Using Captive Insurance to Support Risk Strategy and Capital Deployment

In this episode of The Edge of Risk Podcast by IRMI, Joel Appelbaum speaks with Cherie Baker, vice president of enterprise risk management at Ilitch Companies, about how captive insurance can serve as a strategic tool for managing risk, deploying capital, and supporting business growth. Ms. Baker shares her career journey through brokerage, healthcare, automotive, and enterprise risk management, and explains how Tenda, the organization's captive insurer, has evolved from its original employee benefits focus into a broader risk financing vehicle supporting multiple lines of coverage. The conversation explores how Tenda utilizes both the Michigan and Cayman domiciles, works alongside commercial insurers and reinsurers, and evaluates opportunities across health, property, casualty, management liability, executive life, and other emerging risks. Ms. Baker discusses the importance of aligning captive strategy with organizational objectives, building relationships across diverse business units, and continuously reassessing captive utilization as market conditions change. She also shares insights into the role of entrepreneurship in captive innovation, the value of industry involvement through Captive Insurance Companies Association and Amplify Women, and why organizations should regularly revisit how their captives can support evolving and interconnected risks.