Glossary term

Captive manager

A firm that runs a captive insurer's day-to-day operations under contract. It does not own the captive or carry its insurance risk.
Last reviewed 5 October 2026
AI-assisted, editor reviewed

A captive manager is a service firm engaged by a captive insurer to run its day-to-day operations. The captive's owners own it and its board governs it; the manager works under a management agreement and does not bear the captive's insurance risk.

Depending on the engagement, a manager may keep the captive's books and records, prepare regulatory filings and financial statements, support board meetings, and coordinate the actuary, auditor, lawyers, claims administrator and any fronting insurer or reinsurer. The scope is whatever the agreement says, and not every firm provides every service.

Several domiciles regulate who can act as a manager. Vermont's formation steps begin with selecting an approved captive manager; Utah requires captives to use managers the Insurance Department has approved; Delaware's application asks for an authorized captive manager; and in the Cayman Islands a Class B insurer must either keep an approved principal office there or appoint a licensed insurance manager.

To compare firms, browse captive management companies. To see where a manager fits before a captive is formed, read the captive feasibility study guide.

  • Captive Managers