Navigating the talent shortage

The captive insurance industry must retain the talent it discovers in its workforce. Captive International investigates.

The captive insurance industry is facing a talent crisis. As businesses increasingly adopt captive models to manage risk, the demand for skilled professionals has surged – but the pool of qualified talent is not growing fast enough to meet it.

Industry leaders, such as Leon L. Rives, chief visionary officer at RH CPAs, and Renea Louie, chief executive of Sotera Global Management, voiced their concerns to Captive International and offered strategies for addressing this pressing issue.

“Yes, the captive insurance industry is experiencing a talent shortage,” Rives acknowledges. Several factors are at play, he pointed out:

• Ageing workforce: Many experienced professionals in the captive insurance sector are approaching retirement, and there aren’t enough young professionals entering the industry to replace them.
• Lack of awareness: Captive insurance remains a niche sector within the broader insurance industry. Many students and young professionals are unfamiliar with career opportunities in this space.
• Specialised skill set: The captive insurance industry requires knowledge in areas such as risk management, actuarial science, regulatory compliance and alternative risk financing. These specialised skills are not widely taught in traditional insurance or finance programmes.

Competition with traditional insurance: Larger commercial insurance firms often attract talent away from the captive industry due to higher visibility, larger teams and broader career paths.

Need for professional development: While organisations such as the Captive Insurance Companies Association (CICA) and the International Center for Captive Insurance Education (ICCIE) offer training and certifications, there is still a gap in structured career development paths compared to other insurance sectors. More partnerships, such as the industry partnership with Indiana’s Butler University, are needed.

Grainne Richmond, executive vice president and head of captives at Aon Bermuda, also told Captive International that the industry’s talent has generally sourced talent from qualified accountants. 

As the number of people worldwide seeking an accounting designation drops, the captive industry, like others in the insurance financial space, are also seeing this impact their pool of talent. “Whilst this is concerning, it has led to the industry embracing technology and AI more effectively which has then enabled the industry to change the pool of talent it is looking to capture,” she said.

In addition there are definite generational gaps within the captive insurance, Richmond said. A significant amount of the existing workforce is nearing retirement age, particularly in key senior roles, which is not only leading to gaps in position but lack of knowledge transfer and awareness.

“As leaders we need to ensure we are demonstrating how much fun it is to be in the industry.” Renea Louie

Why retention matters

Recruiting talent is only half the battle – retaining them is equally critical. “The cost of losing talent in the captive insurance industry goes far beyond recruitment expenses,” said Louie. “When a skilled employee departs, they take with them institutional knowledge, client relationships and operational expertise that are difficult to replace.”

In a field where trust, continuity, and niche expertise are paramount, high turnover can have lasting consequences. “Retention also fosters innovation,” Louie added. “Employees who stay longer develop a deeper understanding of their company’s captive strategy, enabling them to propose creative solutions tailored to specific risks.”

Solutions for recruitment and retention

To tackle the talent shortage, industry leaders suggest a multi-aspect approach:

University partnerships: Encouraging universities to include captive insurance in risk management curricula.

Internship and mentorship programmes: Providing hands-on training attracts younger professionals and helps bridge the skills gap.

Industry outreach and awareness: Promoting captive insurance as a viable career path through professional organisations, conferences and recruitment efforts is crucial.

Professional development: Competitive salaries and benefits are essential, but so are intangibles such as recognition, autonomy and clear career paths. Flexible work arrangements are also a game-changer.

The long game for young professionals

For younger generations entering the industry, Louie offers a word of advice: “Job-hopping is a sprint, but climbing the ladder is a marathon. The marathon takes grit, but the finish line is worth it – bigger opportunities, real influence and a reputation that carries weight. You’ve got time – play the long game.”

In the captive insurance industry, talent is more than an asset – it’s the backbone of success. “Working in this industry, I have been blessed with long-time loyal employees who work very hard and will continue to rise to the top as respected experts with trustworthiness, reliability, integrity and respect,” Louie reflected. “In an industry built on mitigating uncertainty, investing in people remains the surest bet.”

Rives concluded: “Most importantly as leaders we need to ensure we are demonstrating how much fun it is to be in the industry. I am quite lucky to love what I do so the work is not really work.”

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

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