Board of Directors

Prabal Lakhanpal, MBA, ACI, Senior Vice President and Alera Group’s National Captive and Alternate Practice Leader, has been with Spring since 2015. At Spring and Alera, Prabal leads many of the firm’s most advanced client projects, with a focus on employee benefits, captive insurance and alternative risk funding. He drives the strategic and innovative thinking processes and serves as the project lead for some of the country’s largest employers. Prior to joining Spring, Prabal was working in various finance and operational roles across the globe. In 2019, Prabal won the Emerging Talent award for Service Professionals from Captive Review. He was the 2020 winner of Employee Benefit Adviser’s Rising Star Award and was recognized by Business Insurance for their 2020 Breakout Awards. In 2021 he was recognizes a Rising Star by Insurance Business of America for continuing to push the industry forward. Prabal has his MBA from Babson College and has received the Associates in Captive Insurance (ACI) certification. Prabal currently serves as a Board of Director at Captive Insurance Companies Association (CICA).

Anjanette is a Managing Director at PNC Institutional Asset Management, where she leads the Captive Investment practice within its Insurance Solutions Group. With nearly 30 years of experience in insurance focused investment management, she advises captive, reinsurance, and commercial insurers on tailored investment strategies.

She is current member of the Captive Insurance Companies Association’s (CICA) board and former Chair of its Amplify Women initiative. Anjanette has been recognized as one of Captive International’s Most Influential Women in Captive Insurance and named to Captive Review’s Power 50 list multiple times.

Cheryl Baker is Vice President of Enterprise Risk Management at IFO Group, LLC, responsible for the enterprise’s traditional risk management program, as well as multiple single-parent captives. Cheryl has 25 years of experience in risk management and insurance, with a deep understanding of mergers and acquisitions, professional liability, corporate claims, cyber risks and strategic utilization of captives. Previously, she led North America Risk Management at Stellantis and served as president of its US-based captive. Cheryl holds an MBA from Louisiana State University, a BA from the University of Michigan and the ARM, CIC, CRM and Associate in Captive Insurance designations.

Prior to joining Helio, Heather was Chief Risk Advisor for the national healthcare practice at Aon, a global risk and insurance services company. Prior to that role Heather was Chief Risk Officer at the University of Oklahoma’s health system, directing risk, claims, captive operations, and insurance structure, including property, cyber, directors and officers, employer liability, workers compensation, provider professional liability, hospital liability, aviation, auto, and all other commercial and captive lines. Heather also served as Chief Legal Officer of the system’s captive insurance company, saving the system millions over its years of highly successful operations.

Heather’s career began as a trial lawyer defending organizations and medical providers in the law firm setting, trying multiple cases to juries as lead counsel. After ten successful trials, she began a career as in-house counsel to a large organization in Texas, managing people and processes related to risk, claims, and litigation.

Heather earned a Bachelor of Arts in Journalism with a Political Science minor and a Juris Doctorate from the University of Oklahoma and a post-doctorate Master of Laws (LL.M.) degree in Health Law from DePaul University, Chicago. She holds certifications as a Professional in Healthcare Risk Management (CPHRM) from the American Society of Healthcare Risk Management and a Mediator Certification from Southern Methodist University in Dallas. Heather is licensed as a lawyer in Oklahoma, Texas, and Vermont and has insurance producer licenses in Oklahoma and Texas.

Heather was elected by the captive industry as Captive Review’s U.S. Captive Risk Manager of the Year in 2020 and was voted by peers to be #27 on its Power 50 list. She is a former board member and Chair of the Vermont Captive Insurance Association and is a current board member of Captive Insurance Companies Association (CICA), the largest non-domicile industry association for captives in the world. In March 2023, Heather was elected to an executive officer position with CICA’s board of directors.

Heather’s expertise includes providing risk financing and operational solutions for all industries including insurance program analyses, commercial and captive structure and operations, alternative risk transfer, creating endorsements and policy forms to address evolving risk, and claims advocacy support. She teaches classes, speaks at industry events, and publishes numerous articles on risk and liability issues, and operational best practices for risk financing programs across the country and internationally.

A twenty-year veteran of Alaska Air Group, David Beyer has served as its Risk Manager and the Risk Manager of its subsidiaries (Alaska Airlines, Hawaiian Airlines, Horizon Air and McGee Air Services) since 2010. Additionally, David founded, serves as the board chair, general manager and corporate secretary of Alaska’s Hawaii-based captive, ASA Assurance. David has a BS in Business Administration and Accounting from the University of Redlands, both an MBA and JD from Gonzaga University and is a licensed attorney in Washington state. David makes his home on Oahu, Hawaii and Camas, Washington and serves on the board of directors for Surfrider Spirit Sessions.

As the Chief Deputy Officer of Risk Management at the Los Angeles Unified School District, the second-largest school district in the country, I lead a dedicated team of 80 professionals. With a deep expertise in captives and insurance companies, I drive strategic initiatives, operational excellence, and innovative risk solutions that enhance risk management and claims outcomes. Named “Woman to Watch 2023” by Business Insurance and actively serves on the CICA Amplify Women Conference committee, demonstrating industry leadership and commitment to advancing diversity in insurance. Recognized public speaker and thought leader, sharing insights on risk management and insurance strategies at various platforms.

Karen is the Executive Director of Captive Insurance Programs for the University of California, Office of the President. She plays an integral role in strategically planning and managing the current captive programs as well as formulating and designing new strategies to utilize the captive platform to finance University risks more efficiently. Current captives under management include Fiat Lux Risk and Insurance Company, a single parent captive, Eureka Insurance Co PCC, Eureka One IC, an Incorporated Cell Captive Insurance Company, and Sequoia, IC, an Incorporated Cell of Eureka Insurance Company, PCC. The University of California system consists of 10 University campuses, 6 academic health systems, and 3 national laboratories, incorporating over 300,000 students, 250,000 faculty and staff, $36 billion of annual revenues and more than 2 million alumni living and working around the world.

