Category Archives: Annual Conference

Welcome Conference Summer Interns!

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VCIA is lucky to have not just one conference summer intern this year, but two! We, like the rest of the industry, are putting in a big effort to find and engage the next generation of captive talent. That’s where our interns come in. One grew up in Vermont and decided to move to the Midwest for college (go Hawkeyes!); the other grew up in the Bluegrass State and fell in love with Vermont and the University of Vermont. These 2 are contributing in a major way to make your experience and the #VCIA2023 conference a success. Please meet VCIA Interns John O’Rourke and Marguerite Jouet!

John and Marguerite have been preparing the conference app for you!

University of Iowa Class of 2024 with a major in finance, John comes to VCIA as our technology intern. He is ready to troubleshoot any technology issues if needed, and he plays a big role in updating our conference app for attendees to use. On a sidenote, the app is humming along and should be ready for your use in mid July, so you can start networking with other attendees before the conference!

Last year John visited London and took a course on international finance. There, he toured the impressive offices of Lloyd’s of London, and when he learned about an opening at VCIA, he connected the dots to just how big the captive industry is in his home state. “It’s incredible,” John said, “discovering this global power of insurance right at my doorstep. I’m so excited to give it my all to make the conference a great experience for everyone.”

Marguerite joins VCIA as our event management intern and she works closely with VCIA’s Director of Education Diane Leach in perfecting the details of the conference. She studies marketing and data analytics with a concentration in global business at UVM, and last semester she went to the Universitat Pompeu Fabra in Barcelona for an amazing study abroad experience.

Marguerite has already been a valuable staff member to VCIA as she’s done outreach to the Burlington Business Bureau and contacted city restaurants to provide information about our conference, demonstrating the great opportunity coming for them! Another sidenote: you will find some restaurants will have flyer with our logo on their window – please support these eateries! This was a great idea hatched by Marguerite. Says Marguerite, “It’s been wonderfully eye-opening to witness how a conference is created from scratch and all the planning that goes into it for a successful event. I’m so happy to be a part of it and can’t wait to see it all come to fruition in August!”

Whether emailing them or meeting them at #VCIA2023, please give John and Marguerite a warm welcome! And remember, book your lodging and register for the conference today!

#VCIA2023 Conference Preview III: Registration Strong Out of the Gate

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We are launched! On Monday of this week registration opened for the 2023 VCIA Conference, and already over 160 attendees have registered to attend. On the outside, it looked like we just ‘flipped the switch,’ but in all honesty that could not be further from the truth! The lead up to the launch of registration has been a meticulous process, one that involved a significant amount of time on the backend to ensure that the registration procedure can run properly for everyone.

Over 160 attendees have already registered to attend and we can’t wait for you to join us! Register here: https://tinyurl.com/vciaaugust7-10

#VCIA2023: Where the captive world Comes to Meet

Many logistics go into managing the conference experience as well. It’s a big mark of logistical success when attendees don’t even notice because everything is running so smoothly, and that is our goal! A look behind the scenes shows that the VCIA staff have been working on the details that make the conference rev – from hotel contract to our great conference logo – reflecting the summer colors of Vermont.  From transportation to sampling the food offerings at the hotel (Somehow, I missed out on that job!)

Equally important to logistics, is the actual conference schedule that has been materializing for months. Since September of 2022 (Yes, less than a month after the end of the 2022 conference!), a dedicated group of captive professionals have been working as the VCIA’s Conference Task Force to solicit, evaluate, hone and finalize a broad range of continuing professional education. Working closely with staff, they have also addressed issues such as safety and security, and the integration of stellar social and networking events into the program. 

Staff and the Conference Task Force have also work hard on securing the keynote speakers who will bring something different and relevant to the attendees. This year we are delighted to have retained the services of Juliette Kayyem & Jeff Kreisler. Juliette is a CNN National Security Analyst, a Pulitzer Prize Finalist, and a former Assistant Secretary of Homeland Security. Jeff is the head of Behavioral Science at JP Morgan as well as being a former stand-up comedian!  That’s a combination I can’t wait to experience.

Get a preview of what Jeff Kreisler will bring as the keynote to the #VCIA2023 Conference!

So, come join us and about 1,000 of your peers as we explore new challenges and innovations. Build effective and useful contacts across the formal and informal events, and have an outstanding time in beautiful Burlington, Vermont!

P.S. If you haven’t yet, check out our conference video!

