Category Archives: 2021 VCIA Signature Series

Three…Two…One…Ignition

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Last week I spoke about the increased interest of parametric insurance in the captive space as evidenced by the number of Ignite Talks coming up at our virtual conference focused on this emerging specialty. However, that is only one of the many topic areas being covered with Ignite Talks by the captive industry at VCIA’s 2021 Annual Conference coming up in three weeks.

We informally polled some of our captive owners to ask them what some of the challenges are that their captives have recently faced. We then asked our members to respond to those challenges (or those they have focused on) and present them in our Solution Labs at the conference. Ignite Talks are short, “TED-Talk” style presentations on these solutions.

Some of the challenge areas besides parametric insurance that will be covered include cyber regulation, captive strategic planning, third party risk, tax strategies, employee benefits, premium payment options, use of InsurTech, cell structures, legacy solutions, mentorship, managing volatility, risk distribution, predictive modelling for workers comp, finance and investment strategies, actuarial impact of the pandemic and situational awareness. Quite an incredible line-up!

The VCIA Annual Conference will be held online August 10 – 12th, which is just 3 weeks away so check it out here and Register Now!

Thank you and I look forward to seeing you soon. 

Rich Smith
VCIA President

Remembrance

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With Memorial Day coming up this weekend I wanted to give pause for time to do something I do not do as often as I should: remembrance.

Usually, I am busy planning a BBQ or a bike ride or a trip to Lake Champlain this weekend, as Vermont explodes with spring blossoms, sunshine, and greenery. Like many of us, I treat Memorial Day as time off with friends and family. However, I do believe remembering those who have left us, and honoring those who put their lives on the line for the benefit of our country, our communities, and each one of us individually is important.

My father was one of those from the Greatest Generation – a vet from World War II who never really spoke of his time in the service, and if asked just said serving was what one had to do. Luckily for him, he was one of those who joined the war effort just as the hostilities were subsiding and was shipped out to the South Pacific after most of the Japanese forces had been pushed out. I remember him saying he was fresh out of high school and there was a sense of commitment – of doing the right thing – that permeated Americans back then, no matter their place in socie ty.

I do believe we owe a debt of gratitude to those who have served or are currently serving in the  armed forces. Their sacrifices, courage and commitment must never be overlooked. This year we also owe our respect and gratitude to those  who have been on the front lines saving lives during  the pandemic this past year plus. They have given so much for all of us, many times putting their own safety and security on the line to help others. Perhaps if there could be a silver lining from the COVID pandemic, it would be a renewed sense of the concept of the greater good, service to others, and recognition of true selflessness when the chips are down.

So, please have a safe and happy Memorial Day weekend with all your loved ones but also take extra time to  remember and appreciate.  Thank you and I look forward to seeing you soon.  

Rich Smith
VCIA President

Captive Review Recognition

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Captive Review hosted its annual Power 50 awards yesterday and I wanted to highlight some of the winners with strong connections to VCIA and Vermont.

First, they gave a shoutout to leaders in the captive owner category, two of VCIA’s board members were recognized: Andrew Baillie of AES and Tracy Hassett of EdHealth. Also recognized in this category were VCIA members Deyna Feng from Cummins and Julie Bordo of PCH Mutual Insurance Company (RRG).

New entrants to Captive Review’s Hall of Fame were former VCIA board member Steve McElhiney with Artex, former VCIA finance committee chair Michael Corbett with Pinnacle Financial Partners, and recent VCIA Industry Service awardee Mike Zuckerman of Temple University.  Also recognized were Captive Professionals to Watch including Alicia Miller of Crowe and Molly Hengtes of Gallagher Bassett.

Finally, congratulations to our colleagues who were named in the Power 50, including Greg Agnone of Midwest Employers Casualty (50), Mike Raybshteyn of EY (45), Rob Walling of Pinnacle Actuarial Services (39), John Prescott of Johnson Lambert (38), Nick Frost of Davies Captive Management (36), Paul Corver of R&Q (32), Renea Louie of Pro Group (31), Amy O’Brien of Gallagher Bassett (30), Phil Giles of MSL Captive Solutions (29), Mike Serricchio of Marsh Captive Solutions (25), Steve Bauman of AXA XL (24), Anj Fowler of Madison Scottsdale (23), Bob Gagliardi of AIG (21), Dan Kusaila of Crowe (19), Karin Landry of Spring Consulting (17), Mike Meehan of Milliman (13), Pete Kranz of Beecher Carlson (11), Anne Marie Towle of Hylant Global Captive Solutions (8), Sandy Bigglestone of Vermont’s Department of Financial Regulation (7), Nancy Gray of Aon (3), and Brady Young of SRS (1).

Congratulations to you all… and even to you Dan Towle of CICA (9)!

Thank you and I look forward to seeing you soon.  

Rich Smith
VCIA

Len Crouse

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Vermont and the captive insurance business lost a true captain of the industry this week. Len Crouse, former Deputy Commissioner of Captive Insurance for the State of Vermont passed away recently. Len was appointed Deputy Commissioner in 2003 and prior had served as the Director of Captive Insurance since 1990.

