Welcome Brittany!

I want to say a HUGE welcome from the Vermont captive insurance community to Brittany Nevins. As many of you have heard, Brittany recently joined Vermont’s Department of Economic Development as the new Captive Insurance Economic Development Director. She will be taking over from the estimable Ian Davis, now over at Peoples United (but still in our captive community!).

Brittany will be responsible for the marketing and business development of Vermont’s captive insurance industry, working closely with the Department of Financial Regulation and VCIA to continue to strengthen the state’s reputation as the premier onshore captive insurance domicile.  We have already had several calls and zoom meetings with hew and she is going to be great!

Located in Texas for the last 2 plus years, Brittany served as a community and economic development specialist for Travis County, Texas, managing its property tax rebate program for businesses that sought to develop in the Austin region. Prior to that, she was a policy specialist for the Texas Health and Human Services Commission, where she provided support for a variety of agency regulatory programs.

On top of all that, having lived in Latin America for a little while, Brittany is also fluent in Spanish. And as VCIA and the State of Vermont continue to explore connecting the Vermont captive industry to the Latin American risk management marketplace, it will come in handy. Although, she did warn me translating our nomenclature, such as non-domiciliary reciprocal risk retention regulations, will not just flow off her tongue! And it coincides nicely with next week’s Online Captive Trade Mission with Mexico which VCIA and the State are hosting on September 30th.  By the way, this event is free for VCIA Members – details here.

So, please take a minute to say “hi” to Brittany and welcome her into our wonderful community, like you did for me ten years ago. Her email is brittany.nevins@vermont.gov.

Thanks, as always, for your continued support in these trying times. I look forward to hearing from you!

Rich Smith
VCIA President

Vermont = Competence

I was looking at a LinkedIn message from Tim McQuiston, the editor of the Vermont Business Magazine, the other day and it reminded me of how important the competence of both leaders and agencies in the State of Vermont is to its citizens.

Tim reminded us that Vermont has used a combination of strict health protocols and impressive compliance by students to keep COVID case counts down, despite 40,000 college students back in the state and tens of thousands of tests conducted.

Vermont COVID numbers are low per capita and have been from the beginning. Not that there haven’t been challenges here and there, but Vermont’s Governor, Health Commissioner, and overall team (along with the Vermont General Assembly) have remained cool, calm, and collected. And part of the leadership in the Governor’s team is Mike Pieciak, Commissioner of the Department of Financial Regulation (DFR) – which, as most of you know, includes captive insurance. The Governor relies on Mike and his team to assist with the modelling of the COVID numbers and analysis using actuarial science. The work and reports being generated by Mike’s team are being used to inform the Governor, Health Commissioner, and all Vermont citizens. With this useful pandemic knowledge and insight, we are all better equipped to make good decisions.

Vermont has a history of being practical. Even us flatlanders who came to Vermont from other places seem to adopt that attitude – maybe it’s the weather. That practicality permeates the state and provides a sense of quiet competence regarding our leadership.  And nobody does competence better than DFR – let us all take a moment to acknowledge the great work the DFR staff continues to do, no matter the circumstance.

Thanks, as always, for your continued support in these trying times. I look forward to hearing from you!

Rich Smith
VCIA President

Back at It!

Labor Day has come and gone, and we here at VCIA are back at it! For those of you that joined us or contributed your time, energy, and talent to VCIA’s 35th Annual Conference and first-ever 100% Virtual Conference – thank you, again!

VCIA was able to present dozens of educational sessions, a vibrant exhibit pavilion with 56 booths, three Special Events, two Keynote Speakers, industry experts on every panel, nearly 670 attendees, and meaningful ways to network and connect with industry colleagues – all 100% virtually. Because of the hard work from you, our members, we were able to deliver an excellent program in a whole new way, and that in itself is a huge success! 

Now we are embarking on a  number of new events slated for the rest of the year, and we hope you will join us!

Due to the pandemic, we had postponed our travel to  Mexico City, where VCIA and the State of Vermont were planning to present a Captive Insurance Trade Mission this fall.  Happily, though, we are able to host a similar event remotely, coming up on September 30th!  VCIA Members are invited to join this online Trade Mission with Mexico at no charge and learn from our experts. The presentation is from 11 – 12:30 Eastern Time and will share information on captive programs and tax implications related to Mexico. Our contacts in Mexico will be on the line as well, and we will have translation services in place. Check out the details at this link and just email your contact information to info@vcia.com if you want to attend! https://www.vcia.com/Education/OnlineTradeMissionwithMexico/tabid/189/Default.aspx

On October 28th, VCIA will be hosting a webinar (CPE, Vermont CLE, ICCIE credit available) focused on how the captive industry has shifted to a “work-from-home” model. Join us for a rich discussion on the difficulties faced and opportunities found while working remotely as part of the captive insurance industry. Our panel will share the many ways that societal shifts have pushed us all to think outside the box.   Unique perspectives will be shared from a captive manager, a captive owner, an insurance regulator, and a startup founder in artificial intelligence designed for captives. Join us for ‘Working Remotely in the Captive Realm.’

