What USA Risk Group does

USA Risk Group is an independent captive insurance management firm founded in 1981 and headquartered in George Town, Grand Cayman. The company delivers an end-to-end captive lifecycle offering spanning feasibility studies, captive formation and licensing, ongoing management (compliance, regulatory reporting, financial and accounting support, and claims oversight), and consulting and optimization services. It positions itself as one of the few truly independent captive managers, deliberately unaffiliated with insurance brokers or bundled service providers, and serves as an extension of independent broker teams as well as a direct advisor to CFOs, risk managers, and companies with consistent risk exposure (including manufacturing, healthcare, construction, transportation, professional services, government, and non-profit organizations).

Operationally, USA Risk Group runs licensed entities in 10+ domestic and international captive domiciles, including Cayman Islands, BVI, Barbados, Malta, Bermuda, and US states such as Tennessee, Arizona, Missouri, Nevada, North Carolina, Ohio, South Carolina, Texas, Washington D.C., Puerto Rico, plus Alberta in Canada. The firm is privately held following a May 2019 management buyout from Spencer Capital Holdings, with ownership and leadership concentrated in the senior management team led by President Paul Macey (40 years in insurance, 33 in Cayman). The business is services-only: no proprietary software, API, or SDK products are disclosed, and no AI/ML capabilities are evidenced in the inputs.

The revenue model is managed services, charging quote-based, multi-year fees across the captive lifecycle; the firm does not publish pricing, but third-party benchmarks cited in the materials indicate captive formation typically requires $100K–$250K minimum capital and ongoing service provider costs of approximately $100K per captive annually, with stand-alone captives generally needing a minimum of $750K of annual premium to be viable. Go-to-market is sales-led, consultative, and reliant on direct engagement, broker partnerships, educational content, industry conference presence, and free one-hour consultations. The firm has 11–50 employees, an average staff tenure of 14 years, and a track record of industry recognition including Captive Manager of the Year awards in 2017, 2020, and 2025.

Name

USA Risk Group

Legal name

USA Risk Group

Website

https://usarisk.com

Company type

Private

Founded year

1981

Operating status

Operating

Headcount range

11–50 employees

Short description

USA Risk Group is an independent captive insurance management firm, founded in 1981 and headquartered in the Cayman Islands, providing end-to-end captive lifecycle services (feasibility, formation, ongoing management, consulting) across 10+ onshore and offshore domiciles to insurance brokers, CFOs, risk managers, and mid-market companies with consistent risk exposure.

Ownership category

akta.pro rank

Product category

Captive Insurance Management

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Captive Insurance Advisory & Management (FSAEADAF)

akta.pro secondary industry

Reinsurance Pool / Facility Treaty Participation (FSAOAEAL)

Keywords

• Captive insurance management
• Captive formation services
• Alternative risk financing
• Insurance regulatory compliance
• Risk management consulting

Headquarters

HQ city

George Town

HQ country

Cayman Islands

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Captive Insurance Management Services: Full-service captive insurance management including feasibility studies, captive formation, ongoing management, compliance, reporting, accounting, and consulting. Revenue is generated through fees for service across the captive lifecycle.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

USA Risk Group provides independent captive insurance management services spanning feasibility studies, captive formation and licensing, ongoing captive management (compliance, financial and accounting support, claims oversight), consulting and optimization for existing captives, broker education, and domicile support across approximately 10 domestic and international captive domiciles. The firm delivers these services to insurance brokers, CFOs, risk managers, and companies with consistent risk exposure as a full-lifecycle alternative-risk-financing offering rather than a discrete software product.

Product overview

USA Risk Group is a professional services firm providing independent captive insurance management. The company does not offer traditional software products; instead, it delivers a coordinated suite of advisory and management services for captive insurance companies. The core service portfolio consists of Feasibility Studies (initial assessment and analysis), Captive Formation (regulatory structuring and licensing), Ongoing Captive Management (compliance, reporting, claims oversight), Consulting & Optimization (third-party review and performance enhancement), Broker Education (partner enablement and industry training), and Domicile Support Services (jurisdiction selection guidance across 14 supported domiciles). These services are designed to work together as an integrated captive lifecycle offering—from initial feasibility assessment through formation, ongoing management, and strategic optimization—serving brokers, CFOs, risk managers, and companies exploring or operating captive insurance structures.

