The Edge of Risk Podcast by IRMI

Adapting to Change: How Solvency II is Shaping the Future of Captive Insurance

The regulatory landscape for captive insurance in the European Union is evolving, with Solvency II amendments bringing significant changes to capital requirements, proportionality, and reporting obligations. In this episode, Joel Appelbaum, chief content officer at IRMI and Captive.com, sits down with Alex Gedge, senior captive consultant at Hylant, to discuss what these updates mean for captives and how organizations can adapt.

Solvency II, introduced over a decade ago, was designed to enhance the financial stability of insurers operating within the European Union. However, its one-size-fits-all approach has long been a challenge for captives, which operate with distinct risk profiles compared to traditional insurers. The latest amendments introduce a more proportional regulatory framework, reducing capital burden and simplifying governance requirements for small and noncomplex undertakings. Alex provides insights into how captives can leverage these changes, including the benefits of the reduced cost-of-capital rate in risk margin calculations, strategies for adapting to evolving environmental, social, and governance regulations, and how captives can position themselves for long-term success in a shifting regulatory environment.

Rethinking Risk: Captives as Game Changers for Delivery Service Partners

In this episode, host Joel Appelbaum sits down with Dave Johnson from Innovative Captive Strategies to discuss how captives empower Delivery Service Partners (DSPs) to take control of their insurance and risk management strategies. As the backbone of e-commerce and logistics, DSPs face unique risks that traditional insurance may not address effectively. The podcast explores how captives offer tailored coverage, cost stability, and proactive risk management, making them a perfect fit for DSPs operating in an ever-evolving delivery landscape.

The conversation also delves into real-world examples of how captives have mitigated risks, reduced costs, and transformed insurance expenses into profit centers for DSPs. Mr. Johnson also shares insights into the future of captives as technology and autonomous delivery systems reshape the logistics industry. Whether you're a DSP owner, a logistics professional, or someone intrigued by the role of captives in addressing emerging risks, this episode offers invaluable takeaways.

Mental Health in the Construction Industry

The construction industry has unique factors that can impact a worker's mental well-being. In this 19-minute episode of the IRMI Podcast, Dr. Marcos A. Iglesias of Travelers shares how the "perfect storm" of psychosocial issues affects construction workers' mental health and outlines some tools workers and employers can utilize to tackle this prevalent problem within the construction industry.

Building Construction, ITV, and Valuation Options in the Ag World

Continuing with our agent-focused 2025 IRMI Emmett J Vaughan Agribusiness Conference (AgriCon) topics, this 10-minute podcast episode features a Snap Talk with Joann Webb, chief risk officer and assistant vice president of underwriting for Berkley North Pacific, as she shares the importance of insurance to value (ITV) factors. We never want to be put in a bad position with our clients. This episode will serve as a preview of Ms. Webb's 2025 IRMI AgriCon presentation, titled "Building Construction, ITV, and Valuation Options in the Ag World." We look forward to seeing you at IRMI AgriCon West, scheduled for March 2–4, 2025, in Sacramento, California, where you will glean important information like this that helps make you the agent of choice.

Captive Insurance in Utah: Insights, Growth, and Innovation

In this episode of the IRMI Podcast, Joel Appelbaum interviews Travis Wegkamp, director of captive insurance for Utah, and Stephanie Liu, assistant director, to explore Utah's thriving captive insurance industry. The state's business-friendly approach, zero premium tax, and innovative legislation have fueled record-setting growth, with over $3 billion in gross premiums in 2023. The conversation highlights Utah's responsiveness to industry needs, from supporting cyber-security and environmental, social, and governance coverages to addressing homeowners insurance challenges through association captives. Travis and Stephanie share success stories, including a construction joint venture leveraging captives for risk control and a family-owned business transitioning ownership to employees. They also discuss emerging trends like artificial intelligence and cannabis-related risks, underscoring Utah's dynamic role as a leading domicile. Tune in to learn how Utah continues to innovate and support the captive insurance industry.

IRMI AgriCon Agent Expertise Series

Learn what valuable, agent-focused tools we are planning to show you at the 2025 IRMI Emmett J Vaughan Agribusiness Conference (AgriCon). In this 9-minute Snap Talk episode, Carl Morello, safety expert and AgriCon presenter, provides a sneak preview of one of the four educational sessions we are calling the "IRMI Agent Expertise Series." We hope Carl's construction classification preview whets your appetite for what we have in store for you at IRMI AgriCon West, scheduled for March 2–4, 2025, in beautiful Sacramento, California.

Fields of Challenge: The Grit, Grind, and Glee of Farming on Colorado's Front Lines

Learn what innovative technologies the Kalcevics employ for healthy soil, water scarcity, and successful crop yields. In this 17-minute podcast episode, Danell Kalcevic, human resources and office manager for Kalcevic Farms, reflects on the work and the pride of her fifth-generation family farm. Join IRMI Chief Content Officer Joel Appelbaum as he and Mrs. Kalcevic discuss grain farming on the land of her husband's great-grandfather, who immigrated from Croatia in 1898. Discover the resilience, tradition, and forward-thinking strategies that keep this historic farm thriving.

Innovating Risk Management: Exploring Lloyd's Captive Insurance Syndicate

In this episode, Joel Appelbaum, chief content officer at IRMI and Captive.com, speaks with Mike Maglaras, of Michael Maglaras & Company, about the launch of the first modern-era captive insurance syndicate at Lloyd's of London. This innovative model offers multinational companies a new way to manage complex risks across borders by eliminating fronting capacity barriers, enabling companies to issue Lloyd's paper in over 80 countries. Joel and Mike dive into how this syndicate model is transforming the captive industry, offering streamlined access to reinsurance and retrocessional markets at Lloyd's, reducing administrative burdens, and providing new avenues for insuring third-party and supply chain risks.

Mike also explores the strategic significance of this Lloyd's captive syndicate in the evolving global captive insurance landscape. For large-scale enterprises with complex, cross-border risks, the Lloyd's model could be a game changer, particularly as the United Kingdom positions itself as a competitive captive domicile post-Brexit.

Unlocking Employee Benefits with Captive Insurance

Jarid Beck of Risk Management Advisors joins Joel Appelbaum of IRMI to explore how businesses can unlock employee benefits through captive insurance. They discuss the increasing popularity of self-funded employee benefits in captives, driven by rising healthcare premiums and the desire for greater control over healthcare costs. 

The conversation highlights key benefits of captive insurance, including cost transparency, flexibility, and long-term financial sustainability. Mr. Beck explains how businesses can mitigate risks using stop-loss coverage, wellness programs, and effective claims strategies. The episode also touches on how advancements in data and artificial intelligence are shaping the future of self-funding, providing streamlined solutions for both employers and employees.

Practice, Practice, Practice Recalls

In this 11-minute Snap Talk episode, Marty Detmer, product recall and contamination/crisis management broker for Aon, expounds on some key factors that can increase the risk of product recalls and how to mitigate those risks. Mr. Detmer gave a fascinating presentation at the recent IRMI Emmett J Vaughan Agribusiness Conference in Des Moines, Iowa, on food recalls and why they're happening.  Food recalls can be a nightmare. Discover what Aon has uncovered about steps you can take to help mitigate your food recall exposure.

 

Tune in now for valuable insights that every risk and insurance professional should know.