HAI Group is honored to be recognized at the Captive Review Awards USA 2026, an annual program that highlights excellence, innovation, and leadership across the captive insurance industry. The awards bring together organizations and professionals who are advancing risk management practices and delivering meaningful value through captive programs.
This year, HAI Group has been named the winner in both the Captive Programme and Next Gen Initiative categories, recognizing the strength of its captive model and its commitment to developing the next generation of industry professionals. In addition, Troy LePage, Chief Operating Officer and Executive Vice President, has been named a finalist for the Emerging Talent Award.
This recognition reflects the strength of HAI Group’s mission, its commitment to innovation, and the people who drive its work forward.
Recognizing excellence in captive insurance
The Captive Review Awards USA celebrate organizations and individuals who are advancing the captive insurance industry through innovation, performance, and leadership.
The Captive Programme Award recognizes a captive insurance program that demonstrates strong risk management, delivers measurable value to its members, and maintains high standards of performance. Judges look for evidence of how the captive benefits its parent organization, the level of risk retained, and the innovation it brings to the program.
The Next Gen Initiative Award highlights organizations that are investing in the industry's future. This includes developing talent through training, mentorship, and outreach, as well as creating opportunities that attract and support the next generation of professionals.
The Emerging Talent Award recognizes individuals who are making a meaningful impact early in their careers through leadership, innovation, and a commitment to advancing the industry.
A reflection of purpose-driven work
For HAI Group, captive insurance has always been about more than coverage. The organization was built to help housing providers navigate complex risks, protect critical assets, and strengthen the long-term stability of the communities they serve.
“Being recognized by Captive Review is a meaningful reflection of the work our team does every day to support housing providers and the communities they serve,” said Ed Malaspina, president and CEO of HAI Group. “These honors speak to the strength of our member-focused model, our commitment to innovation, and the talented people who continue to move our organization and the captive insurance industry forward.”
That purpose continues to guide HAI Group’s approach today. Through its captive model, industry partnerships, risk management resources, training opportunities, and ongoing investment in people and technology, HAI Group continues to evolve to meet the needs of the public and affordable housing industries.
The recognition from Captive Review underscores that work and the shared commitment behind it: helping housing organizations remain resilient today while preparing for the challenges and opportunities ahead.
Investing in the next generation
HAI Group’s recognition in the Next Gen Initiative category reflects a continued focus on developing talent and creating pathways into the industry.
From training and professional development to partnerships and outreach, these efforts are designed to build a stronger, more informed workforce that is prepared to meet the future needs of affordable housing and risk management. This includes creating opportunities for professionals at all stages of their careers to deepen their expertise, expand their networks, and better understand the unique risks and challenges facing the housing industry.
Recent initiatives include a companywide job shadow program that provides employees with exposure to different functions across the organization, structured licensing study groups that expand access to insurance credentials, and a robust internship pipeline that introduces early-career professionals to the captive insurance model. Beyond its workforce, HAI Group continues to invest in future generations through its Resident Scholarship Program, which has awarded nearly $2 million to more than 500 students nationwide.
By investing in people and fostering a culture of learning and collaboration, HAI Group is helping strengthen not only its own organization but also the broader industry.
Strength of our captive program
HAI Group’s recognition in the Captive Programme category reflects the strength and stability of its member-focused insurance model. In a challenging insurance market, the organization continues to provide consistent coverage, tailored solutions, and long-term value for the housing organizations it serves.
That value is reflected in both financial and service-related measures. Since 2020, HAI Group has invested $15 million in its Loss Prevention Fund program to support proactive safety and risk-mitigation efforts, helping housing organizations implement practical improvements that reduce risk and strengthen community resilience. HAI Group also returns value to eligible policyholders through policyholder dividends and, through its equity return program, by making equity available for approved risk- and safety-related projects.
HAI Group also measures the quality of its member experience through Net Promoter Score, or NPS, a widely used measure of customer loyalty and satisfaction. NPS asks customers how likely they are to recommend an organization or service to a friend or colleague on a scale of 0 to 10. Responses are grouped into three categories: promoters, passives, and detractors, with the final score ranging from -100 to 100.
While NPS benchmarks vary by industry, scores above 70 are commonly considered excellent. HAI Group’s score increased from an already strong 69 in 2024 to 72 by the end of 2025, placing the organization in a high-performing range and reflecting continued confidence in its service, responsiveness, and long-term commitment to the housing industry.
HAI Group has used NPS for more than eight years to listen to members, identify opportunities for improvement, recognize employees who go above and beyond, and help shape the services it provides. The survey also includes an open-ended question, giving respondents an opportunity to share more about their experience, offer suggestions or highlight specific examples of strong service. Read more about NPS and its impact on HAI Group on our Resource Center.
This performance is further reinforced by the organization’s Financial Strength Rating upgrade to A+ (Superior) from AM Best, independent global credit rating agency. The upgrade reflects strong balance sheet strength, sustained underwriting performance, and disciplined enterprise risk management, further underscoring HAI Group’s long-term stability.
Building on that foundation, innovation remains a key focus, with practical enhancements such as incorporating more resilient building materials into covered claims and expanding programs that directly connect financial performance with prevention and resilience.
Leadership that moves the industry forward
LePage’s recognition in the Emerging Talent category highlights his contributions to advancing the captive insurance industry through leadership, innovation, and a willingness to explore new approaches that strengthen the field. The award recognizes professionals who not only demonstrate strong technical expertise but also help move the industry forward through fresh perspectives and meaningful contributions.
In his role as Chief Operating Officer and Executive Vice President, LePage has played a central role in shaping HAI Group’s strategy and execution across operations, finance, and enterprise risk. Over the past year, he has helped lead a major technology transformation, advancing the implementation of a new core insurance platform that modernizes underwriting, policy administration, and data visibility while maintaining continuity for member organizations.
He also contributed to the organization’s Financial Strength Rating upgrade to A+ (Superior), supporting cross-functional efforts that demonstrated long-term stability, disciplined risk management, and strong financial performance. Beyond these milestones, Troy has focused on translating captive performance into member value, including enhancements to dividend programs and expanded investment in loss prevention initiatives that help housing organizations proactively manage risk.
His leadership emphasizes collaboration, continuous improvement, and a practical approach to solving complex challenges, helping to strengthen both HAI Group and the broader captive insurance model.
“I am honored to be recognized alongside so many professionals who are shaping the future of the captive insurance industry,” said LePage. “This recognition reflects the work of an incredible team and a shared commitment to finding new ways to strengthen and advance our industry.”
Looking ahead
HAI Group is proud to be named a 2026 Captive Review Awards USA winner. This recognition reinforces our commitment to continuing to innovate within the captive insurance space, strengthening our programs, and delivering meaningful value to the housing organizations we serve. Looking ahead, we remain focused on advancing risk management solutions, investing in our people, and supporting the long-term success of the affordable housing industry.