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KeyState is seeking a Captive Consultant to drive the profitable growth of our Captive Practice by leading feasibility studies, expanding mature captives, building and strengthening broker and fronting and reinsurance partnerships, generating qualified opportunities through targeted industry engagement, and providing underwriting support to existing captives to ensure long-term performance and sustainability. The ideal candidate brings strong underwriting judgment, financial and actuarial literacy, and boardroom presence with the ability to translate complex structures into executive-ready recommendations and long-term captive strategies.

Feasibility & Formation (Primary Growth Engine)

• Lead datadriven feasibility analyses (510 years of loss data, total cost of risk) to recommend optimal retentions, layering, and capital strategies.
• Evaluate fronting options and reinsurance markets; prepare underwritingready submissions.
• Identify additional lines suitable for phased captive expansion and position KeyState as a longterm strategic advisor.

Underwriting Support for Existing Captives

• Provide disciplined underwriting guidance across assigned captives, including risk selection standards, pricing adequacy, and trend assumptions.
• Analyze loss development and reserves; recommend corrective actions (pricing, limits, retention).
• Support renewal negotiations with databacked narratives for fronting carriers and reinsurers; assist with policy wording, coverage structure, and limits.

Complex Risk Structuring & Technical Advisory

• Design layered programs and reinsurance towers; optimize capital efficiency and collateral.
• Coordinate with actuaries and brokers on pricing and reserving assumptions; develop market submission materials.
• Segment risk to reduce volatility, and improve longterm captive performance.

Fronting, Reinsurance & Broker Partnership Development

• Maintain active relationships with multiple fronting partners and reinsurers as well as brokers.
• Evaluate collateral and costofcapital impacts; assist in negotiating terms and securing capacity.

Conference Strategy & Business Development

• Represent KeyState with technical authority at targeted industry events (e.g., CICA, VCIA); conduct preevent outreach and structured postevent followup.
• Participate in panels or roundtables when appropriate and generate qualified feasibility discussions that translate into captive formations.

Mature Captive Expansion & Client Retention

• Conduct annual strategic and underwriting reviews; recommend new lines (e.g., cyber, GL, professional liability) and structural optimizations.
• Drive expansion within mature captives while sustaining high client retention.
Minimum Qualifications
• 510 years of underwriting or alternative risk/captive experience.
• Strong financial and actuarial literacy; ability to interpret loss triangles, pricing models, reserves, and capital requirements.
• Experience underwriting commercial lines programs and structuring layered reinsurance/fronting arrangements.
• Executivelevel communication and presentation skills (board and C‑suite).
• Entrepreneurial mindset aligned with a growth platform; high ownership and followthrough.
Preferred Qualifications
• Prior work with fronting carriers and reinsurers; proven ability to produce underwritingready submissions.
• Familiarity with feasibility processes, types of captive structures, and captive expansions across multiple lines.
• Professional designations (e.g., ACI, CPCU, ARM, CPA) are a plus.
Compensation

KeyState offers a competitive compensation structure designed to reward performance, long-term relationship development, and growth. Compensation includes:

• Competitive base salary.
• Performancebased incentive opportunities.
• Comprehensive benefits including health, dental, vision, and retirement plan.

Total compensation is commensurate with experience, education and qualifications.

Work Environment

This role may be based in KeyState’s Vermont Office or Remote (U.S.), with periodic travel to client sites, carriers, reinsurers, and industry conferences. At KeyState, we value all employees and job candidates as unique individuals and welcome the variety of experiences they bring to our company. We maintain a strict non-discrimination policy and believe everyone should be treated equally regardless of race, sex, gender identification, sexual orientation, national origin, native language, religion, age, disability, marital status, citizenship, genetic information, pregnancy, or any other characteristic protected by law.

About KeyState

Founded in 1991, KeyState is a rapidly growing, privately held financial services firm specializing in providing tax advantaged investments to community banks. With over $18 billion in assets under management, KeyState has managed investment subsidiaries for community banks for over 35 years.

In 2008, KeyState launched its captive management practice that grew to form and managing captives for over 100 companies across the US.

In 2019, KeyState launched a renewable energy tax credit investment platform for community banks. KeyState helps community banks source, underwrite, and manage tax credit investments. To date, KeyState has raised and deployed approximately $1 billion in tax credit capital for community banks, financing over 200 renewable energy projects across the United States.