VCIA2023 Conference Preview II: Where Captive Content is King

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It’s the early stages of the Internet. The year is 1996. Some chap by the name of Bill Gates pens an essay in which he declares “Content is King” and bets that the value of information and entertainment creation will astronomically drive the Internet’s growth. Close to thirty years later his prophecy holds true. What’s my point? Well, related to the captive conference experience, the educational material and the leaders who teach that material, are critical. This Monday, May 15th marks the official launch of #VCIA2023 registration. For those really itching to register, head on over to vcia.com now and you just *might* be able to already 😉 … With our interactive discussion groups, collaborative forums, and in-depth educational presentations, I’m proud to say the Captive Content is King at the #VCIA2023 Conference.

The conference schedule is set and I encourage you to peruse our jam-packed itinerary here. A big thanks needs to go out to VCIA’s 2023 Conference Task Force, led by Chair Aaron Hillebrandt of Pinnacle Actuarial Resources. A focused, tireless group, they have given their time, talent and professional network to produce a comprehensive lineup of educational topics, paired with the best speakers from the industry.

As you know, captives are formed by so many diverse organizations. Moreover, there are so many subsets and functions that a captive has in serving its parent group. The #VCIA2023 schedule reflects this wide-range of subjects by offering “everything under the sun” that concerns captives, including:

  • The latest captive trends and emerging risks
  • How cyber impacts captives
  • Inflation on your captive portfolio
  • The power of reinsurance
  • The all important medical stop loss
  • Claims management
  • Parametric coverage
  • Board engagement and inspiration
  • With a grand total of 21 CPE/CRE/CLE-eligible educational sessions—3 more than 2022!

#VCIA2023 opens its doors to everyone! Starting Monday, May 15th, be sure to register for America’s largest captive gathering. See other domiciles, meet vendors and service providers, connect with captive owners…

That’s not all. #VCIA2023 captive content will deliver on the fundamental concepts for captive formation and management; for that, do attend Captive Immersion, Captive 101, Newcomer’s Guide to the Industry Part I and II, among others. The speakers, who are practitioners themselves, will also provide real-world examples, case studies, and tactical methods for how they problem solved specific challenges that arose for their captive and parent organization. It’s common place to say that our captive conference is for beginners and veterans alike – but it’s true! Even more, the conference content creation was built out and designed to meet the needs of all captive professionals, from one year on the job to thirty.

#VCIA2023 opens its doors to everyone! Starting Monday, May 15th, be sure to register for America’s largest captive gathering. See other domiciles, meet vendors and service providers, connect with captive owners; if you’re new to the industry, we have conference ambassadors, and the Vermont Captive Insurance Emerging Leaders group will be on hand. We’re not kidding when we say #VCIA2023 is Where the Captive World Comes to Meet! Let conference registration begin!

#VCIA2023 Conference Preview I: Where the Captive World Comes to Meet

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Suddenly, the month of May begins on Monday! That means we are just two weeks out from when VCIA’s 38th Annual Conference registration opens. Let me be of service and provide you with this calendar reminder link so that you can go ahead and register for #VCIA2023 right away on Monday May 15th. All you need to do that Monday the 15th is go to www.vcia.com to register! We anticipate a larger gathering, a more robust schedule of events and topics, and overall a conference experience that will meet and surpass VCIA’s 2022 Conference. And you are an important part of that!

95% of surveyed attendees said the VCIA Conference coordination and management was well done and exceptional
 
96% of surveyed attendees said VCIA Conference networking opportunities were well done and exceptional

We plan to outdo our 2022 Sucess with your help!

In the coming months, I intend to highlight a number of facets to demonstrate how The VCIA Conference stands out in the captive conference circuit. We will detail our special events, our keynote speakers (Shh! waiting to reveal them during registration week), the wide variety of services offered in our comprehensive exhibit hall, thanks to our exhibitors.

I will also go in depth on our educational topics – a source of deep pride for VCIA. Above all, our conference is about the people, about you! It starts with the people behind the scenes – the VCIA Conference Task Force, the topic coordinator and speakers, the VCIA Board and Staff, the #VCIA2023 Sponsors – then includes the variety of captive professionals from all walks of life and corners of the world who make our event so special. I don’t want to give it away, but let me just hint that we have a special video dropping during registration week which will illustrate how VCIA is truly the place where the captive world comes to meet.

