Program Captives – Eyes Wide Open

RECORDED WEDNESDAY, May 5  | 11:00 AM Eastern

Captives may offer Program Administrators the opportunity for increased revenue, greater program control and afford rate stabilization in an otherwise lumpy or unpredictable market cycle. In some cases it may also include exclusivity and a co-underwriting partnership with your carrier and position your program for coverage enhancements as surplus accumulates over time.

Captives, however, require significant financial, education and oversight resources and may not be the best alternative for some Program Administrators.

Join this panel of experts to better understand the risk, rewards and challenges of a captive model. Attendees can expect a discussion that includes:

  • Basic facts about agency captives
  • Reasons to consider a captive
  • Collateral expectations
  • Captive Risks – what can go wrong
  • Key factors for success
  • How to start with a feasibility study

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HitzigJPix web

Jeremy Hitzig is co-founder of Starfish Specialty Programs. He formed Starfish Specialty Programs in 2021. The company focuses on specialty property & casualty programs underwritten by leading insurance companies and uses cutting edge analytics and a highly agile and configurable technology platform. Initial products are set to debut in the second half of 2021.

Jeremy began his insurance career in 1995 as a principal at Capital Risk Strategies where he focused on emerging risk transfer tools including catastrophe bonds and other blended capital markets/insurance products. In 1997 he joined Distinguished LLC and held a number of executive positions before being named Chief Executive Officer in 2006, serving in that role until the end of 2018. Among other divisions, Distinguished comprised Distinguished Programs, a leading national program administrator and TMPAA Best Practices designee and ReSource Pro, a fast growing business process outsourcing company focused on the insurance industry. He is a graduate of McGill University and received his MBA from Columbia Business School in New York. He also holds the Chartered Financial Analyst and Chartered Property and Casualty Underwriter designations. He has been a member of the Young Presidents Organization (YPO) since 2006. He is also a past-President and current board member of the Target Markets Program Administrators Association.


carol frey

Carol Frey is Divisional Vice President with Great American Alternative Markets. She joined Great American Insurance Company in 2011. She is responsible for divisional marketing and new business development for programs, in addition to agency, association and/or group captives and serves as a subject matter expert for captive opportunities that cross into other divisional underwriting charters at Great American. Ms. Frey is a 30+ year veteran in the Property & Casualty industry where she has held a variety of financial, underwriting, managerial and captive leadership positions. Prior to Great American, Ms. Frey’s experience focused primarily on the large Fortune 500 US risk management accounts. For 9 years, Ms. Frey managed a global portfolio that included complex foreign casualty programs, including captives, for Fortune 250 U.S. multinational clients.

Ms. Frey received both her B.A. in Psychology/Business and her M.B.A. from the University of Delaware and earned her CPL with TMPAA. She is the author of a wide variety of articles related to programs, captive and alternative risk and is a frequent speaker at industry conferences. She has been actively involved with the Vermont Captive Insurance Association (VCIA) and Captive Insurance Companies Association (CICA) since 1990 in the alternative market sector and recently served on the CICA Board as recently as 2017-2020 and was named an Elite Woman by Insurance Business America in 2020.



Bob Gagliardi is Senior Vice President and Head of Captive Management at AIG. He is responsible for developing innovative, customized captive solutions for clients. This includes captive formations, feasibility studies, and the development of AIG’s sponsored captives. In addition to serving existing clients, he manages the marketing and formation of new captives and has formed captives in numerous domiciles. Bob serves on the Board of over 15 captives and is a frequent speaker at industry conferences. Several times Bob has been named to Captive Review Magazine’s “Power 50”, a list of the captive industry’s most influential and innovative figures.

Bob is a member of the American Institute of Certified Public Accountants and he has obtained the Associate in Reinsurance (ARe) designation from the Insurance Institute of America. Additionally, Bob currently serves on the Advisory Board of the World Captive Forum.



Larry Chasin is CEO of PAK Programs, a provider of customized insurance programs for wineries, breweries and other risks within the craft beverage industry. Chasin has more than 25 years of experience meeting the insurance needs of those within this niche.