Karen is a proud alumna of the University of California, Berkeley. With 15 years of career experience at the University of California, she is well versed in the risk management sector of higher education institutions and completed her Associate in Captive Insurance designation in 2021. She was named in the captive power 50 top captive owners, “Ones to Watch” by captive insurance publication Captive Review and was awarded the captive insurance industries’ “Rising Star” award, the Business Insurance “Break Out” award, and most recently recognized as one of the captive industry’s future leaders “Forty under 40” in 2023 and 2025 and “Influential Women in Captives” in 2024. She is an advisory board member for Business Insurance’s World Captive Forum, as well as a strong advocate and member of CICA’s NEXTGen and Amplify Women committees.

Udo Kappes started his career at the German Property Insurance Association (VdS). Later he took over the position of the Property Insurance manager at the in-house broker of the Daimler Group. In 2001 Udo joined the in-house broker of the newly founded European Aeronautic Defence and Space Group (EADS) in Munich, now Airbus, with the global responsibility for Property insurances. Since 2016 Udo was in charge of the development, placement and claims process of the group`s global Property, Casualty & Employee insurance lines and reinsurance. In October 2022 Udo took over the responsibility as Head of Insurance at RWE AG in Essen.

In addition to his function at Airbus he became member of the Board of the European Captive Insurance and Reinsurance Owners` Association (ECIROA) in 2014 and is its Chairman since 2016. In March 2022 Udo became a Board member of the Captive Insurance Association (CICA).

Aileen Krehbiel is the Manager of Captive Insurance Programs at Deere & Company. She is responsible for optimizing the existing captive program and analyzing opportunities for expansion. She oversees the accounting for Deere’s Vermont captive and newly established Malta captive and manages the relationships with outside service providers. She previously held roles in Internal Audit and Technical Accounting at Deere & Company and worked as an Assurance Manager at Ernst & Young prior to joining Deere. She holds a bachelor’s degree in business administration from Kansas State University, an MBA from the University of Chicago Booth School of Business and is a CPA. Aileen also recently earned her ACI.

Adam Miholic is SVP & Captives National Growth Leader at Marsh Captive Solutions. Previously, he was the Vice President, Head of North American Placement and Captives for Revantage, a Blackstone real estate portfolio company that provides best-in-class corporate services. Adam was responsible for the overall program design, structure and placement of the North American property and casualty programs for Revantage. In addition, Adam was responsible spearheading the strategy, development and implementation of Revantage’s captive programs. In partnership with Blackstone and select broker partners, he worked to ensure the placement of insurance delivers tailored risk management solutions at a scale that minimizes the total cost of risk across their Real Estate portfolio companies. He also served as a Board member and Officer for each of the captive insurance companies within the Blackstone portfolio.

Adam has more than 14 years of experience in insurance and captive consulting. Before joining Revantage, he was a consultant at Marsh and Hylant, where he was responsible for evaluating, developing, and implementing captive insurance companies for their client base. Adam has been awarded multiple industry accolades, including Captive Review’s “Power 50: One to Watch,” Captive International’s “40 under 40” and Risk & Insurance’s “Power Broker: Rising Star.” Adam is also actively engaged with industry associations, notably serving on the Board of Directors for Captive Insurance Companies Association (CICA) and the RIMS Chicago Chapter.

Adam holds dual bachelor’s degrees in education and history from Marquette University and a Master’s in Business Administration from Arizona State University. He has earned the Associate in Captive Insurance (ACI) designation from the International Center for Captive Insurance Education.

With over three decades of experience in risk management, captive and alternative risk solutions, enterprise risk, and asset protection, I bring a strategic and operational perspective to advancing industry best practices. As Vice President of Risk Management for Life Time, Inc. and President of Life Time Captive Insurance Company, I have led initiatives that align risk disciplines with organizational growth and resilience. My background spans corporate leadership, brokerage, retail, and financial services, equipping me to contribute insights on governance, risk financing, and enterprise risk strategies.

Mr. Towle has been President of the Captive Insurance Companies Association (CICA) since 2017. CICA is the only domicile neutral trade association for the captive insurance industry. CICA hosts an international conference annually in the United States and bi-annually in Europe. CICA currently has more than 600 members, which is made up of many of the most prominent captive owners and leading service providers for the industry.

Towle is a frequent presenter at conferences throughout the U.S. and internationally. He is highly visible in international media and is viewed as an authority on captive insurance. He has been recognized for his contributions to the global captive insurance industry and was voted #3 in the 2024 British publication, Captive Review Magazine “Power 50” which recognizes the most influential individuals in the global captive insurance industry and has been on the list annually since 2016. He was also selected as one of the twenty-five most influential individuals over the last twenty-five years in Captive Review Magazine’s 25 at 25 also published in 2024.

Previously, he worked as the Director of Financial Services for the state of Vermont for 17 years. At Vermont he was the chief marketing and business development director for the state’s captive insurance industry and was instrumental in its growth. During his tenure more than 500 captive insurance companies were licensed in Vermont. He has thirty years of leadership and experience in the captive insurance industry.

He currently serves on the Board of Directors for the International Center for Captive Insurance Education. He previously has served as an Advisory Board Member for World Captive Forum, Chaired the Risk & Insurance Management Society Exhibitor Advisory Committee and was active in various capacities with the Vermont Captive Insurance Association.