The Edge of Risk Podcast by IRMI

As captive insurance companies become increasingly sophisticated, owners face evolving legal, regulatory, and tax considerations that require careful planning and ongoing oversight. In this episode of The Edge of Risk podcast by IRMI, host Joel Appelbaum speaks with Bailey Roese, partner at Dentons, representing the Self-Insurance Institute of America (SIIA). Ms. Roese discusses the importance of establishing captives for legitimate risk management purposes, selecting appropriate structures and domiciles, and maintaining sound governance practices throughout the captive life cycle.

The conversation examines board responsibilities, documentation, claims administration, and the importance of operating captives as bona fide insurance companies. Ms. Roese also addresses Internal Revenue Service (IRS) scrutiny of micro-captives, the broader implications of captive insurance tax litigation, and the distinction between state insurance licensing and federal tax qualification. She explains how corporate restructuring and the addition of new risks can affect captive operations and tax treatment, emphasizing the importance of knowledgeable service providers, regulatory relationships, and ongoing education.

As healthcare costs continue to rise, employers are exploring stop-loss captives as a way to gain greater control over healthcare risk, improve cost predictability, and strengthen their employee benefits strategies. In this episode of The Edge of Risk, host Joel Appelbaum speaks with Nikita Chaudhry, principal and senior actuary at Windsor Strategy Partners, and Tanya Arrowsmith, senior vice president at Crum & Forster, representing the Self-Insurance Institute of America. They explain how stop-loss captives work, what makes an employer a suitable candidate, and how these arrangements can evolve beyond financing large claims to support broader healthcare management objectives.

The discussion examines the importance of actuarial analysis in establishing appropriate funding levels, retention structures, and long-term financial sustainability, along with the role of fronting insurers and other partners. Ms. Chaudhry and Ms. Arrowsmith also explore how claims data, predictive analytics, and ongoing performance monitoring can help employers identify emerging risks, improve care management, and guide investments in pharmacy management and other cost-containment initiatives. They conclude with perspectives on specialty pharmaceutical costs, artificial intelligence, and the growing accessibility of group captives for small and midsize employers.

Today's farms rely on more technology than ever before. That connectivity is creating exciting opportunities, but it also introduces new risks. In this Edge of Risk podcast episode, recorded live at the 2026 IRMI Emmett J Vaughan Agribusiness Conference in Nashville, Joel Appelbaum talks with Joann Webb of Berkley North Pacific about precision agriculture, the evolving digital farm ecosystem, and the cyber challenges facing modern operations. Listen in for practical takeaways to help producers, agents, and insurers stay ahead in a rapidly changing agricultural landscape.

The Edge of Risk podcast by IRMI welcomes Tricia Kagerer, executive vice president of risk management at Jordan Foster Construction. Tricia's presentation, which was originally provided as a snap talk at the 2025 IRMI Construction Risk Conference (CRC), highlights some of the top challenges women in the construction and insurance industry face. Tricia talks about factors such as jobs demanding constant availability that punish those with caregiving responsibilities, psychological safety, and underrepresentation in advancement. Listen in as Tricia summarizes these top risks and learn actionable strategies companies can implement to foster safer, more equitable workplaces for everyone.

Hear a conversation on lessons learned from implementing telematics in complex energy operations, plus emerging technologies shaping the future of fleet risk management. This is how telematics moves beyond compliance and insurance pricing to become a strategic risk management tool. In this episode of The Edge of Risk podcast by IRMI, Joel Appelbaum sits down with Michael Tuomi, vice president of health, safety, environment, and training at Liberty Energy, to explore ways that telematics can uncover leading indicators of loss, provide valuable claims context, and support more effective driver coaching. They also discuss how organizations are using telematics data to identify high-risk behaviors, strengthen accountability, enhance contractor oversight, and make more informed fleet risk decisions.

Managing general agents (MGAs) increasingly use captive insurance to participate in underwriting results, support program growth, and build greater stability across market cycles. Anne Marie Towle and Alex Gedge of Hylant explain how MGAs, fronting insurers, captive insurance companies, and reinsurers work together within these structures, and why alignment among the parties is essential. The conversation examines fronting relationships, underwriting discipline, capital adequacy, risk transfer, and the governance responsibilities that arise as programs expand. Ms. Towle and Ms. Gedge also discuss using data and performance indicators to guide decisions, support loss control, and keep a captive aligned with an MGA's long-term strategy.

