Podcast
The Edge of Risk Podcast by IRMI
Hosted by irmi · EN
Trusted Risk Management and Insurance Research That Empowers You To Be the Expert!
29episodes
Episodes
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Artificial Intelligence in Captive Insurance: Practical Lessons from a Healthcare Risk Retention Group
2w ago00:21:36Summary readyArtificial intelligence (AI) is rapidly changing how captive insurance companies and risk retention groups operate, but where does it create the greatest value, and where should human expertise remain firmly in control? In this episode of The Edge of Risk Podcast by IRMI, Joel Appelbaum is joined by Julie Bordo, president and CEO of PCH Mutual Insurance Company, a Vermont-domiciled healthcare risk retention group serving assisted living and personal care homes across the United States. Julie explains how her organization has used AI to improve claims administration, underwriting workflows, legal operations, and member services while maintaining strong governance and regulatory oversight. The conversation explores how a lean captive organization can use AI to automate repetitive work, summarize complex claims files, enhance operational efficiency, and free staff to focus on strategy and risk management rather than administrative tasks. Julie also discusses why AI should be viewed as a collaborative assistant rather than a replacement for human judgment. She shares practical guidance on AI governance, cyber security, prompt validation, and organizational policies, while offering advice for captive owners and risk retention groups looking to adopt AI responsibly. The discussion also provides valuable background on how risk retention groups operate within the captive insurance industry and why their collaborative structure supports innovation and specialized risk management.
SummaryCaptive Insurance and Self-Procurement Tax: Key Considerations
2w ago00:10:20Summary readySelf-procurement tax is an often overlooked aspect of captive insurance that can create significant compliance and financial implications if not properly addressed. In this episode of The Edge of Risk Podcast by IRMI, host Joel Appelbaum is joined by Allan Autry, CPA and partner at Johnson Lambert, to explore when self-procurement tax applies, why it exists, and how it affects organizations using captive insurance companies. Allan explains the distinction between premium tax and self-procurement tax, discusses the impact of the Nonadmitted and Reinsurance Reform Act, and outlines how an insured's home state is determined for tax purposes. The conversation also examines common misconceptions surrounding self-procurement tax, practical compliance considerations, and the challenges organizations face when operating across multiple jurisdictions. Allan shares insights on how self-procurement tax can influence captive domicile decisions, why it should be included in feasibility studies, and how fronting arrangements may alter tax obligations. The discussion concludes with a look at increasing state enforcement activity and steps captive owners and risk managers can take to stay ahead of potential compliance exposures.
SummaryLeverage Insurance Risk Engineers to Expose and Mitigate Construction Project Risks
3w ago00:08:46Summary readyInsurers use risk engineers to help customers identify and mitigate risks by assessing their operations and making recommendations for improvements. The Edge of Risk Podcast by IRMI features Peter Ukstins, head of construction risk engineering at AXA XL, in a talk that was originally presented as a snap talk at the 2025 IRMI Construction Risk Conference. Listen in to Peter's insight on how face-to-face interactions with customers throughout the lifecycle of a project allow risk engineers to gain a deeper understanding of their operations and provide more customized solutions.
SummaryUsing Captive Insurance to Support Risk Strategy and Capital Deployment
4w ago00:24:33Summary readyIn this episode of The Edge of Risk Podcast by IRMI, Joel Appelbaum speaks with Cherie Baker, vice president of enterprise risk management at Ilitch Companies, about how captive insurance can serve as a strategic tool for managing risk, deploying capital, and supporting business growth. Ms. Baker shares her career journey through brokerage, healthcare, automotive, and enterprise risk management, and explains how Tenda, the organization's captive insurer, has evolved from its original employee benefits focus into a broader risk financing vehicle supporting multiple lines of coverage. The conversation explores how Tenda utilizes both the Michigan and Cayman domiciles, works alongside commercial insurers and reinsurers, and evaluates opportunities across health, property, casualty, management liability, executive life, and other emerging risks. Ms. Baker discusses the importance of aligning captive strategy with organizational objectives, building relationships across diverse business units, and continuously reassessing captive utilization as market conditions change. She also shares insights into the role of entrepreneurship in captive innovation, the value of industry involvement through Captive Insurance Companies Association and Amplify Women, and why organizations should regularly revisit how their captives can support evolving and interconnected risks.
SummaryPaperwork Risk: How Digital Forms Are Saving Farm Operations
Jun 1100:19:41Summary readyFarmers and ranchers are challenged by complex forms needed to apply for critical federal programs, among other things. In this 20-minute episode of The Edge of Risk Podcast by IRMI, ZForm's Lara Goldmark, founder and CEO, and Laura Napoli, cofounder and head of marketing and partnerships, discuss US Department of Agriculture (USDA) and government-required farm program forms, especially those that determine program eligibility and enrollment and in which a small error can delay or restart the entire process. Many federally reinsured crop insurance policies require accurate and timely USDA filings to remain eligible—learn ways to minimize your risk.
