JENNIFER MASTERS

Jennifer Masters started her career in captives over 10 years ago within the audit department of an accountancy firm. She left her role as senior manager in July 2022 and joined Beecher Carlson Bermuda/Brown & Brown in August 2022 as senior vice president, Bermuda captive leader.

Masters is described as being passionate about the industry and Bermuda as a captive insurance jurisdiction. She has spoken at several conferences over the years, including the Bermuda Captive Conference and as part of a delegation to Toronto from Bermuda as part of the Bermuda Risk Summit. She is said to be eager to be involved in speaking events and roles in upcoming conferences now that they are back to being in-person.

Here she shares how she feels the market is changing and evolving and why it remains a rewarding one for young professionals to join.

Do you feel that the captive insurance industry is a rewarding sector to work in?

Yes, I really enjoy what I do. Every day is different with ever-evolving opportunities.

Would you recommend the captive insurance industry to young people as a future career path?

Yes, it is a meaningful and challenging career, it allows individuals to think critically and solve problems. There are many ways to get into the captives industry—accounting or finance is just one of the opportunities. Others traditional ways, to name a few, include marketing, law, or underwriting.

How do you feel that the captive insurance industry will evolve?

The captives industry is always evolving as a result of what is happening in the broader re/insurance market, with risk managers using their captives as a key part of mitigation/management of their risk. For example, currently the property market is hardening and we are seeing a lot of captives write excess capacity they have been unable to place as they did traditionally. A few years ago we noted captives stepping in and taking on cyber coverage—it is difficult to say what the next event will be. Captives deliver insurance capacity more efficiently than in traditional insurance markets where coverage is unavailable or inordinately expensive.

Do you think that your long-term future remains in the captive insurance industry?

I enjoy what I do, with every day being different. I like working alongside my many clients and discussing what they can do with their captives, as well as collaborating with my colleagues across different domiciles. I currently do not have any plans to transition out of the captive insurance industry.