Discussions around additional insured coverage are ubiquitous in the construction industry. This month, The Edge of Risk podcast by IRMI welcomes Jeffrey Vita, partner at Saxe Doernberger & Vita, in his presentation providing tips on how to maximize additional insured coverage. Listen in as Jeff provides practical tips that insureds and their representatives can put into practice immediately to maximize and clarify additional insured coverage. This presentation, which was originally provided as a snap talk at the 2025 IRMI Construction Risk Conference, highlights important aspects such as confirming the main parties involved in the construction contract, verifying manuscript endorsements, and understanding the consequences of choice of law.

Food recalls are making headlines with increasing frequency, creating challenges that extend far beyond removing products from store shelves. In this episode of The Edge of Risk podcast by IRMI, Marty Detmer, US national practice leader for product recall and contamination at Aon, discusses what triggers a recall, why events like cyclospora outbreaks can be so difficult to manage, and the operational, financial, and reputational risks organizations face. It's a timely conversation for anyone involved in agriculture, food production, or the food supply chain.

As battery energy storage systems (BESSs) continue to expand across the energy sector, insurers, developers, and operators are working to better understand the risks associated with rapid deployment. In this episode of The Edge of Risk podcast, recorded live at the 2026 IRMI Energy Risk & Insurance Conference, Joel Appelbaum welcomes Jen Aitchison, renewable and sustainability practice leader at HUB International, to discuss the factors shaping BESS's risks today.

Their conversation goes beyond thermal runaway to examine transportation exposures, business interruption concerns, balance-of-system risks, large-scale fire testing, warranties, and the growing influence of industry codes and standards. They also explore evolving underwriting practices, emerging technologies, and risk management strategies that support the long-term growth and insurability of energy storage.

Tune in for an informative look into the intersection of renewable energy innovation, risk management, and insurance.

Captive insurance is increasingly viewed as a strategic risk management tool rather than simply an alternative to the commercial insurance market. Sam Komo, captive manager for the Missouri Department of Commerce and Insurance's Captive Insurance Program, discusses the importance of clear business purpose, realistic financial assumptions, adequate capitalization, experienced advisers, strong governance, and long-term organizational commitment.

Recorded live at the 2026 Vermont Captive Insurance Association Annual Conference, the conversation also examines the Midwest's growing role in captive insurance, the collaborative purpose of the Mid Rivers Risk Forum, and opportunities involving enterprise risk management, emerging risks, group and association structures, data analytics, technology, and artificial intelligence.

The Edge of Risk Podcast by IRMI welcomes Joe Reynolds, executive vice president at RT Specialty, to discuss a framework for consideration regarding professional liability when contractors are collaborating with design professionals on design-build projects. Originally presented as a Snap Talk at the 2025 IRMI Construction Risk Conference, Joe highlights the importance of implementing appropriate contractual and coverage requirements while considering market availability in such negotiations. Joe discusses adequacy of limits requirements, limitations of liability provisions, and waivers of consequential damages, among other negotiated terms.

From on-site at the 2026 IRMI Energy Risk & Insurance Conference, this episode of The Edge of Risk Podcast by IRMI explores forces influencing today's energy insurance market. Join host Joel Appelbaum and David Artzerounian, property and casualty client executive and partner at USI Insurance Services, as they dive into underwriting and capacity shifts, risk management innovations, and alternative risk financing solutions. This episode offers practical insights for navigating an increasingly dynamic risk landscape.

Want to get ahead in your career faster than your peers? In this episode of The Edge of Risk Podcast by IRMI, host Joel Appelbaum sits down with Fela Abioye, middle-market underwriting leader and author of How to Corporate. They discuss the skills nobody teaches you in school but every successful professional needs to master.

Fela shares the lessons he wishes he had known earlier, including how to build influence, create a personal brand, develop meaningful professional relationships, and accept feedback.

If you've ever wondered why some talented professionals advance while others stall, this conversation provides an honest look at the unwritten rules, relationship-building strategies, and leadership habits that can make a lasting impact on your career. Don't miss this practical road map for succeeding in today's workplace.

