This session offers an engaging introduction to the journey of forming and evolving a captive insurance company, with insights drawn from historical trends and modern advancements. Our panel will showcase the journey of creating a captive insurance company, with emphasis on how today's evolving risk landscape is shaping new strategic uses. We’ll explore how captives have historically served as effective risk financing tools and how that foundation is now supporting a broader range of initiatives—from property loss control in climate-challenged areas to insuring third party business. Organizations are increasingly using captive surpluses to fund emerging risk management strategies, including AI-driven technologies and enhanced data analytics, but tapping captive funds requires thoughtful due diligence. Through case studies and real-world examples, the panel will examine how captive owners align surplus deployment with long-term retention requirements, preserve capital integrity, and navigate regulatory and tax considerations.