbanes Oxley expert and moved into risk management shortly thereafter. We started a captive at Hyatt, and I was able to use my experience at PwC to implement and operate the captive.

Who inspired you or acted as a mentor in your career?

I have been fortunate to have several mentors throughout my career. One key figure, a senior executive at prominent brokerage firm, provided invaluable career guidance and encouraged me to pursue leadership roles that stretched my abilities. His support and belief in my potential were crucial in shaping my career path.

Karin Landry, a renowned expert in captive insurance (also featured in this publication) has been a constant source of inspiration through her thought-leadership and innovative approaches.

What do you think deters people from entering the world of captives?

There are a few barriers that can limit entry into the captive insurance industry. One is the general lack of awareness and understanding of what captives are and how they operate. Unlike traditional insurance, captives are often not covered extensively in standard business or finance curricula.

There can be a perception that the industry is highly specialised and difficult to break into without prior experience. Overcoming these barriers requires more educational outreach and industry engagement to highlight the opportunities within this field.

How can mentorship and sponsorship programmes be designed to better support the career development of women?

Effective mentorship and sponsorship programmes need to be intentional and structured. For women in captive insurance, these programmes should include regular, scheduled interactions with mentors who can provide career guidance, share industry insights, and offer support in navigating challenges.

Sponsorship programmes should focus on identifying high-potential women and actively advocating for their advancement within the company. Creating networks and forums for women to share experiences and learn from each other is also crucial. These initiatives should be backed by measurable goals and regular assessments to ensure they are making a tangible impact.

In what ways can companies in the sector create a more inclusive culture that actively promotes gender diversity at all levels? 

To create a more inclusive culture, companies need to start with a commitment from the top. Leadership should set clear diversity goals and hold themselves accountable for achieving them. This can include initiatives such as bias training, transparent recruitment processes, and ensuring diverse representation in leadership roles.

Companies should also promote flexible work arrangements and support for work-life balance, which can be particularly beneficial for women. Creating a culture of open communication where all employees feel valued and heard is essential.

What challenges are gender-specific to women in the captives industry?

Women in the captive insurance industry, like those in many other sectors, often face challenges such as gender bias and a lack of representation in senior roles. There can be stereotypes about women’s capabilities or commitment, which can impact their career progression.

Networking opportunities can be less accessible to women, limiting their ability to build relationships that are crucial for career advancement. Work-life balance remains a significant challenge, especially for those with family responsibilities.

What solutions would you like to see?

To address these challenges, companies need to be made aware of captives and how they can play a role in their overall risk management strategy, and cost reduction programmes. There are often misconceptions and a lack of transparency around the benefits captives can offer.

The more companies that have captives, the more opportunities for all insurance professionals, including women. Companies with captives and those which support captives need to implement targeted initiatives such as leadership development programmes specifically for women, mentorship and sponsorship schemes, and policies that promote work-life balance, such as flexible working hours and parental leave.

There should be a focus on creating an inclusive workplace culture that actively addresses and mitigates gender bias. This can include training programmes, clear anti-discrimination policies, and efforts to increase the visibility and representation of women in leadership roles.

What are your ambitions?

My ambition is to continue advancing within the risk management and captive insurance industry and eventually take on a thought-leadership role where I can influence policy and strategy at my and other companies. I am passionate about driving innovation in risk management and helping companies optimise their insurance solutions through captives.

I aim to mentor and coach less experienced risk professionals about risk and captives, in general. The future of the industry will require a robust pipeline of talent, including women and under-represented groups. Ultimately, I aspire to leave a lasting impact on the industry by promoting sustainable growth and inclusive practices.

Click here to read Captive International’s first Influential Women in Captive Insurance publication, celebrating the women transforming the captive sector through their sustained excellence and leadership.

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