In this discussion recorded at the Mid Rivers Risk Forum, T.J. Scherer, vice president at Spring Consulting Group, explains how organizations can determine the right moment to form or join a captive. Rather than relying solely on premium size, loss history, or organizational type, Mr. Scherer encourages risk leaders to dig deeper—asking second-, third-, and fourth-level questions around risk appetite, financial goals, and program maturity. He notes that timing depends on each organization's structure and risk posture. Some companies operating with high retentions can launch a captive at any point, while others aligning multiple program elements may benefit from coordinating with renewal cycles. Mr. Scherer emphasizes the importance of adequate runway for stakeholder decision-making and highlights the Forum's collaborative platform, where organizations and service providers share perspectives on building effective captive strategies.