SummaryReinsurance Trusts in Captive Insurance: Structure and Strategy
May 2900:22:26Summary readyIn this episode of The Edge of Risk Podcast by IRMI, host Joel Appelbaum speaks with Donny Tong, senior vice president at Truist Bank, about the role of reinsurance trusts—also referred to as "collateral" trusts—in captive insurance programs. The discussion explores how these trust structures function as collateral mechanisms between captives, fronting insurers, and reinsurers, including the operational mechanics behind trust agreements, eligible assets, withdrawal rights, and trustee responsibilities. Mr. Tong explains why many fronting insurers increasingly favor trust arrangements over letters of credit due to their operational simplicity, streamlined administration, and ability to provide ongoing visibility into collateral assets. The conversation also examines how reinsurance trusts compare with other collateral options such as letters of credit and funds withheld arrangements. Topics include investment flexibility within trust accounts, liquidity considerations, balance sheet treatment, multibeneficiary and multicell trust structures, and the growing demand for master trust frameworks. Mr. Tong also shares perspectives on how market conditions, liquidity pressures, and rising letter-of-credit costs may continue driving adoption of collateral trusts across the captive insurance industry in the years ahead.
SummaryWeather-Proofing Construction: Unlocking the Power of Parametric Insurance
May 1200:14:11Summary readyAs climate change drives more severe and unpredictable weather, construction projects face costly delays and other risks. This month, The Edge of Risk Podcast by IRMI is pleased to feature Rose Hall, founder and CEO at RH Business Ventures, LLC. Listen in as Ms. Hall discusses how the application of noncatastrophic parametric weather insurance can be utilized to help contractors and project owners manage climate-related risks that do not trigger other policies. This talk was originally presented as a snap talk at the 2025 IRMI Construction Risk Conference.
SummaryHow the CFM Decision Is Reshaping Captive Insurance Tax Standards
May 800:18:50Summary readyRecorded live at the Captive Insurance Companies Association 2026 International Conference, this episode of The Edge of Risk Podcast by IRMI features Kristen Lawler discussing one of the most closely watched captive insurance tax decisions in recent years: the 2025 CFM Insurance Tax Court memorandum opinion. Drawing from her recent article in IRMI's publication Captive Insurance Company Reports, Ms. Lawler explains how the case highlights the growing importance of operational discipline, governance, documentation, pricing support, and claims handling in determining whether a captive arrangement qualifies as insurance for federal tax purposes. The discussion explores the "commonly accepted notions" prong of the four-part insurance test and why it has become an increasingly significant focus of Internal Revenue Service scrutiny and Tax Court analysis. Ms. Lawler examines how the court evaluated risk distribution, premium practices, policy issuance, and state licensure issues under the McCarran-Ferguson framework, while also outlining practical questions captive owners should be asking their advisers today. The episode offers timely insight for captive owners, tax professionals, actuaries, and risk managers seeking to better understand how operational rigor and economic substance continue to shape the captive insurance landscape.
SummaryBeyond the Buzz: AI, Autonomous Mobility, and the Future of Captive Insurance
Apr 2900:16:45Summary readyRecorded live at the Captive Insurance Companies Association 2026 International Conference, this episode of The Edge of Risk Podcast by IRMI explores how artificial intelligence (AI) is moving beyond industry hype and into practical application within captive insurance programs. Joel Appelbaum is joined by Steven Bauman of AXA XL to examine where AI is already delivering measurable value—from underwriting support and claims analytics to operational efficiency and reporting enhancements—while also addressing the critical importance of data readiness and governance. The discussion also expands into emerging risks, including the distinction between autonomous vehicles and broader autonomous mobility systems, and how these evolving exposures may reshape captive structures, capital strategies, and risk retention approaches. Mr. Bauman highlights the role of captives as incubators for emerging risks, particularly in environments where loss data is limited, and discusses how fronting insurers and regulatory considerations may evolve alongside these technologies.
SummaryMaritime War Risk: Insuring the Uninsurable
Apr 2400:34:54Summary readyThis episode of The Edge of Risk Podcast by IRMI explores the fast-moving world of maritime war risk insurance, from the Strait of Hormuz to market capacity, cancellation, and coverage gaps across hull, liability, and cargo. Featuring Steven Weiss, president and chief underwriting officer of Incarnation Specialty Underwriters, the conversation delivers critical insights for insurance professionals dealing with global transportation and geopolitical risk.
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