There will be lots more to come for the end of the year. Thanks, as always, for your continued support in these trying times. I look forward to hearing from you!

Rich Smith
VCIA President

Thank You!

Just a quick post to say a huge THANK YOU to all who participated in VCIA Virtual 2020!

It was quite an experience for us to transform our usual captive insurance conference into an online 100% virtual event. And although it was sad not to have been able to see everyone in Vermont this year, it was heartening to get so many nice comments from many of the participants.

I am proud of our staff and members for pulling this off in the short mount of time we hade to learn the ropes and make the conversion. To all our expert panelists who so gamely made themselves available to the attendees – thank you!

And a huge thanks to all our exhibitors and sponsors without which we would not be able to present all the great content that will now be available until the end of July next year. Special thanks to our Platinum Sponsors:

  • A.M. Best
  • Kroll Bond Rating Agency
  • Madison Scottsdale
  • Old Republic Companies
  • Performa
  • Sedgewick
  • and the State of Vermont

I look forward to seeing everyone in Vermont next year!

Rich Smith
VCIA President

Captive U

Law Quadrangle, University of Michigan

One of the great things about being 100% virtual for our conference in August is that students can more easily attend when they don’t need to get flights and hotels and spend time traveling to Vermont this summer.

Every year we invite students from risk management programs around the country, but the travel costs and logistics are an impediment. This year, with the help of many of our friends in the captive industry, we threw open the proverbial doors and have a great mix of students and their professors who will join us this August for the best captive insurance education available!   Not only are there great  sessions for folks new to the intricacies of the captive industry, but with sessions like Evaluating Your Online Presence and Digital Transformation & Opportunities, as well as a Young Professionals forum and The Impact of Emotional Intelligence on Risk Management we think there is a lot to appeal to students and younger professionals alike – OK, and to some of us “older” professionals as well.

Joining us are students and professors from institutions including Roosevelt University in Chicago, Temple University, Georgia State, Appalachian University, Texas A & M, University of Georgia, University of Houston, and St. Mary’s University in Houston. We are incredibly pleased to see these names on our attendee list!

Please let me know if you know of any interested students in any risk management programs; we would love for them to join us!   I look forward to seeing you all virtually in just 2.5 short weeks at VCIA Virtual! View all the details and register for the event here.

Mick Jagger is in the House

Bald musician playing a guitar plugged into an amplifier

Okay, we know this isn’t actually Mick Jagger OR Dave Provost, but you get the idea…

Remember when you could travel to cool places and see all your captive industry friends at one of the main conferences that happened throughout the year? Yeah, the memory is beginning to fade in my mind as well.

However, I do remember the electricity when one of the captive industry’s most famous “rock stars” would enter the room at these events and everybody’s head would turn to get a look. Of course, that person was our own Dave Provost, Deputy Commissioner of Vermont’s Department of Financial Regulation (DFR) – it was like Mick Jagger entered (minus the entourage)!

For all you folks who know Dave, Mick doesn’t readily pop into mind. Dave is friendly, approachable, and has a singing voice like a screech owl (honestly, I have never heard him sing – he may sing like an angel). And let’s not even touch the hair. But captive insurance is the one place where a tiny state like Vermont is the big gorilla and Dave is at the pinnacle of Vermont’s captive world.

So even though you can’t come to Vermont in person this year for our conference, joining VCIA’s Virtual 2020 gives you an opportunity to see Mick, err Dave, in his element. The last event of our three-day conference will be Hot Topics with Dave Provost. Dave will be joined by other highly experienced panelists, for an engaging and interactive discussion on current hot topics impacting the captive insurance industry.

Moderated by Dan Reynolds, editor-in-chief of Risk & Insurance Magazine, panelists and audience members alike will share their experience and insight ensuring that attendees are well-informed about current trends in the captive industry. The panel includes Kent Broussard, President of Bluegrass Insurance Company, Inc., an 831-b captive formed in the State of Vermont in 2014 on behalf of Sazerac Company, Inc., one of the top alcoholic beverage suppliers in the world.

Rounding out the group is Dave Tatlock, a director at Strategic Risk Solutions Vermont Ltd. and is responsible for the management of a portfolio of single parent, group and sponsored captive insurance companies domiciled in Vermont and Connecticut.  And last, and certainly not least, is Sandy Bigglestone, Director of Captive Insurance at DFR, and Dave Provost’s righthand woman – hmmmm, perhaps Vermont’s own Lady Gaga?

Join us for this session which will tie together themes discovered during VCIA Virtual and say farewell on an energetic note!  I look forward to seeing you all in August at VCIA Virtual! View all the details and register for the event here.

I See Fireworks!

Celabration festive new year firework headline or bannner.It’s the Fourth of July weekend, and that means only one thing: we are just a little more than a month away from VCIA Virtual 2020! As you know, VCIA always bring the fireworks when it comes to our annual captive conference, and this year will be no different.

The VCIA Virtual Conference will be a great opportunity for the captive world to meet, socialize, learn, earn professional education credits, hear great keynotes, and have fun in this time of uncertainty and isolation.  We are very excited to present an excellent experience for the captive industry, and have people leave at the end knowing their time was very well spent!

