After a brief break for the Thanksgiving holiday, we’re back to review Vermont’s renewed focus on business not only beyond state borders, but also outside of the US.
Just before the Thanksgiving break, a Vermont delegation led by the DFR’s Sandy Bigglestone and including myself and Brittany Nevins as well as representatives from the Vermont professional provider community were present in Luxembourg for the European Captive Forum. At the awards dinner we were naturally delighted to be named as the international domicile of the year, and beyond that we worked on building and establishing relationships across the captive industry in the EU, broader Europe and beyond. With companies from outside of the US seeking to explore alternative risk management strategies for the US and Americas holdings, this was a great time for us to present Vermont and our preparedness to work with global business to a broader audience.
Looking forward into 2023, we are building on the international theme as our COVID-delayed roadshow goes to Mexico City on March 1st. In addition to the roadshow, we are holding multiple meetings with the business, financial and insurance sectors within Mexico as the roadshow expands into a full-blown trade mission. The current lineup of speakers is found below, and Mexican business professionals as well as VCIA members are invited free of charge to this special event. (To register, send your name, title, and contact information to Sylvia.Montano@trade.gov. For questions reach out to Janice Valgoi at firstname.lastname@example.org)
Vermont already has Mexican companies domiciling their captives here, and as that market both grows and becomes more sophisticated, Vermont is ready to be the domicile of choice for Mexican business.
Fun fact time – what do Thomas’s English muffins, Lender’s Bagels, CEMEX and Promised Land Dairy have in common – yup, Mexican owned! Mexico has an economy of $1,150B according to the IMF, making it globally #15, so ahead of Spain, Saudi Arabia and the Netherlands. For these reasons and many others, Vermont and the VCIA is working to ensure that enterprises in this expanding economy have access to well- regulated and effective risk management tools.
As the year comes to a close, VCIA – its staff, Board members and stakeholders – reflect on where we are and where we are going. I’m confident an emerging theme that will continue to surface in 2023 and beyond is our global reach and how we can serve our worldwide members.