Meeting the challenges of tomorrow

Matthew Takamine of Brown & Brown talks to Captive International about why the company has done so well in this year’s US Awards, and identifies some key challenges ahead.

The captive insurance industry has been experiencing remarkable growth in recent years, spurred on by increasing demand for alternative risk management solutions. At the heart of this expansion are industry leaders such as Matthew Takamine, executive managing director and captive practice leader at Brown & Brown.

“We continue to experience unprecedented growth, in terms of both volume and the variety of clients we serve.” Matthew Takamine

Brown & Brown’s recognition at Captive International’s US industry awards underscores the company’s success and leadership in the captive insurance sector. Takamine expressed his pride in the team, acknowledging their commitment and dedication as fundamental to the firm’s accomplishments.

Brown & Brown, and Takamine individually, won 2024 awards including Captive Manager of the Year and Captive Consultant of the Year. These accolades, according to Takamine, reflect not only the company’s operational excellence but also the culture it has fostered.

One of the hallmarks of Brown & Brown’s success is the emphasis on nurturing top talent. “We try to hire the best people and implement solid training programmes,” Takamine explained. Despite the industry-wide challenge of talent shortages, Brown & Brown’s ability to attract and retain skilled professionals has been central to its achievements. By offering robust training programmes and fostering a work-life balance, the company ensures that its employees are equipped to deliver exceptional service to clients while maintaining personal wellbeing.

The firm’s success in retaining employees is further illustrated by the fact that the average tenure of a Brown & Brown captive teammate exceeds 10 years. This is a remarkable statistic, given the transient nature of the workforce in many sectors today. Takamine emphasised that long-term retention is essential to the firm’s strategy, and it is one of the factors that sets it apart from competitors.

Addressing the talent shortage

Takamine focused on the talent shortage the captive insurance industry faces. This issue, he says, is not unique to Brown & Brown but is a challenge confronting the entire sector.

“When we boil it down to basics, one of the major things we need to solve in our industry is the talent shortage,” he explained. As companies compete for the same pool of highly skilled professionals, addressing this shortage is paramount to ensuring the industry’s long-term viability.

Brown & Brown is actively working to build a pipeline of talent, particularly by engaging with educational institutions. Takamine highlighted his involvement with the University of Hawaii’s business school, noting that many business programmes across the country lack a focus on captive insurance. Few schools offer captive insurance curricula, which limits the number of graduates entering the field with specialised knowledge.

Expanding educational outreach, establishing formal programmes, and providing internship opportunities are among the strategies Takamine is considering to attract young professionals into the captive insurance industry. He acknowledged that while Brown & Brown already has strong connections with certain universities, such as those in Vermont and Hawaii—key captive insurance jurisdictions—there is much more work to be done in this area.

By casting a wider net, the firm hopes to introduce students to the captive insurance field and offer them meaningful career opportunities.

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