Thank you to all our members who joined us this past Wednesday evening for VCIA’s open board meeting, DFR Q & A, and Mixer. It was so nice to see people gathering once again, even if somewhat cautiously, for VCIA’s first in-person event since the beginning of COVID.
Besides hearing the litany on how many legislative items we are watching down in DC that will likely not move this Congress due to the continued gridlock, members got to hear Dave Provost and Dan Petterson from Vermont’s Department of Financial Regulation provide an update on their work and changes in the future that they will see. Brittany Nevins , Vermont’s Director of Captive Marketing, screened a new video she produced extolling the virtues as Vermont as a captive domicile for members. It was a terrific piece that will be used in the State’s marketing efforts going forward. One of the “stars” of the video was VCIA new board member, Joe Carter, from United Educators, who did a super job outlining what makes Vermont so special for captive owners.
Dave provided an update on the number of captives being licensed this year and it sounds like its going to be a record breaker. Over 40 have been approved to date and we usually see a wave of applications toward the end of the year as organizations scramble to get their captives licensed. That said, we could easily hit 50 new captives this year. A good year for new captives licensed in Vermont is usually around 25. Another interesting note, DFR is seeing far fewer dissolutions and redomestications out of Vermont then normal, meaning that current captives are not only happy but thriving. Dan reported that DFR was fully staffed and ready to take on the workload that these new captives promise.
The reception was a terrific way to cap off the day with an opportunity to see and say “hi” to many of our old and new friends alike. A special shoutout to former board member, and good friend, Ed Koral who traveled all the way from New York City to joins us that evening. I think the prize for the greatest distance traveled for the event was by Andrew Zoller, the new Head of International & Captive Solutions – US Commercial Insurance for Zurich North America, who flew in from Dallas. Welcome to the family, Andrew!
Stay well and see you soon!