Vermont to hold captive insurance roadshow

The Vermont Captive Insurance Association (VCIA) is holding its biannual “roadshow” event at the Hilton Burlington Lake Champlain Hotel on March 27.

VCIA’s educational event will unfold in two segments. The first part covers captive insurance fundamentals, as well as the benefits of establishing a domicile in Vermont. This will be followed by a session where three existing captive owners share their formation story.

“This event is a great opportunity for Vermont businesses dealing with an insurance challenge to consider captive insurance as a possible long-term solution,” said Vermont Governor Phil Scott.

“Vermont is the center of excellence for the industry, and it is important for Vermont employers to know that captive insurance could save them money, give them greater control, and ensure stable access to coverage during volatile times.”

Vermont is top captive insurance domicile globally

Captive insurance first gained traction in Vermont following the enactment of the Special Insurer Act in 1981. The state has been recognized as the top captive insurance domicile globally, surpassing traditional leaders like Bermuda and the Cayman Islands.

“We have 659 active captive insurance companies licensed in Vermont and few of those companies are headquartered in Vermont,” said Brittany Nevins, the state’s captive insurance economic development director.

“Vermont companies have the benefit of having world-renowned expertise right here in our state and it’s important that we educate here whenever possible as it could have great benefits to local companies and organizations that could have a ripple effect on our economy.”

Panelists at VCIA’s upcoming captive insurance roadshow include:

• Kevin Mead, VCIA chief executive
• Sandy Bigglestone, deputy commissioner, captive insurance division, Vermont Department of Financial Regulation
• Christine Brown, director of the captive insurance division, Vermont Department of Financial Regulation
• Brittany Nevins, captive insurance economic development director, Vermont Department of Economic Development
• Zaw Win, director, captive insurance/business law, Downs Rachlin Martin
• Kim Frasca, senior account executive, AON
• David Fitz-Gerald, CFO and VP, Carris Reels, Inc.
• Sunil Eappen, president and CEO, University of Vermont Health Network
• Melinda Young, vice president, risk management, Alberici Corporation

“We haven’t hosted this event in seven years, and we look forward to educating Vermont and the region about captive insurance,” said VCIA’s Kevin Mead. “We hope Vermonters will also consider attending our annual conference August 12-14, which will bring in over 1,000 captive insurance professionals from around the world, with many engaging panels on a variety of captive insurance topics.”

VCIA has taken its captive insurance roadshow to over 20 cities, including internationally in Mexico City.

What are your thoughts on this story? Feel free to share your comments below.