Innovative Captive Strategies

What Innovative Captive Strategies does

Innovative Captive Strategies (ICS), founded in 1999 and headquartered in Waukee, Iowa, is a privately held captive insurance consulting and management firm operating as a subsidiary of Holmes Murphy. The company designs and administers group captive insurance structures for mid-size and larger U.S. businesses, with its core products organized around Property Casualty Group Captives (workers compensation, general liability, auto) and Employee Benefits Group Captives (health insurance), supported by full-service Consulting and Captive Management. ICS services over 90 captives across 9 U.S. domiciles and offshore Grand Cayman (via sister company Global Captive Management), with 750+ member companies and approximately $700M in premium under management.

ICS monetizes through a diversified revenue stack: ongoing managed services fees for captive administration, consulting and feasibility study fees, profit-sharing and commission arrangements with insurance carriers, and premium-based revenue tied to pool size. The technology platform centers on the ICS Community Portal, providing real-time risk reporting, loss performance insights, trend analysis, and dashboards; the AnalytICS sub-brand extends this into population health management analytics. Newer product extensions include APEX Captive (August 2024) for large enterprises requiring a $125K+ specific stop-loss threshold and CaptiveXS (March 2025), a specialized umbrella excess insurance product launched with IPS, SiriusPoint, and CRS.

The go-to-market relies on a select brokerage partnership model rather than broad distribution, creating a triad relationship (broker, ICS, client) where vetted brokers identify prospects and maintain day-to-day client contact while ICS provides captive expertise. Segments include mid-size businesses with 50+ employees seeking health insurance alternatives, privately held companies paying $200K+ in WC/GL/Auto premiums seeking premium reduction, and large enterprises with sophisticated self-funded needs. Product-specific economics include a reported average premium reduction of greater than 20% and 25% return on investment for property casualty captive owners, with $500M in profit distributions returned to members historically. The company has accumulated industry recognition including the 2025 Cayman Award for Consultancy Firm of the Year.

Name

Innovative Captive Strategies

Legal name

HMA Group Holdings, LLC

Website

https://yourcaptive.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

101–250 employees

Short description

Innovative Captive Strategies designs and manages group captive insurance programs for mid-size and large U.S. businesses, administering over 90 captives across 9 U.S. domiciles and offshore Grand Cayman with 750+ member companies and $700M in premium under management.

Ownership category

akta.pro rank

Product category

Captive Insurance Management and Consulting

NAICS

Other Insurance Funds (52519)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro industry

PRIMARYFSAEADAF

Captive Insurance Advisory & Management

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Insurance Brokerage & Risk Advisory

SECONDARYHLAEALAB

Stop-Loss & Reinsurance Administration (Captive/Level-Funded Support)

Healthcare & Life Sciences/Health Insurance & Managed Care/Third-Party Administration (TPA) & Administrative Services Only (ASO)

Keywords

• Captive insurance management
• Group captive formation
• Property casualty captive
• Employee benefits captive
• Alternative risk consulting

Headquarters

HQ city

Waukee

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Captive Management Fees: Ongoing management fees for administering captive insurance programs including bookkeeping, regulatory compliance, insurance program management, tax compliance, records management, and corporate compliance services.
2. Profit-Sharing Arrangements: Commission and profit-sharing payments from insurance carriers based on profitability and/or premium growth of business written.
3. Consulting Services: Feasibility studies, strategic planning, industry trend analysis, benchmarking, and domicile reviews for captive formation and management.
4. Premium-Based Revenue: Revenue derived from managing $700M in premium across captive structures with profit distributions returned to members.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Innovative Captive Strategies designs, forms, and manages member-owned group captive insurance programs as alternatives to traditional insurance, covering workers compensation, general liability, auto, and employee benefits lines for mid-size and large businesses. The firm delivers ongoing captive management services including feasibility studies, regulatory and tax compliance, captive administration, and risk management consulting across 9 U.S. domiciles and an offshore Grand Cayman domicile.

Product overview

Innovative Captive Strategies (ICS) is a captive insurance consulting firm offering group captive insurance programs as alternatives to traditional insurance. The core portfolio includes Property Casualty Group Captives (for workers compensation, general liability, and auto coverages) and Employee Benefits Group Captives (for health insurance), supported by Consulting & Captive Management services. ICS also provides specialized add-on products including CaptiveXS (umbrella excess insurance launched March 2025), APEX Captive (for large employers with $125K+ stop-loss thresholds), and sub-brands such as ALPHA (simplified captives), SafeMode (behavioral programs), AnalytICS (data analytics), and Impact Re (reinsurance solutions). The company operates alongside sister company Global Captive Management (GCM) in Grand Cayman for international captives. ICS differentiates through smaller, member-owned captives with higher engagement under the 'Better is Better' philosophy.

