We had a great time!

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VCIA Staff left to right: Diane Leach, Rich Smith, Peggy Companion, Elizabeth Halpern, Megan Precourt, Isabelle Halpern (summer intern), Dave Rapuano and Janice Valgoi

Thanks to all who joined us in Burlington earlier this month for another great VCIA captive insurance conference!  As I tell everyone who asks me how the conference went, I have a great time meeting new people and reconnecting with old friends. And the entire VCIA staff feels the same way.

You seem to agree, too: more than 84% of conference survey responses rated our conference the best or better than most. With over 1000 attendees from 44 States and 10 countries, where more than 25% were captive owner and 19% first time attendees. Our annual gathering in August has grown to be the place “Where the Captive World Comes to Meet”!

The conference had great energy and people liked the format and extra touches.  As a few of the  attendees stated the conference is “where the best and the brightest in the captive world come together to keep moving the industry forward”; “a participative educational forum, fostering business and personal relationships that last a lifetime!”; “the place where everyone is willing to share ideas and learn from each other”; “the premier captive insurance conference on the calendar, given its size, its sophistication….if I could only attend one captive conference per year, it would be VCIA.”

Attendees especially liked the new Captive Immersion program that was held on Monday, our Learning Circles which enabled attendees to share ideas and experiences, the exhibitor reception with the special Vermont beer and spirits samplings provided, and our two excellent keynotes: Laura Drabik from Guidewire and astronaut Mike Massimino.

Many thanks to our sponsors and exhibitors without whom we could not put on such an event, as well as to the hundreds of volunteers who make it happen. A special thank you to our Platinum Sponsors:

  • A.M. Best
  • Kroll Bond Rating Agency
  • Madison Scottsdale
  • Old Republic
  • Performa
  • Wells Fargo
  • State of Vermont

Now after a little break, we are back to work again looking out for the captive industry. We have a bunch of webinars being planned for the rest of the year so keep your eyes on our website!

Thank you all very much, and I look forward to hearing from you.

10-Day Countdown

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Just ten days until we open Burlington, Vermont to all you captive insurance professionals! If you have not already done so, please make plans to join us for a week of wonderful education, networking and friendship.

Here is just a smattering of some of the captive owners who will be presenting this year:

  • Andrew Baillie, AES of Global Insurance Company
  • Sean Barnes of United Educators
  • Julie Bordo of PCH Mutual Insurance Co., Inc., a RRG
  • Tracy Hassett of Educators Health Insurance Exchange of New England
  • Tim Herr of Recreation Risk Retention Group
  • Karen Hsi of the University of California
  • Jan Klodowski of Agri-Services Agency LLC & Agrisurance Inc.
  • Troy LePage of HAI Group
  • Heather McClure of Oklahoma University Medical
  • Bill Murray of Church Insurance
  • Tim Padovese of Ophthalmic Mutual Insurance Company (OMIC)
  • Joshua Reding of Life Time Captive Insurance Company
  • Paul Smith of National Insurance and Indemnity Corporation

I hope you all can join us! Click here to register for the VCIA Conference today.

Thank you all very much, and I look forward to hearing from you!

Rich Smith

Young at Heart

Young professionals

Young captive professionals at a recent VCIA event.

Recruiting and training the next generation of captive professionals is a paramount issue for our industry, as everyone knows. Both CICA and NRRA have programs designed to reach out to this group and draw them into the industry.  Fostering newcomers to join the field and eventually step into the roles of our current captive leaders and professionals is an initiative that VCIA takes to heart.

Over the past number of years, VCIA’s Annual Conference has created places and sessions where young professionals can learn from and network with both peers and seasoned professionals as they pick a pathway forward in the captive insurance field.  Besides our NEW Captive Immersion experience, which will familiarize those who are new to the captive industry on the key services, and our annual Captives 101 session that provides a basic overview of captive insurance companies and RRGs, other VCIA sessions designated for young professionals include:

Developing the Next Generation of Captive Industry Leaders, which will explore what is being done in the industry to attract and retain new talent.  According to the Pew Research Center, millennials were the largest portion of the workforce in 2016. As a group they are very connected, having grown up with the internet in their everyday life. In the workforce, they are eager to make a meaningful contribution to the workplace and the greater good. In many ways, this group is helping transform organizations.

Our Young Professionals Forum will provide a great resource particularly for those with fewer than 10 years of captive experience.  Three dynamic facilitators will lead small group discussions about sharpening your speaker skills, how to approach your early career years and work/life balance.  Afterwards, an open forum will occur for a fluid discussion on topics such as transitioning into the workforce, professionalism and meeting work demands in a sometimes-stressful environment.

On top of all that is just the best networking opportunities both “on campus” and “off campus” in the captive industry, so, I hope you all can join us! Click here to register for the VCIA Conference today.

Thank you all very much, and I look forward to hearing from you!

If the Spirit(s) Move You

headytopperAs you know (because of my constant pestering), the Great VCIA Annual Conference is coming right up! Well for those of you that are able to join us the week of August 5th, we have a little treat for you.