Differentiator

Problem solved

Functional benefit

Products and services

• Feasibility Studies Analytical assessment to determine whether forming a captive insurance company is appropriate for a business, evaluating risk profile, costs, and objectives to recommend the optimal captive structure. Targeted at CFOs, risk managers, and companies considering alternative risk financing.
• Captive Formation End-to-end structuring, licensing, and launch of new captive insurance companies, including regulatory applications, domicile selection, and operational setup. Targeted at businesses ready to launch a captive and CFOs/risk managers evaluating captive formation.
• Ongoing Captive Management Day-to-day management of operating captive insurance companies, including compliance and regulatory reporting, financial and accounting support, claims management and oversight, and strategic reviews to ensure captive effectiveness. Targeted at companies with established captive insurance vehicles.
• Consulting and Optimization Independent third-party review and advisory for existing captives, including performance evaluation, domicile alternatives, and recommendations for improving captive profitability and efficiency. Targeted at owners of existing captive insurance companies seeking optimization or jurisdiction change.
• Domicile Support Services Objective guidance on selecting and operating within U.S. and international captive domiciles, including Arizona, Missouri, Nevada, North Carolina, Ohio, South Carolina, Puerto Rico, Tennessee, Texas, Washington D.C., Alberta (Canada), Barbados, British Virgin Islands, and Cayman Islands. Targeted at CFOs, risk managers, and brokers evaluating jurisdiction choice.

Quantifiable outcome

• Minimum premium threshold for viability: US$750,000 annually for stand-alone captives
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Regional players

• Iron Pine Capital: Captive insurance consulting and management firm with strong North American focus. Comparable captive advisory offerings but with a different geographic concentration than USA Risk Group's Cayman-centric base.

Direct peers

• Artex Risk Solutions: One of the largest independent captive insurance managers globally, with operations across Cayman, BVI, Barbados, Bermuda, and U.S. domiciles. Directly comparable to USA Risk Group in core captive management services; notably a former employer of USA Risk VP Barb Fawcitt, evidencing direct talent overlap in the Cayman market.
• Pellerin Group: Independent captive management firm with operations across multiple U.S. and offshore domiciles. Direct competitor in independent captive management services to brokers and corporate insureds.
• Davies Captive Management: Independent captive management and insurance services provider with multi-jurisdiction presence. Competes for the same broker referrals and corporate captive formation mandates as USA Risk Group.
• Global Captive Management: Independent captive insurance manager offering feasibility, formation, and ongoing management. Comparable service portfolio and client base to USA Risk Group, with multi-jurisdiction footprint.
• Strategic Risk Solutions (SRS): Independent captive management firm with operations in Vermont, Cayman, and other domiciles. Highly comparable to USA Risk Group as a focused, independent alternative to broker-owned managers.

Others

• Somerset Reinsurance Brokers: Reinsurance intermediary and captive-related service provider. Adjacent ecosystem participant that intersects with captive management through reinsurance placement services.

Broad incumbents

• Aon Captive Solutions: Captive management arm of Aon plc, one of the largest captive managers globally. Directly comparable service offering but embedded within a major broker, contrasting with USA Risk Group's independent positioning.
• Willis Towers Watson (WTW) Captive Solutions: Global captive management practice within WTW, providing formation, feasibility, and management services. Competes with USA Risk Group particularly in larger commercial accounts that brokers can direct internally.
• Marsh Captive Solutions: Captive management practice of global brokerage Marsh McLennan, providing feasibility, formation, and ongoing management services across multiple jurisdictions. Competes with USA Risk Group but benefits from parent broker cross-sell and global scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/usa-risk-group

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries3 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 USA Risk Group