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
Captivated 