Come to VCIA’s Opening Reception in the Exhibit Hall on Tuesday and enjoy samplings of Vermont artisan brews and spirits. Look for the gold balloons throughout the hall to find these special beverages while connecting with great companies who are exhibiting, and industry peers from around the world.

Special samplings from the Alchemist (brewer of the world-famous Heady Topper), Zero Gravity, Boyden Valley, Caledonia Spirits’ Barr Hill Gin, Stonecutter Spirits, Lawson’s Sip of Sunshine, Whistle Pig Rye, Mad River Distillers and Stowe Cider.

So, come join us and enjoy your Vermont tipple! Click here to register today.

Thank you all very much, and I look forward to hearing from you!

Happy Fourth of July!

montpelierWishing everyone a Happy (and SAFE) Fourth of July this week! I love how Montpelier (my home town) does their annual parade and fireworks at the State House every year. A real mix of traditional bands mixed with a crazy quilt of floats and causes – and sometimes a Presidential candidate (although I believe Bernie Sanders will be in New Hampshire this few days for some reason…).

Thanks to all of you who registered for VCIA’s Annual Conference before the end of June. We have over 800 captive professionals already registered to come to Burlington, Vermont, well on our way to hosting over 1000 attendees. Even more exciting, we have over 80 people signed up for our new Captive Immersion program happening on Monday, August 5th.

Captive Immersion will offer an afternoon of educational sessions designed to familiarize new captive industry professionals on the essentials of captive insurance.  The key services that are needed during captive formation and management will be presented by industry experts to give newcomers a complete sense of the various components and their importance in the overall captive picture. It’s not too late – sign up for the conference and Captive Immersion today by clicking here.

Thank you all very much, and I look forward to hearing from you!

From Early Bird to Angry Bird

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For all you procrastinators out there (and I count myself as one of the best) listen up! VCIA’s Annual Conference “early bird” rates are about to expire on June 30th. That means, of course, you will be paying more to learn and network with 1100 captive professionals from around the US and the world. And none of us like doing that.

Don’t take my word on it – look, here it is in black and white:

Registration Type

Early Price

Late Price

Full Pass: Member $750 $825
Full Pass: Non-member $1300 $1380
Networking: Member $465 $515
Networking: Non-member $890 $940

So, before the early bird changes into an angry bird, get on it! Click here to register today.

Thank you all very much, and I look forward to hearing from you!

Rich Smith
VCIA President

Space…The Final Frontier

Rich-KurkVery cliché, I know, but still so true.

The fact that we now have a burgeoning space industry opens up opportunities for the insurance world. Most insurance companies offer some type of Space and Satellite Insurance which covers things like satellite launch and in-orbit, contingency, in-orbit third party liability, or some combination thereof.  But with space tourism becoming a reality in the not-too-distance future, captive insurance has an opportunity to play a role in the risk management of our last frontier.

The global banking firm UBS believes there will be very lucrative ramifications from the space flight efforts currently led by Virgin Galactic, SpaceX and Blue Origin, and stated that in a decade high-speed travel via outer space will represent an annual market of at least $20 billion and compete with long-distance airline flights. Space tourism will be a $3 billion market by 2030, UBS estimates.

UBS pointed to SpaceX’s plans to use the massive Starship rocket it is building to fly as many as 100 people around the world in minutes. SpaceX said that Starship would be able to fly from New York to Shanghai in 39 minutes, rather than the 15 hours it takes currently by airplane – pretty cool.  And even though space tourism is still nascent, UBS said they believe the sub-sector will become mainstream as the technology becomes proven and cost falls.

The legal risk of orbital space tourism is uncharted territory, and the liability risks to these companies could be huge.  Under current regulation, commercial passengers will have to sign an “informed consent” form to confirm that they recognize and accept the risks. This provision has been enshrined in US law by the Commercial Space Launch Amendments Act 2004. Such liability waivers remain untested in the courts.

Although there are large insurance firms looking at space tourism, it seems that there is a yawning gap for the liability coverage of the space firms. Captives have always done well with filling this void with targeted, bespoke coverage. So, brush off your old Star Trek DVDs and let’s hope that we have a panel at the VCIA conference in the next ten years devoted to the extraterrestrial!

For all you Trekkies out there we have the next best thing to Captain James T. Kirk: for our closing luncheon on Thursday at the VCIA Annual Conference the week of August 5th we have former astronaut Mike Massimino as our special keynote. He is a recurring character on The Big Bang Theory, a professor at Columbia University, the first person to tweet from space, and a New York Times best-selling author.  Mike will speak of pursuing his passion and tell incredible stories about his experiences in outer space manning space missions. Having one of the most dangerous jobs in the world, Mike will speak of the teamwork and problem-solving skills needed to train for and accomplish one of NASA’s most difficult space missions. Don’t miss this fun closing event!

Thank you all very much, and I look forward to hearing from you!

Rich Smith
VCIA President