Which of the following types of insurers limits the exposures it writes to those of its owners?

A captive insurer is designed specifically to limit the risks it underwrites to those of its owners, which typically are businesses or organizations looking to manage their own insurance needs. This structure allows the owners to have more control over the insurance process, tailor coverage to fit their unique risks, and often benefit from any underwriting profits. By insuring only the exposures of its owners, a captive can directly address the specific risks they face.

In contrast, other types of insurers do not limit their exposures solely to their owners. For instance, restricted, limited, or confined insurers typically serve a broader market and can underwrite a variety of risks outside those owned by specific individuals or entities. These types of insurers may focus on certain geographic areas or a certain type of coverage but do not specifically confine their risk to the exposures of their owners. Thus, the unique structure and function of captive insurers make them the correct answer in this context.