Advantage Insurance Management
Zlata Cavka, an account administrator working with captive companies in Vermont, speaks with Diana Bui about captive management and emerging opportunities in the industry
Could you share any insights or experiences you have had in the captive insurance industry? What types of companies have you assisted in captive formation, and what specific risks were they aiming to protect against?
Although I only joined Advantage Insurance and the captive industry two years ago, I have been working with a variety of captive owners, ranging from Fortune 500 companies that own pure captives, to hundreds of business owners in the same industry who own group captives. A recent formation that I assisted with involved various business entities in all 50 states, affiliated with a fintech company.
Before the captive, the businesses were buying general liability, property, cyber, employment practice liability, directors and officers, professional liability, errors and omissions, excess, and umbrella coverages from dozens of insurers.
Despite a very favourable loss history, their inefficiency made insurance coverage expensive. Now their captive is changing things for the better.
How has your previous experience prepared you for your current role?
I previously worked as a licensed financial services representative in banking for over a decade, where client relationship management, regulatory compliance, and attention to detail in every financial transaction were key to success. Knowing my clients meant knowing and managing their needs while being constantly vigilant of the regulatory framework. Those same skills are just as helpful in my new career.
Based on your experience, what would you say are the key benefits of working in this industry?
Insurance has a rich history dating back hundreds of years. Similar to the various industries we serve, some risks have remained unchanged, while others have undergone complete reinventions. Innovation has happened on a global scale, and captives react faster to market forces than traditional insurance. Our industry is constantly breaking new ground. Advantage Insurance has offices in major captive domiciles around the world. I get to collaborate with my colleagues both onshore and offshore.
The captive insurance industry has many networking opportunities. I particularly enjoy the events organised by the Vermont Captive Insurance Association (VCIA), such as their annual conferences, roadshows, and member mixer events. This industry offers opportunities to learn and advance in many areas, and it is very rewarding.
Can you name your main influences in the industry?
I am very fortunate to work on Christina Kindstedt’s team. She single-handedly built our Vermont office from zero to US$3 billion in annual premiums in six years, all while winning accounts, mainly through client referrals. Most of the people on our team have worked in captives for at least 20 years.
In my daily work, I have learned so much from them. In Vermont, several influential women lead the Captive Insurance division of the Vermont Department of Financial Regulation. I am honoured to belong to a team and industry where I can learn from the best.
What are your aspirations for your future career in the industry?
Captive management is the most diverse career I have experienced. I would like to see myself as an accomplished captive manager and support my team first. It would also be the best reward to become a mentor to the next generation and help them succeed in this industry. My interest is also in cybersecurity and the captive insurance industry is becoming more and more engaged in addressing cybersecurity risks.
What advice do you have for someone considering a role in captive insurance?
Whether you are fresh out of college or already have an established career, the captive insurance industry offers many opportunities in fields such as finance, risk management, programme management, auditing, actuarial, business, and insurance law. As an avid learner, I strongly believe in continuous education. I obtained a bachelor’s degree in economic crime investigations at Champlain College in Burlington, and I am now working on an MBA in information security.