Differentiator

Problem solved

Functional benefit

Brands

• Global Captive Management (GCM): International sister company of ICS providing captive management services for single-parent captives and segregated cells
• APEX Captive
• CaptiveXS
• ALPHA
• SafeMode

Products and services

• Property Casualty Group Captives Group captive insurance program for businesses covering workers compensation, general liability, and auto exposures. Members partner with like-minded companies to form their own insurance company, gain control over premiums and claims, and earn profit distributions. Targeted at privately held companies paying $200,000+ in combined WC, GL, and Auto premiums.
• Employee Benefits Group Captives Health insurance captive alternative enabling employers with 50+ enrolled employees to form their own insurance company. Provides control over health insurance costs, transparency in claims performance, improved company culture, a healthier workforce, and potential profit sharing.
• Consulting & Captive Management Comprehensive consulting and management services for all types of captive insurance companies including group, single parent, and segregated cell structures. Services include feasibility studies, domicile selection, program structure, regulatory compliance, tax compliance, bookkeeping, and ongoing captive management across 9 U.S. domiciles and offshore Grand Cayman.
• CaptiveXS Umbrella excess insurance product designed exclusively for ICS captive clients. Developed in response to volatility in the excess/umbrella market, providing captive members with a specialized and stable excess coverage option.
• APEX Captive Exclusive employee benefits captive solution designed for larger companies requiring minimum $125,000 specific stop-loss threshold. Features larger floating layer for greater flexibility and opportunities, with a community of sophisticated self-funded employers.
• ALPHA Captive Simplified captive insurance solution offering a more streamlined approach to captive insurance structures for businesses seeking easier entry into captive ownership.
• AnalytICS Data analytics platform providing population health management capabilities for captive members, enabling data-driven decision making on health benefits and risk.
• Impact Re Reinsurance Reinsurance solution focused on creating cleaner, more efficient captive structures through risk optimization and reinsurance arrangements for ICS captive members.

Quantifiable outcome

• Average reduction of premium >20% for property casualty captive members
• +3 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and major.

• Innovative Program Solutions (IPS)coreStrategic or Co-development Partner · 1 March 2025Strategic partnership with IPS, a full-service Managing General Agent (MGA), to launch CaptiveXS - a specialized umbrella excess insurance product designed exclusively for ICS captive clients. IPS serves as the full-service program administrator for the CaptiveXS program.
• SiriusPoint Ltd.coreTechnology or Integration · 1 March 2025Global specialty insurer and reinsurer based in Bermuda serving as the carrier partner for the CaptiveXS umbrella excess insurance program launched through the ICS-IPS partnership.
• Creative Risk Solutions (CRS)majorImplementation/ SI/ Consulting Partner · 1 March 2025Third-party administrator (TPA) for the CaptiveXS program and long-term ICS partner, handling claims administration and program management.
• Private Health ManagementmajorStrategic or Co-development Partner · 1 August 2024Partnership to support ICS captive members with serious and complex medical conditions, providing specialized health management services for captive clients.
• Impact RemajorTechnology or Integration · 1 July 2023Reinsurance partner for ICS creating cleaner captives through risk optimization and reinsurance solutions. Part of Holmes Murphy family of subsidiary brands.
• Global Captive Management (GCM)coreStrategic or Co-development Partner · 1 January 2019GCM joined the Holmes Murphy family in 2019 and became a sister company to ICS. The partnership enables delivery of both onshore U.S. domicile solutions (ICS) and offshore Grand Cayman solutions (GCM). Teams collaborate across Joe Streck's C&M team in the U.S. and Alanna Trundle's GCM team in Grand Cayman, serving single-parent captives, segregated portfolio companies, and group captives.
• Insurance Agencies and Broker PartnerscoreChannel Partner/ Reseller/ DistributorSelect group of insurance agencies partnered with ICS for captive insurance distribution. ICS works with brokers rather than around them, creating a triad relationship model where broker, ICS, and client all benefit. Each partnership develops mutual expectations and plans for moving forward together in success.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Marsh Captive Solutions: Part of Marsh McLennan, the largest captive insurance consulting and management practice globally. Directly competes with ICS across group, single-parent, and segregated cell captives across multiple domiciles, with a similar consulting + ongoing management service model.
• Aon Captive Solutions: Aon's captive insurance advisory and management arm, offering feasibility studies, formation, and ongoing management across onshore and offshore domiciles. Highly comparable to ICS in service mix and target mid-market to enterprise customer segments.
• Artex Risk Solutions: One of the largest independent captive management firms, now part of RPS Group. Offers single-parent, group, and protected cell captive formation and management; competes directly with ICS for the same broker-distributed mid-market segment.
• Strategic Risk Solutions (SRS): Independent captive management firm offering formation, feasibility, and ongoing management services across U.S. and offshore domiciles. Closely matches ICS in size, broker-led distribution, and group captive focus.
• USA Risk Group: Independent captive management firm specializing in group captives for property/casualty and employee benefits. Directly comparable to ICS in target market, service scope, and mid-market orientation.
• Davies Group Captive Management: Provides captive management, consulting, and formation services across multiple jurisdictions. Comparable to ICS in service offering and broker-distributed model, with growing presence in North America.
• GRM (Global Risk Management): Independent captive management and consulting firm offering group and single-parent captives. Competes with ICS for the same mid-market employer segment and broker channel.

Broad incumbents

• Willis Towers Watson (WTW) Captive Solutions: Global brokerage and advisory firm with a captive insurance practice embedded within its broader risk and brokerage portfolio. Overlaps with ICS but operates at significantly larger scale and as part of a full-service brokerage.
• Acrisure Captive Solutions: Large insurance brokerage with captive and alternative risk capabilities embedded within a much broader commercial and personal insurance portfolio. Adjacent competitor at the broker-distribution level.
• Brown & Brown Risk Solutions: Major U.S. insurance brokerage with captive and alternative risk transfer capabilities for mid-market and enterprise clients. Competes with ICS primarily at the broker-distribution and member-acquisition layer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/yourcaptive_com
• Facebookfacebook.com/yourcaptivedotcom
• LinkedInlinkedin.com/company/innovative-captive-strategies
• Instagraminstagram.com/yourcaptive_com

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Innovative Captive Strategies