So, just as a primer, let me provide the basics:

  • #VCIA2023 is four jam packed days of captive education, networking and business opportunities, in lovely Burlington, Vermont starting Monday August 7th with Captive Immersion, as the full conference slate picks up Tuesday August 8th and goes through Thursday August 10th.
  • #VCIA2023 is for everyone, not just service providers and captives domiciled in Vermont! In fact, we have a number of other domiciles who will be exhibiting in the exhibit hall, and many regulators and government officials from other states and countries attend. VCIA is very happy about this and it goes to my ethos of building out “a bigger pie” which everyone can eat from.
  • On top of that #VCIA2023 is productive for those who have been in the captive industry for more than 30 years, and those who maybe have been in the captive industry for just 3 days! We have advanced topics as well as Captive Immersion and Captive101. Plus, the VCIEL will be playing a major role at the conference in engaging rising professionals and students.
  • The VCIA Annual Conference is changing golf courses this year! We are headed to beautiful Stowe, Vermont! Find details on our golf page here.
  • This is just the tip of the iceberg! Keep up with VCIA LinkedIn activity to learn more, and I look forward to seeing you as one of the registered #VCIA2023 attendees starting Monday May 15th!

This is the premier US captive conference to attend to be at the forefront of the industry. It is the place to learn about the hottest topics trending in the industry and to network with your peers. The VCIA shows their level of care and passion through their staff’s efforts resulting in a very welcoming captive conference experience. Be sure to mark this annual event on your calendar to be best armed to utilize your captive program or to learn how to break in to the industry.

Praise for the VCIA Conference Experience

VCIA Staff at Full Force and Ready to Serve!

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A Happy Staff after Lunch!

This week the VCIA Staff met for a daylong meeting at one of our favorite places: Trapp Family Lodge in Stowe, Vermont. And it was a special occasion, as we met for the first time with our two superlative new hires, Ella Stevens, Bookkeeper/Administrator, and Jocelyn Lamb, Accounting Manager. We were placed in the Strauss Meeting Room, and an obligatory recording of The Blue Danube was played!

Since VCIA went fully remote at the end of 2022, we’ve made sure to plan in-person staff gatherings at least once a month in order to build staff chemistry and develop those intangibles that are crucial for a close-knit small staff. This February meeting was all about gearing up for our busy season, when conference registration comes onto the horizon. 87 days until you can register for #VCIA2023, and 171 until the first day of the conference!

Time and time again I’m reminded why our staff is an invaluable asset serving members, stakeholders, and the entire captive industry. Whether it’s the deep institutional knowledge harnessed by our triumvirate Diane Leach, Peggy Companion, and Janice Valgoi, or the ingenuity and creative thinking that our younger staff employ, our staff is versatile and leaves no stone unturned in how we help members and optimize our services.

No other captive domicile or captive association can claim such a robust and effective staff force meeting the needs of its members and expanding its reach. It’s why VCIA is ready to hit full stride as we hit spring (just 31 days!) and gear up for conference preparation and promotion. As always, we’re available to listen to your needs and and provide you the best member experience!

At the Heart of What We Do: 2023 VCIA Legislative Day Preview

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When the VCIA surveys members to find out what we do that provides the greatest value, it is our legislative advocacy that usually comes out on top. It is also a defining differentiator for us, as we are the only captive association to have active advocacy in place at both a state and federal level.  Additionally, we closely watch the proceedings at the National Association of Insurance Commissioners (NAIC) as they work on model legislation and standards that will affect the industry. I’m excited to get our advocacy work started this year with our annual Montpelier Legislative Day next week.

It’s our first in-person Legislative Day since 2020 before the pandemic, and the VCIA Board, staff, and legislative committee members are eager to engage with the lawmakers who will eventually finalize, pass and bring our 2023 captive bill to Governor Scott’s desk to sign and put into law.

The schedule of events for the day goes something like this: a Board meeting immediately before the Statehouse activities, with a general session open to the public at the tail end of the meeting; an informal lunch at the classy Capitol Plaza, a stones throw away from the Statehouse. This lunch will be a great opportunity to meet with select legislators and talk to them off the record about what VCIA does and why the captive industry is vital to the Vermont economy.

All our advocacy work has resulted in a ‘spend’ by the VCIA of $1.6M in the last 19 years and is one of the reasons why we consistently live up to the Gold Standard. It is through these efforts that Vermont’s statutes remain industry-leading, and that we have a strong voice in Washington DC and beyond.

Afterwards, we will head over to the golden dome and share official testimony in front of the Senate Finance Committee and then the House Commerce Committee. Board Chair Tracy Hassett will provide her company edHealth’s compelling captive story, explaining why Vermont was their domicile of choice. Legislative Committee Chair Ben Gould of Paul Frank and Collins PC will discuss the process undertaken by VCIA and the DFR in crafting a bill for the legislature to consider and amend. My job will be to tell the VCIA story: how we are the bridge between the Vermont captive regulators and our members and stakeholders; how we serve as in indispensable educational resource for the entire industry; and how we bring major tourism revenue to Burlington and Vermont through our Annual Conference, one of the largest in the state.

