This Week’s All Stars

Some of the many Captive All-Stars who presented this week at WCF — Bravo all!

I attended the virtual World Captive Forum this week and it was great to see many friends over the two days. I was working the Vermont booth (remember those days…) so was not able to see all of it, but there was some good stuff on several sessions I was able to join.

The regulators panel with Vermont’s own Dave Provost, Deputy Commissioner – Captive Insurance, Vermont Department of Financial Regulation; Carl Culmer Jr., Manager – Policies and Practices, Insurance Commission of The Bahamas; and Travis Wegkamp, Director of Captive Insurance, Utah Insurance Department was ably moderated by Joe Holahan of Morris Manning & Martin LLP (and member of VCIA’s Legislative Committee). It was good to hear that each domicile was more or less in synch with each other as they discussed legislative and policy updates, new and emerging risks, and the outlook for the captive industry post-pandemic.

Dennis Silvia, Davies Captive Management and VCIA board member, did a super job with his panel, The Art of the Cell (very clever!), outlining the dramatic increase in the popularity of the use of cells and how they are currently being utilized in risk financing programs.

The topic of the hard market and evolving global risk landscape was of course a prominent area of focus throughout the conference. Another terrific panel highlighted the importance of captives in long-term risk financing and risk management planning. Deyna Feng, Director, Captive Programs at Cummins Inc.; Mike Maglaras, President of Michael Maglaras & Company; and Anne Marie Towle, Global Captives Insurance Leader of Hylant (another VCIA board member) discussed how companies are re-defining their risk appetite to take control of their own destiny by using captives to complement traditional insurance placements and fill coverage gaps. Anyone who has not yet had an opportunity to meet Christine Brown, Assistant Director of the Captive Division in Vermont’s Department of Financial Regulation, moderator of the session, should check out this rising star!

And speaking of the captive insurance firmament, the all-star panel of Sandy Bigglestone, Director of Captive Insurance at Vermont’s Department of Financial Regulation (Women to Watch winner 2018); Ellen Charnley, President of Marsh Captive Solutions (Women to Watch winner 2018); Karen Hsi, Program Manager- Captive Programs, University of California Office (Break Out winner 2020); and Amy Evans, Executive Vice President, Intercare (Women to Watch winner 2020) did an amazing job explaining why captives are well suited for crises such as a pandemic, hardening market and social unrest.

Great job all around!

An update from my blog on February 5th challenging you to identify the people in the 80’s era photo. Maria Young of Alcoa, who was present at the party, won the box of chocolates for identifying most of the group. She was an insider, but there was nothing in the rules that said the people there could not answer! Here is who was in the photo:

Diane Leach; Mary Wrenn (now Woodward); Gary O’Hare ; Maria Young; Cynthia Reer (now O’Connor); Sue Urie; Jeff Kenneson; Scott Whittemore; Kate Westover; Nikki Kuhn.

Thank you and I look forward to hearing from you.

Rich Smith
VCIA President

Remembering George Chaffee


A true giant of the captive insurance industry has recently passed away. George Chaffee, Jr., founding director of VCIA, (shown above at the VCIA Annual Conference) died on February 6, 2021 in Vermont. Though he was a Harvard graduate with a degree in Engineering & Applied Physics, George worked in the insurance field all of his life, starting as an adjuster with Kemper Insurance in Boston in 1961.  I remember him as being kind and welcoming to me as a newbie in the industry over 10 years ago.

George became Deputy Commissioner of the State of Vermont Banking & Insurance Department in 1977 and was appointed by VT Governor Richard Snelling as Commissioner of the department on March 21, 1980. This being the 40th anniversary of Vermont as a captive domicile, it is especially poignant to note that George introduced landmark legislation in 1981 creating the Vermont Captive Insurance industry, eventually ensuring that the State of Vermont would become a domicile for the captive industry.  VT Governor Jim Douglas cited George for his significant contributions to the State of Vermont, and recognized that he was one of the world’s leaders in the captive industry, in addition to contributing in a major way to Vermont’s economic development.  George was also the founding Director of the Vermont Captive Insurance Association and was instrumental in the growth and success of VCIA.

Throughout his life, George touched many people in Vermont and the captive industry. So many of the industry’s leaders today have strong connections to him. He will be deeply missed. George was also known for owning various motorcycles and enjoyed many trips with friends throughout Vermont and beyond.  He was a licensed pilot and even built two of his own planes, both of which he flew avidly.  There is at least one story of him landing one of his planes in a tree – unscathed of course!

All of us at VCIA send our heartfelt condolences to his wife, LouAnn, and his many loving family members, children, grandchildren, great-grandchildren and friends.  Farewell, George.

Thank you, I look forward to hearing from you,

Rich Smith,
VCIA President

Full Circle

Over the course of this 40th Anniversary of captive insurance in Vermont, I will share a photo or two from days gone by. The first photo is from Diane Leach’s first home office in 1987 where she ran VCIA before “upgrading” to a couple of office spaces throughout the years. Lots of clunky office equipment and Diane said the fax machine would ring all night!  Funny, how we have come full circle now that we are all working from home – and we may never go back to an office again (or at least not full time).

Even better is this photo from 1987 celebrating Diane’s departure luncheon at ARM (now Aon).  I recognize several folks in the photo – some still working in captives, others retired or passed. The guy standing to the right with the blue suit could have been me back then – just need to add parachute pants!  I will offer a box of Lake Champlain Chocolates to the person who can name the most faces in the photo!

Thank you and I look forward to hearing from you.

Rich Smith
VCIA President