Len was responsible for Vermont’s administration and regulation of captive insurance companies and risk retention groups as the industry grew and prospered. Without his steady hand Vermont would not be the leader in the captive arena we are today.

Anyone who knew Len also knew his mischievousness side as well! Whether yelling “hi, buddy” or “how are you doing, sweetheart” as he made his way through a captive conference or event, he became known as someone who could be tough with you on a captive issue at a meeting earlier in the day and then have a drink with you later that evening as an old friend.

Len is the recipient of the 2008 VCIA Industry Service Award and made an Honorary Member in 2019. All of us at VCIA share our condolences with Len’s wife, Carol, his family, and all of his wide range of friends.

Thank you and I look forward to seeing you soon.  

Rich Smith
VCIA President

Hit Me with Your Best Shot

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I just received my first shot of the COVID vaccine yesterday, and it provided a real boost of optimism that we are heading out of this weird nightmare. I would never have guessed how excited I’d be about getting a jab in the arm with a sharp needle!

Governor Scott of Vermont, who has been incredibly disciplined about taking necessary precautions, has said he expects the state to be more or less open by July 4th.  As we start to head into nicer weather up here in the Great North, that is  good news. Still a lot to be worried about when I scan the news from around the world: huge spikes in Brazil, slow rollout of vaccines in Europe, the fact that many in the developing world won’t see vaccinations until next year.

COVID is indeed an international issue – not only is there a truly humanitarian issue at stake, but the pace of vaccinations around the world will impact us all.  That’s why it was interesting to hear about the new Global Health Risk Facility (GHRF). The GHRF is a highly collaborative undertaking that insures the transportation and storage of COVID-19 vaccines, and other critical health commodities, for the benefit of low, middle, and upper-middle-income countries. The GHRF has been developed by Parsyl, a Lloyd’s Lab alumni, in close partnership with AXA XL, Ascot and McGill and Partners. AXA XL will lead the risk management and local policy implementation.

What’s also interesting (though maybe not a big surprise) is that  many of the pharmaceutical companies involved with the development and manufacturing of the vaccines chose to base their captives here in Vermont. How cool is that?! Pfizer, Johnson & Johnson, and AstraZeneca all domicile their captive insurance companies here, for good reason.

I look forward to learning  more about how captives were utilized in these extraordinary times. Which is exactly what will happening as part of the VCIA Signature Series, this coming Tuesday, April 13th! One of our sessions is on disaster (and unforeseen event) preparedness and recovery. We will learn from captive owners whose programs have navigated the treacherousness of the pandemic, sure to be fascinating. Also in the line-up for that day is a great session about cyber-risk and it’s ever-expanding nature of threat. The day ends with a private forum for captive owners to get together, see each other (via camera), share ideas and collaborate. Should be a great day and it’s not too late for you to register! More info at http://www.vcia.com.  

Thank you and I look forward to seeing you soon.  

Rich Smith
VCIA President

Your Signature (Series)

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Join VCIA for its Inaugural Signature Series Event on April 13th! The Signature Series is an online event consisting of two Captive Education Sessions, each followed by Guided Discussion Groups hosted by Industry Experts. The day also features a Captive Owners Forum.

The first session will be the dramedy  “Disaster! – What’s the Plan?” exploring the reactions, interactions, and strategies to prepare your company and captive program for the next unforeseen event. We’ll illustrate real time issues companies and captives faced in the wake of the declaration of the COVID-19 Pandemic and how to better prepare your company for future disasters and other major business challenges. Our cast of thespians will examine the importance of a disaster preparedness plan, its key components and how to craft such a plan for your company. The stars of this dramady are Julie Bordo, President & CEO of PCH Mutual Insurance Co. Inc. (RRG), Hugo Crawley, Chairman of TigerRisk Partners (UK), Gail Newman, Vice President of Risk Management for Bright Horizons Family Solutions, and Michael O’Malley, Managing Director of Strategic Risk Solutions.  It may be so good we take it into syndication!

Our second session will look to answer many questions around cyber risk and captives. As cyber-attacks become more frequent and increasingly harmful, are you prepared? What risk financing and management techniques are you using today to handle your cyber risk? Are you familiar with regulation and governance required to manage cyber exposure for your organization? How do you design a program which provides appropriate coverage cost-effective price, along with the associated vendor costs, to prepare if a cyber event occurs in your organization?

Elisabeth Case, Managing Director at Marsh, John O’Neil, Corporate Insurance Risk Manager at MassMutual, Dan Petterson, Director of Captive Examinations for Vermont’s Division of Captive Insurance, and Uso Sayers, Managing Director at Johnson Lambert, will share knowledge of best practices, and what coverages you need to ensure for, both in and out of your captive, to protect your organization from this ever-expanding threat.

And finally, for our captive owners only forum, two captive owners will lead a dynamic discussion with other captive owners exploring current industry challenges, solutions, new ideas and industry best practices. Melinda Young of NC3 and Brian Johnson of Alliance of Nonprofits for Insurance, RRG, will corral the issues most on the minds of captive owners using interactive technology.

Click here to register today!

Thank you and I look forward to hearing from you.

Rich Smith
VCIA President