2020: Don’t Let the Door Hit You on the Way Out!

Season’s Greetings and Happy Holidays to all our VCIA family! I think we all will be glad to see the backside of 2020 and look forward to happier times in 2021. It was tough on all of us, and tragic for many, as we climb out of the grips of the pandemic. With the advent of the vaccines there is lightness on the horizon… even as we head into our shortest days.

2020 was not all bad, however. The captive industry continues to see exponential growth in numbers of licenses and interest around the country and around the world. Vermont has licensed more that 35 captives (not including many, many cells) already, and there is a stack of them waiting to get out of the gate on January 1st.

This is the time of year to look back on things to be grateful for as well. Now, more than ever, family and friends are so important to our wellbeing. I am also extremely grateful for working in such a wonderful and collaborative industry – it truly feels like family as well. My thanks to Dave Provost, Sandy Bigglestone, and their team at Vermont’s Department of Financial Regulation for their continued steadfast regulation; to Brittany Nevins, who so quickly and successfully slipped into Ian Davis’ shoes fighting to keep Vermont as the premier captive insurance domicile. Their good work flows beyond the borders of Vermont, positively impacting the captive industry overall.

Thank you to VCIA’s Board of Directors for all their support and guidance over the past year to the association, especially during these challenging times. I want to especially thank Jan Klodowski of Agrisurance Inc. as our chair until October and the captive attorney extraordinaire, Stephanie Mapes of Paul Frank + Collins, as out new chair since then.  Many thanks to our new vice chair Andrew Baillie of AES Global Insurance Company, independent consultant Donna Blair, Lawrence Cook of Sedgwick, Dennis Silvia of Cedar Consulting, Anne Marie Towle of Hylant, Derick White of SRS, Tracy Hassett of EdHealth and Jason Palmer of Willis Towers Watson.  And a fond farewell and heartfelt thanks to former board chair Wilda Seymour who has recently stepped off the board. All have provided their amazing talents and time to the association.

We continue our strong focus on events and on legislative and regulatory issues on behalf of our members. Many thanks to Jim McIntyre, and his partner Chrys Lemon, in Washington and Jamie Feehan in Vermont for their wonderful service to VCIA.   And my great thanks to the VCIA staff! Without their hard work, smarts and enthusiasm, we would not be able to accomplish any of the wonderful things we do for our members.  Thank you to Diane Leach, Elizabeth Halpern, Peggy Companion, Janice Valgoi, Dave Rapuano and Megan Precourt!

Most of all, thank you for all your support and see you next year!

Rich Smith
VCIA President

Brighter Days Ahead


It is certainly a relief to hear that the vaccines being developed to counter COVID are beginning to be rolled out. It has been a difficult year, and although we are not out of the woods yet, it’s nice to finally see the light at the end of this long, dark tunnel.  Not surprisingly, Pfizer, one of the vaccine developers has a captive in Vermont!

Looking ahead to January, VCIA will be hosting our annual Legislative Day, but instead of crowding in the committee rooms at Vermont’s State House, we will be working with Vermont’s Department of Economic Development, and Department of Financial Regulation to put on a Virtual Legislative Day for our members on January 27th.  It will include the usual Q&A opportunity with Dave Provost and his team, as well as introductions to the new leadership under the Golden Dome: Lt. Governor Molly Gray, Speaker of the House Jill Krowinski, and Senate President Pro Tem Becca Balint. More details to come soon.

Thanks, as always, for your continued support in these trying times. I look forward to hearing from you!

Rich Smith
President, VCIA

Tax: An Early Holiday Gift

For those of you in the United States, I hope you had a warm and safe Thanksgiving. As we head into the holiday season you can only be thinking of one thing – taxes. OK, maybe not, but we have pulled together our own version of the Three Wise Men to provide you with VCIA’s annual captive tax update on a webinar next week.

On December 8th, VCIA hosts the webinar “Captive Taxation: What You Need to Know” with Chaz Lavelle, a Partner with Dentons Bingham Greenebaum LLP, Dan Kusaila, Partner at Crowe LLP, and Sean Barnes, VP Finance and Administration and CFO with United Educators.

Chaz and Dan have years (and I mean YEARS) of experience and knowledge of captive tax issues and will bring you the latest 2020 tax developments, and outline what will occur in 2021, which is projected to be a busy year in captive tax.  Sean will attempt to corral these two as he moderates the session. Sean brings the captive owner perspective as the chief financial officer and chief investment officer for United Educators Insurance, a Reciprocal Risk Retention Group, one of the largest and most successful RRGs in the industry.

So please join us next Tuesday, December 8, by clicking here to register!

Thanks, as always, for your continued support in these trying times. I look forward to hearing from you!