Influential Women in Captive Insurance: Theresa Severson

Theresa Severson, SVP, insurance and risk, Kite Realty Group

Theresa Severson joined Kite Realty Group following its merger with Retail Properties of America where she served in a similar capacity for 13 years. In her role Severson oversees risk management and insurance programme for operational and corporate exposures, claims management, business continuity and enterprise risk management.

In March 2023, Severson was named RIMS’ Risk Manager of the Year, appeared on Captive Review’s Power 50-Captive Owners List and, on behalf of Kite Realty Group, accepted the Captive Insurance Companies Association’s (CICA) Outstanding Captive Award, presented to a captive insurance company that has shown creative uses for a captive, recognition, and a positive reputation among rating agencies, regulators, and colleagues in the captive industry.

She received her BS in economics from Illinois State University.

How did you get started in the captive insurance industry?

I entered the captive insurance industry through my role as a risk manager for a company that was part of a group captive. This experience provided me with a valuable understanding of the benefits and challenges of captive arrangements. When our firm decided to form a separate entity, I had the opportunity to establish a single parent captive for our real estate investment trust which further deepened my knowledge of the industry.

This hands-on experience sparked my interest in captives and has driven my career forward.

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

I’m grateful to have had Julie Dann, now at Alliant, as a mentor early in my career. She supported my work-life balance and provided me with the flexibility I needed to succeed. Her guidance and recommendation ultimately led to my transition into risk management, where I’ve built a fulfilling career. Her influence has been instrumental in shaping my professional journey.

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

I believe that the primary limitation to entering the captive insurance industry is a lack of awareness about the opportunities it offers. However, I’ve been fortunate to experience first-hand the supportive nature of professionals in this field, who are passionate about their work and eager to share their knowledge with others. With greater awareness and outreach, I’m confident that more people will be drawn to this rewarding industry.

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

Mentorship and sponsorship programmes should prioritise pairing women with experienced professionals who can offer guidance, and networking opportunities. These programmes should also provide training on leadership, industry-specific skills, and career advancement strategies.

Additionally, organisations should create a culture of inclusivity, where women feel valued, empowered, and encouraged to take on leadership roles. By doing so, we can foster a more diverse and inclusive industry. The work of organisations such as the CICA’s Amplify Women, RISE, and NEXTGen is crucial in promoting women’s careers in captive insurance and creating a more inclusive industry.

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

Companies in the captives sector can create a more inclusive culture by implementing diversity, equity, and inclusion initiatives, such as unconscious bias training, flexible work arrangements, and mentorship programmes targeted at under-represented groups, including women.

Organisations should foster a culture of transparency, where everyone within the organisation, regardless of gender, race, or background, feels valued, heard, and empowered to contribute their unique perspectives and ideas. This inclusive culture should ensure that everyone, including women, feels seen, heard, and valued, and has equal opportunities for growth and development.

“The gender pay gap is a persistent issue, with women often earning less than their male counterparts for similar work.”

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

Unfortunately, women in general often face challenges such as gender stereotyping, unconscious bias, and limited networking opportunities. They may also experience a lack of representation in leadership positions, which can make it difficult for them to envision a clear career path.

The gender pay gap is a persistent issue, with women often earning less than their male counterparts for similar work.

What solutions would you like to see?

I believe that experienced professionals in the industry have a vital role to play in supporting the next generation of leaders. I would like to see more experienced professionals reaching out to provide mentorship and support to those just starting their careers. It’s essential that we give back to an industry that has given us so much and help develop the next generation of leaders.

By doing so, we can ensure that the industry remains vibrant, diverse, and inclusive, and that everyone has an equal opportunity to succeed. By working together, we can create a brighter future for the captive insurance industry and for the next generation of professionals.

What are your ambitions?

I’m fortunate to have found a career that I’m passionate about, and I feel grateful to work for a company that aligns with my values. As I look to the future, my ambition is to continue making meaningful contributions to my organisation, the insurance, and captive industries.

I hope to give back to the industry that has give me so much by supporting my colleagues, sharing my knowledge, and mentoring the next generation of professionals. I’m excited to continue growing, learning, and evolving alongside the industry, and I’m committed to paying it forward by helping others achieve their own goals and aspirations.

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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