Both Senate and House testimony will be livestreamed on the respective Senate Finance and House Commerce YouTube channels. The Statehouse continues to have a visitor policy that prevents us from inviting all of our members; however, to make up for this, we will be providing an in-depth Special Legislative Day report exclusive to VCIA members.

With great turnover within the Vermont legislature after the November 2022 elections, this Legislative Day is an important educational mission that will enlighten new lawmakers on the scope and dearth of the VCIA and the Vermont Captive Industry. We will be providing updated Fact Sheets with the big numbers that back up our claims, while presenting new information to both committees ahead of their consideration of the 2023 captive insurance bill.

I am excited to represent your interests at this, my first legislative day for the VCIA, and I will be sure to keep you informed of all of our efforts in this area on your behalf. Please reach out to me directly with any feedback!

President Kevin Mead’s Personal Guide to Burlington for #VCIA2022

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“Vermont is a small state which makes an enormous difference.” -Mr. Rogers – Just 10 days until #VCIA2022 comes to life! And while we can certainly keep you fed and refreshed while here, I appreciate that some of you may want to venture into the depths of Burlington.  So here are a few spots that come with the “Kevin Seal of Approval.”

Bars:  I am more of a dive bar person than anything else. I love a good juke box and a billiards table that slants just slightly to the left. Any place with ‘tasting notes’ for the beer tends to get a pretty wide berth from me, so…

Lincoln’s: More of a scavenger hunt that a bar.  No signs, and Google Maps is only mildly helpful.  Once you find it and are in, everything is $5 – cash only.  Pepsi? $5. Gin & tonic with a dash of bitters? $5.  You get the picture.

The Olde Northender: Time stood still here in 1974.  Of course, it’s Vermont, so there are two micros on tap to accompany the bottles of Bud Light and cans of PBR.  23 North St, Burlington, VT 05401

Food:  Amusing story, there is a not a Starbucks in downtown Burlington. 

Feldman’s Bagels: A pepper salt and sesame bagel with a schmeer of bacon scallion and horseradish cheese. Open at 06:30, 660 Pine St, Burlington, VT 05401

American Flatbread: ‘It’s not a pizza, it’s a flatbread!’  ‘OK buddy, I’ll get a whatever-you-call-it with the maple fennel sausage and caramelized onions’. 115 St Paul St, Burlington, VT 05401

The Eclectic: Burlington is the natural habitat of all things quirky.

Thirty Odd: Bring home something from Vermont that is not syrup or a T-Shirt.  Local artists and makers with delightful stuff. 270 Pine Street, Burlington, VT 05401

The World’s Biggest Filing Cabinet:  Go and see it, and then ask me, “Why did you send us there?” I’ll buy you a drink if you actually make it to the filing cabinet tower and take a selfie! 220 Flynn Ave, Burlington, VT 05401

You’re bound to have a great time in Burlington when the captive world shortly gathers here! Check out the app (and download it before you arrive!) for more recommendations on your stay. And, there’s still time to register if you or someone you know has been dragging their feet! Save additional money by registering now before on-site registration starts August 5th. Can’t wait to celebrate with you all soon at #VCIA2022!

Make Sure Your Register Because This Is The Last Call for #VCIA2022 Early Bird Rates!

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The Vermont state bird is the Catharus guttatus, more commonly known as the Hermit Thrush. However, the VCIA organizational equivalent is Primo Avis Mandare, for those not up on their Latin–the Early Bird! Leaving just as the Hermit Thrush arrives for its summer visit, the Early Bird’s call is ‘cheaper, cheaper!’ If you’re not quick you will miss its beautiful song because this seasonal visitor departs in just 6 days, having been seen by over 500 people. Primo Avis Mandare is certainly not shy and likes all kinds of attention, so grab your bird call whistle and binoculars and make sure you register for the 2022 VCIA Conference before the clock strikes midnight on Friday July 1st when Early Bird migrates away! I suggest you dally no longer and secure your spot at the captive industry’s biggest and best summer conference by booking your attendance via this link. 

The early bird gets the worm, or in #VCIA2022’s case, gets the best registration rates, which end June 30th!

VCIA’s 37th Annual Conference–our first in-person in 2019–promises to be an outstanding week of special events, productive networking, and, I’m not afraid to say it, the best captive education you’ll find on the planet.

