Trust

Vermont’s Governor, Phil Scott, declared that all remaining COVID-19 restrictions in the state are lifted following a massive 80 percent vaccination rate among its eligible constituents.  Vermont is the first state to reach this important milestone and it has a lot to do with the competence of the Governor, his team, and the many folks involved with getting Vermont through this crisis.

As I mentioned in an earlier post, Commissioner Mike Pieciak and his team at the Department of Financial Regulations were heavily involved with this critical mission.  The Governor relied on Mike and his team to assist with the modelling of the COVID numbers and analysis using actuarial science. The work and reports generated by Mike’s team were used to inform the Governor, Health Commissioner, and all Vermont citizens.

The success also has to do with Vermont and its citizens. We are a small state and there is a genuine feel for community that permeates the state regardless of which town you live in or what your economic status may be. This “we are all in together” with the trust of government leaders and workers – who are our neighbors – made reaching the 80% goal achievable. It was not easy, and there are still miles to go (to quote another famous northern new Englander), but having trust in one’s neighbors, one’s community, and one’s government is key. Its that same trust Vermont captive insurance owners feel when they domicile in the Green Mountain State.

And although VCIA will be holding our annual conference virtually this year – registration is now open –  I feel confident that we will see each other again by early fall if not sooner.

Thank you and I REALLY look forward to seeing you soon.  

Rich Smith
VCIA President

Remembrance

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

Hit Me with Your Best Shot

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

Memorial Day

Summer has finally arrived here in Vermont after a tough spring. 80 degrees and sunny – it makes me yearn for a barbeque this weekend.

As we all take time to be with our loved ones as best we can this weekend, we must also think about the folks on the front lines dealing with the pandemic on a daily basis. Everyone from  ER nurses and doctors (who went into their careers knowing these risks) to grocery store workers, hardware store clerks, social workers and public transportation workers (who have been thrust into unforeseen and at times impossible positions during this time). We owe each of them an enormous debt of gratitude. As I sit here safe at my kitchen table (now my executive suite), I recognize that I am privileged in this scenario, and that others are not.

If you haven’t done so already, reach out to those in your community who are on the front lines.  They might not be able to spend this weekend with loved ones, friends, and family. A sincere thank you to a minimum wage store clerk may be extra appreciated at this time. And, of course, reach out to your own family and friends and stay connected. Human contact, no matter how much social distancing is required, is more important than ever. And being appreciative of others who are in harm’s way to keep us all safe, is paramount.

Have a peaceful Memorial Day weekend. Thank you and I look forward to hearing from you.

Rich Smith
VCIA President