We are providing our attendees with the look and feel of being at an in-person event, by using a very robust 3D digital platform. After all, one of the big reasons the captive world comes to meet in Vermont every summer is the opportunity to network with friends and colleagues. A key element of the platform is that attendees can connect with one another easily, for example in the virtual Captive Lounge, where attendees can swing by and meet up with others.  There will also be games and trivia contests to create fun ways to engage people and get them exploring all the places in the digital platform. Our Exhibit Pavilions will be showcase over 50 3D exhibit booths! And the many educational sessions and forums will be second to none. We are excited for it to all come together and be an excellent experience for attendees, sponsors and our many fine service providers who keep the industry humming.

I look forward to seeing you all in August at VCIA Virtual! View all the details here.

Rich Smith,
VCIA President

The F.B.I.

fbi FThose of us of a certain age can remember with absolute clarity the start of the popular show in the late 60’s and early 70’s. The announcer, in a strong, determined voice would introduce, “The F.B.I… starring Efrem Zimbalist, Jr.” and then we would have an hour-long drama whereby the eponymous organization would hunt down one bad guy after the other.

Well, at this year’s VCIA 2020 Virtual we may not have such a dramatic opening, and the bad guys now hide in the dark web, but the thrill is still there. Joining us on August 12th will be FBI Special Agent Matthew Wabby, currently assigned to the white-collar squad in Albany, NY, investigating corruption, fraud, money laundering and related crimes.  With his panel, he will explore how companies should respond to an increasingly complex and changing set of rules as our business environment and society move ever more quickly into the digital sphere.

Special Agent Wabby will be joined by a group of highly placed cyber and captive insurance experts:

  • Chris Giovino, who leads a practice for Aon when clients have suffered a loss due to crime, employee malfeasance or fidelity related matters;
  • Heather McClure, JD, LLM, Chief Risk Officer, OU Medicine and Executive Director of Operations, OU Physicians, who leads their Vermont-based captive insurance company; and
  • Shiraz Saeed of Starr Insurance Companies, the national practice leader for Cyber Risk responsible for the strategic direction and expansion of the Cyber Risk products and services.

Cyber-attacks are becoming more sophisticated. Organized crime now uses former intelligence members for more sophisticated attacks, broadening the nature of their attacks, and increasing their frequency. An ever-changing set of regulations from governments around the global compounds the difficulty of managing against cyber risks.

Join us to learn some positive ways to shield against cyber-attacks and respond to breaches if they do occur.  I look forward to seeing you all in August at VCIA Virtual! Register by June 30th for the lowest rates! View all the details here.

Summer’s here and it’s Grillin’ Season

 

I know last week I said summer has finally arrived here in Vermont after a tough spring with 80 degrees and sunny, well that’s nothing to the 90 degrees we had the past couple of days. And like I said that means it’s grilling season.

That reminds me that I am looking forward to my grilling of Vermont’s Commissioner of Financial Regulation, Mike Pieciak! Well, not that I am planning on a “grilling”, perhaps just a light “sautéing” instead. Mike is going to join me at the end of the first day of VCIA’s Virtual Conference to discuss.

Commissioner Pieciak will join me in a conversation with me on major issues impacting the captive insurance industry in Vermont, at the NAIC and beyond. We will hear Mike’s thoughts on transformative changes due to the COVID-19, the current regulatory environment, and other things I plan to spring on him.

Now Mike is a very smart guy and pretty unflappable, but I am going to do my best Mike Wallace on him (for all of you old enough to know the famed 60 Minutes reporter). More information to follow – I hope you can join us this August!

Rich Smith
VCIA President

There’s More to the Story…

panelA key component in a captive program’s success is its ability to adapt to changing market conditions, economic turbulence, new & emerging risk and even the recent changes in the definition of employment. Even in the midst of this dangerous pandemic, underlying issues impacting the captive industry were emerging.

VCIA will be hosting a webinar next Thursday, May 14th, that will explore ways to shift captive strategy to respond to the business needs of your parent company and optimize your program in our changing market.  Our presenters will demonstrate captive success with emerging risks, illustrate current challenges and keys to achieving a positive outcome, and explore what questions to ask to create a successful pathway to deal with such unforeseen events such as COVID-19.

Our speakers will be four leading thinkers in the captive industry:  Andrew Baillie is the Program Director, Global Insurance for The AES Corporation, a global power producer and distributor, where he supports risk management oversight and the procurement of insurance, as well as managing the company’s large, Vermont-based Captive Insurance Company; Steven Bauman works for AXA XL serving as Head of Global Programs and Captive Practice in North America; Ed Koral is a managing director with BDO’s Insurance Risk Advisory group; and Christine Brown is Assistant Director with the Vermont Department of Financial Regulation – Captive Division, where she directly supports the Director of Captive Insurance and Deputy Commissioner of Captives with licensing, industry outreach and strategic planning.

Join us to learn how to remain agile during these challenging times. Go to www.vcia.com and register today.

Thank you and I look forward to hearing from you!

Rich Smith
VCIA President