The variety and depth of sessions, all incorporating the latest trends, emerging risks, and legal contexts, form the foundation of #VCIA2022. You will discuss captives and collaborate on ideas related to climate change, social inflation, tax developments, InsureTech (to name just a few). Simply put, nothing can match that experience without being on the ground in Burlington, Vermont the week of August 8th. Hundreds of captive professionals tend to agree with my perspective. We have attracted a strong crowd to register for the conference already, and we expect our current 500+ count to surge as the expiration of the discount approaches. 

Make memories at #VCIA2022. Register now to secure your early bird rate!

A major focus of mine as the new VCIA president is value. What value has VCIA brought to its members and stakeholders in the past and how can I improve upon that? I meet with people and companies on a regular basis to hear their needs and understand how VCIA can help. In the same way, #VCIA2022 is all about value. We’ve built into a week’s schedule as much as quality possible so you benefit from the value of the finest captive educational content and networking opportunities.

#VCIA2022 is all about value. We’ve built into a week’s schedule as much quality as possible so you benefit from the value of the finest captive educational content and networking opportunities.

VCIA President Kevin Mead

Don’t just take it from me. Dozens of talented captive professionals have been working hard for months to produce something special. I refer to the Conference Task Force and VCIA’s Director of Education and Programming Diane Leach. The 2022 Chair of the Conference Task Force, Ian Davis, Senior Vice President, Captive Insurance Relationship Manager at People’s United Bank, realizes the anticipation for #VCIA2022 is growing and can’t wait to share the fruits of our team’s labor. “We know how much it means for the industry to get together and you will see that on full display at the conference, guaranteed. We’ve designed the conference to emphasize engagement, to explore important ideas and how they can benefit our companies, and to celebrate how we all are moving the captive world forward.”

I for one am proud as hell for all the blood, sweat, and tears we’ve put into our Annual Conference. I’m also super excited. Together with some of you, this will be my first VCIA Conference, and I am really looking forward to being able to start and build relationships and connections that will mutually benefit the VCIA and the entire industry.

First step? Spot the early bird and register today! See you sooner than you think!

The Results Are In

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You all saw it coming. The number of captives licensed in Vermont last year eclipsed 2020 – already a banner year. Sure, almost every captive domicile had a good year, but even with over 40 states establishing captive laws, Vermont stands head and shoulders above.

Here are the hard numbers: Forty-five new captive insurance companies were licensed this past year in Vermont, making 2021 Vermont’s 4th highest year of growth in its 40-year history. Vermont is now home to 620 licensed captives, consisting of 589 active and 31 dormant captives. Vermont’s 52 sponsored cell captives currently host nearly 500 cells and separate accounts, in addition to the licensed captive companies.

The new captives were licensed in 17 different industries, the main industries being healthcare, real estate, manufacturing, insurance, and transportation. At least 5 of Vermont’s new captives in 2021 were formed by companies with international roots, including Japan, Germany, Russia, the United Kingdom, and Australia. Vermont has been experiencing growth in the number of new cells within sponsored captives, at a similar pace as new company licenses, with nine of the 45 new companies formed this year being sponsored cell companies.

Vermont has licensed a total of 1,242 captive insurance companies since 1981 and remains, by far, the largest U.S. domicile for captive insurance and third largest in the world. With an active pipeline of prospective new captive insurance companies already underway for 2022, the state expects continued growth in the coming year.

Thank you and I look forward to hearing from you.

Rich Smith
VCIA President

Happy Holidays!

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As we close out the year it is a great time to reflect on the last 12 months – or longer. It certainly has been a challenging year for all of us, but I can say without reservation how grateful I am to have been a part of this great industry for the past 12 years.

The friends I have made as head of VCIA are amazing. All of you have made my job joyful which is not something everyone can say, I know. You all know how fabulous the folks who work in the captive insurance space at the State of Vermont are – truly a pleasure to work with Dave Provost, Sandy Bigglestone, Dan Petterson, Christine Brown, Becky Aitchison, and Brittany Nevins.

VCIA’s Board of Directors day in and day out have provided their time, energy, guidance, and friendship through a year where they had to face many challenging decisions. My thanks to Andrew Baillie, Donna Blair, Joe Carter, Lawrence Cook, Tracy Hassett, Stephanie Mapes, Gail Newman, Jason Palmer, Dennis Silvia, Anne Marie Towle, and Derick White.

And to work with the great staff at VCIA in these tumultuous times has shown me just how wonderful they all are. Thank you so much Diane Leach, Elizabeth Halpern (who leaves us at the end of the year – sniff), Peggy Companion, Janice Valgoi, Dave Rapuano, and Meg Precourt for everything!

Even in these uncertain times, we are looking for a brighter future with 2022 and it gives me such comfort to know what good people there are out there.

Happy Holidays!

Rich Smith,
VCIA President