What key insights emerged from the sold-out Women in Energy Risk & Insurance Collaboration session at the 2026 IRMI Energy Risk & Insurance Conference? In this episode of The Edge of Risk Podcast by IRMI, host Joel Appelbaum sits down with Christine Palomba, deputy head of natural resources at Howden US, to discover what it takes to thrive.

Listen as they examine the realities of work-life balance, the critical role relationships play in career advancement, and the difference between mentorship and sponsorship. They also explore the importance of building confidence, taking calculated risks, and embracing feedback.

More than just a conversation about women in business, this episode provides a blueprint for leadership, resilience, career growth, and the power of lifting others as you climb.

Internal Revenue Service (IRS) scrutiny of captive insurance companies has increased in recent years, but what are regulators and courts actually evaluating? In this episode of The Edge of Risk Podcast by IRMI, Joel Appelbaum is joined by George Belokas, president of GPW and Associates, chair of the Self-Insurance Institute of America Captive Committee, and president of the Arizona Captive Insurance Association, to discuss the insurance fundamentals that support well-managed captive insurance companies. Drawing on his actuarial and industry leadership experience, Mr. Belokas explains why the focus extends beyond tax elections to whether a captive is genuinely operating as an insurance company.

The conversation explores the importance of actuarially sound pricing and reserving, risk transfer and risk distribution, and the lessons emerging from recent IRS regulations and court decisions. Mr. Belokas also discusses governance, documentation, and emerging risks such as cyber liability, employee health care, and supply chain disruption, and he explains why captive owners should regularly evaluate whether their captive continues to align with changing organizational risks. He concludes with practical guidance on maintaining strong underwriting, governance, and long-term operational discipline while navigating an evolving regulatory environment.

In this episode of The Edge of Risk Podcast by IRMI, Joel Appelbaum sits down with Carly Pye to talk about how majoring in risk management and insurance (RMI) changed her future. Carly shares the internships, networking opportunities, and real-world experiences that turned a college program into a career path she genuinely is excited about.

Carly and Joel talk candidly about how, originally, she did not think a career in insurance was for her, but the opportunities her RMI major has given her made Carly fully buy into the insurance industry.

Joel and Carly's conversation unlocks what makes a great internship and how to make the most out of your college experience. Listen in, and you may find out that the insurance industry is one of the best-kept secrets for students looking for a rewarding career.

When should an organization seriously consider forming a captive insurance company—and when is it better to wait? In this Captive Insurance 101 episode of The Edge of Risk Podcast by IRMI, Joel Appelbaum speaks with T.J. Scherer, vice president at Spring Consulting Group, about the practical questions organizations should ask before pursuing a captive. The discussion explains what typically prompts companies to explore alternative risk financing, how to distinguish common misconceptions from legitimate opportunities, and why the decision extends far beyond premium size alone.

T.J. also walks through the key elements of a captive feasibility evaluation, including total cost of risk, capital requirements, organizational readiness, leadership alignment, and long-term business strategy. Listeners will learn why captives are strategic risk management tools rather than quick cost-saving solutions, how organizations should think about group versus single-parent structures, and what a typical feasibility study can—and cannot—tell decision-makers before moving forward.

Agriculture is increasingly affected by forces far beyond the farm gate—from commodity markets and interest rates to global economic uncertainty. In this 13-minute episode of The Edge of Risk Podcast by IRMI, Scott Shellady, better known as "The Cow Guy," shares his unique perspective on the trends shaping agriculture and risk today. Scott also offers a preview of his keynote address at the IRMI Emmett J Vaughan Agribusiness Conference, set for August 31–September 2 in Nashville, where he'll discuss navigating uncertainty and finding opportunity in a rapidly changing agricultural economy.

The Edge of Risk Podcast by IRMI welcomes Hank Dutton, senior technical specialist at Travelers Insurance and certified lift director, in a highly informative discussion on cranes and rigging exposures. Hank highlights important areas of focus, such as roles that should be clarified within rental agreements and where projects get tripped up regarding ground conditions. As an "encore" to Hank's popular session presented at the 2025 IRMI Construction Risk Conference, this talk also provides solutions to avoid unexpected exposures regarding cranes and rigging at a construction site.

Artificial 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.