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GCP Short: Beginning the LAUSD captive journey

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Melissa Hollingsworth, Los Angeles Unified School District
Jim DeVoe-Talluto, State of Vermont

In this GCP Short, produced in partnership with the State of Vermont, Richard is joined by Melissa Hollingsworth, Deputy Chief Risk Officer at the Los Angeles Unified School District, who will explain why LAUSD recently formed a pure captive and how they look to expand it in the coming years.

We also hear from Jim DeVoe-Talluto, Assistant Director ofCaptive Insurance within the Captive Insurance Division at Vermont’s Department of Financial Regulation, who provides his perspective on the value of gaining internal buy-in, regulating fast growing and evolving captives, and the recent activity we’re seeing in the public institution and education sectors.

The views expressed are solely those of the individual and do not necessarily reflect the official policy or position of the Los Angeles Unified School District.

For the latest news, analysis and thought leadership on the global captive insurance market, visit ⁠Captive Intelligence⁠ and sign up to our ⁠twice-weekly newsletter⁠.

Ryan Specialty promotes Matt Havey to president of Ryan Alternative Risk 

Ryan Specialty has promoted Chicago-based Matt Havey to president of its alternative risk underwriting business, Ryan Alternative Risk.  

With Havey’s promotion Kieran Dempsey, CEO of Ryan Alternative Risk, separates president from his title. Havey joined Ryan Specialty in April 2024 as SVP of underwriting. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Profit, breakeven or loss making – The varying captive strategies 


  • Shift towards more captives looking to generate a profit through third party business 
  • Captive surplus utilised to enhance risk management at parent level
  • Profitability sometimes more important for group captives 

When it comes to generating surplus, captive owners operate differing strategies, with some insureds intent on posting a large profit, while others utilise the captive primarily to reduce premium spend and remain content to simply breakeven. 

Captives can also be used as business enablers, comfortable to operate on loss making basis if it improves profits or generates additional revenues for other parts of the group. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

London & Capital, Waverton consolidate under W1M name, surpasses £21bn AuM

London & Capital and Waverton Investment Management will be consolidating their brands under a new name, W1M.

It was announced in February last year that London & Capital and Waverton Investment Management had reached an agreement to merge the two firms.

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

GCP #120: Dan Towle, Karen Hsi and Apollo’s Matthew Newman

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Dan Towle, CICA
Karen Hsi, University of California
Matthew Newman, Apollo

In episode 120 of the Global Captive Podcast, supported bythe ⁠EY Global Captive Network⁠, Richard is brings three interviews recorded at the CICA Internatioal Conference, held in Tucson, Arizona in March 2025.

01.04 – 09.49: Dan Towle, president of CICA, reflects on another successful international conference and the state of the wider captive market.

10.48 – 35.00: Karen Hsi, Executive Director of Captive Programs at University of California, brings us up to speed on the system’s sophisticated captive strategy, the impact of the LA wildfires and how she is using the captive programme to develop new talent in the industry.

36.00 – 46.05: Matthew Newman discusses the Lloyd’s Captive Syndicate proposition, the kinds of companies it should be suitable for and why it fits so well into a multi-captive strategy.

For the latest news, data-driven analysis and thought leadership on the global captive market visit ⁠Captive Intelligence⁠ and sign up to our ⁠twice-weekly newsletter⁠.

SiriusPoint, Holmes Murphy to offer captives umbrella excess product  

Bermuda-headquartered global specialty (re)insurer SiriusPoint has partnered with US-based broker Holmes Murphy and its subsidiary MGA Innovative Program Solutions (IPS) to launch an umbrella excess insurance product tailored to captives managed by Holmes Murphy. 

As a carrier partner, SiriusPoint will write this umbrella excess line for captive members on a non-admitted basis. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Lara Martiner appointed Allianz Global Head of Alternative Risk Transfer

Lara Martiner will succeed Grant Maxwell as Allianz’s global head of alternative risk transfer from 1 April, overseeing structured insurance, captive fronting and parametric products.

Maxwell will depart Allianz at the end of June, while Martiner will continue in her current role as CEO of AGCS subsidiary Allianz Risk Transfer AG.

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

GCP Live @ CICA 2025

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David Beyer, Alaska Air
Christine Brown, State of Vermont
Jason Tyng, HDI Global
Joe McDonald, Captives.Insure
Mary Ellen Moriarty, EIIA
Courtney Claflin
Richard Cutcher, GCP

Richard hosts the latest live episode of the Global Captive Podcast, recorded in front of a live audience at the closing session of the ⁠CICA⁠ International Conference in Tucson, Arizona on 11 March, 2025.

Richard is joined by the below six guests for 30 minutes of informal captive chat and captive insurance trivia.

Jason Tyng, HDI Global

Christine Brown, State of Vermont

David Beyer, Alaska Air

Joe McDonald, Captives.Insure

Mary Ellen Moriarty, EIIA

Courtney Claflin

For all the latest news, analysis and thought leadership on the global captive market visit ⁠Captive Intelligence⁠ and sign up to our ⁠twice-weekly newsletter⁠.

Franchisees increasingly looking to group captive models – AXA XL’s Davina 

The number franchisees looking to utilise group captive structures in the United States is growing according to Joseph Davina, SVP and head of group captives at AXA XL. 

Group captive utilisation in the US has been expanding for some time, particularly for middle market insureds, as companies increasingly pool together to combat rising insurance costs in the commercial market. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Marsh adds actuarial services to Cayman captive offering, hires Steve Papciak 

Marsh Captive Solutions’ and Oliver Wyman, both owned by Marsh McLennan, have expanded the Marsh Captive Solutions’ Cayman operations to include actuarial services for local and global insurance clients, that will be led by Steve Papciak, principal actuary at Marsh. 

In his new role, Papciak will be based in Cayman and will work closely with Marsh and Oliver Wyman to provide actuarial services, including reinsurance transactions, the establishment of affiliate companies in Cayman, risk management, financial reporting and modelling, and actuarial pricing. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.