More than investment: a client-first approach to captives

Following Yousif Capital Management’s latest industry recognition, Dale McCann explains why long-term relationships, tailored investment strategies and close collaboration remain central to serving captive insurers.

Recognition, relationships and long-term commitment define Yousif Capital Management’s approach to the captive insurance sector, according to Dale McCann (pictured), the firm’s director of sales and marketing.

Following the company’s recognition as Captive Review's Investment specialist firm of the year, McCann said the award reflects decades of commitment to an industry built on trust, collaboration and specialist expertise.

“It is an incredible honour, both personally and for Yousif Capital Management,” he said. “Having spent nearly 20 years working with captive insurance companies and the professionals who support this industry, it’s especially rewarding to be part of a firm recognised for its commitment to the captive marketplace.”

McCann said joining the company was more than a career move, giving him the opportunity to combine his own experience with an organisation that shares his passion for serving captive clients.

“Joining YCM gave me the opportunity to combine my experience with a team that shares the same passion for serving captive clients, making this recognition particularly meaningful,” he said.

While pleased by the recognition, McCann stressed that the award belongs equally to the firm’s clients and industry partners.

“This recognition belongs not only to our team, but also to the clients and industry partners who have trusted us over the years,” he said. “We are grateful for those relationships and view this award as both an honour and a responsibility to continue delivering the service and expertise they expect from us.”

Built on experience

McCann said long-term commitment is fundamental to Yousif Capital Management’s identity. Rather than treating captives as simply another client segment, the firm has consistently invested in specialist expertise, customised reporting and lasting relationships across the global captive market.

Having worked alongside numerous investment managers throughout his career, he believes YCM stands apart because of its deep insurance expertise.

“Many professionals at YCM have dedicated significant portions of their careers to serving insurance companies, and that experience is evident in every client relationship,” he said.

Today, the firm manages more than 50 captive programmes across multiple industries and domiciles, with its longest-standing captive client relationship approaching 30 years.

However, McCann emphasised that experience alone is not enough.

“Managing captive assets is about much more than building portfolios,” he said. “It starts with understanding the client, its balance sheet, liquidity needs and long-term objectives.”

“Every domicile has its own regulatory framework, but every captive has unique objectives.”

Evolving with clients

According to McCann, the firm's growth in the captive sector has been driven by steady investment rather than rapid expansion.

“YCM’s commitment has been built over decades, not overnight,” he said.

As its presence has grown, the company has continued investing in specialist talent, enhanced reporting capabilities and stronger relationships across the insurance ecosystem.

One example is the firm’s monthly roll report, developed specifically for insurance clients. This provides greater transparency into portfolio activity while helping clients communicate investment performance more effectively to boards and other stakeholders.

Although industry recognition validates these long-term investments, McCann said the firm’s priorities remain unchanged.

“While we are proud of the recognition, we are even more focused on continuing to evolve alongside our clients as their needs change,” he said.

He added that the firm's domicile-neutral approach means every captive is assessed on its own merits rather than through a standardised investment model.

“Every domicile has its own regulatory framework, but every captive has unique objectives,” he said.

Whether a captive is based in Bermuda, the Cayman Islands, the US or elsewhere, investment recommendations begin with an assessment of the client’s balance sheet, liquidity requirements, claims profile and long-term objectives.

“Our investment strategy is built around the client,” McCann said. “That flexibility allows us to provide objective advice tailored to each captive'’ circumstances rather than rely on a one-size-fits-all approach.”

A collaborative approach

McCann also highlighted collaboration as one of the defining strengths of the captive insurance industry.

“The strongest outcomes occur when captive managers, actuaries, consultants, attorneys, banks and investment managers communicate openly and stay aligned around the client’s objectives,” he said.

He described YCM as one member of a wider advisory team rather than a standalone investment provider.

"”We do not see ourselves as working independently but see ourselves as one member of the client’s broader advisory team,” he said. “When everyone is working together, clients are better positioned to make informed decisions.”

McCann believes investment managers should contribute strategic insight throughout the life of a captive rather than simply focus on investment returns.

His advice to organisations forming captives is straightforward: “Don't get tired.”

While establishing a captive requires considerable effort, he said the real work begins once the vehicle is operational. Investment strategies should continue evolving alongside changes in balance sheets, capital requirements and business priorities.

He also pointed to the potential opportunity cost of holding excessive cash balances. While maintaining liquidity remains important, McCann believes professionally managed investment portfolios can help organisations retain ownership of their assets while generating additional income through strategies tailored to their specific needs.

He added that investment management fees can often compare favourably with traditional bank cash management arrangements, strengthening the case for active management.

Looking ahead, McCann expects captive insurers to become increasingly sophisticated as investment strategies become more closely aligned with underwriting, capital management and long-term planning.

“We believe the greatest opportunities will come from firms that invest in relationships, take the time to understand each client’s business, and collaborate with the broader advisory team,” he said.

“This industry is built on trust. Markets and regulations will continue to evolve, but organisations that remain committed to their clients and strong partnerships will always be well positioned for long-term success. That’s the philosophy that attracted me to YCM, and one I’m proud to represent every day.”

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