Category Archives: Mexico Trade Mission

Recapping a successful, historic VCIA Trade Mission to Mexico City

Posted on by
Reply

Mexico and Vermont. Aside from the glorious Cabot Habanero cheese (which likely has no content from Mexico!), the links might not be immediately apparent. But we are working on fixing that in the captive insurance space, and it started with VCIA’s triumphant Trade Mission to Mexico City, as our Vermont contingent established quality relationships with our Mexican counterparts that will last for years.

This week has been the most incredible and positive experience for the expansion of both the industry and Vermont as a domicile. I will be providing an in-depth debrief with our member-exclusive special report coming out in the near future, but for now, there are some major highlights that I want to share as we close our memorable visit.

The Roadshow: Many of you reading this may have either participated in or attended a roadshow, but this international one had a different flavor. Simultaneous translation being the most obvious distinction! Before a full room of about 100 attendees, panels and speakers not only reviewed the Vermont process for establishing a captive, but also covered Mexican tax and regulatory implications.  The audience had a great many well-developed questions, and were clearly keen to explore both the background and the applicability to their own insurance challenges.

The meetings: Multiple meetings with trade associations, government entities and business groups revealed the appetite that there is for captives in Mexico. The desire is there and VCIA and Vermont have pledged our investment in figuring out how captive solutions can work for Mexican companies.

The people: The entire delegation has been impressed with the cordial and cooperative attitude of everyone that we have encountered. This trade mission was about forging relationships in Mexico, and I’m confident these partnerships will continue to grow and yield great captive opportunities for Mexico and the Green Mountain State. Bonus if we get some Mexican friends to come out our Annual Conference in August!

Before…about 100 attendees, speakers not only reviewed the Vermont process for establishing a captive, but also covered Mexican tax and regulatory implications.  The audience had a great many well-developed questions…and were keen to explore the background and the applicability to their own insurance challenges.

VCIA President Kevin Mead on the successful Mexico City Trade Mission

The VCIA, the DFR, the DED and our facilitators from within the federal government can all be proud of how we represented Vermont and the industry this week.  All of us have an extensive to-do list, with lots of substantive follow up, not just thank you notes.  We are convinced that this is a market where Vermont can offer tangible value to Mexican entities, and I am looking forwards to providing you with a special briefing on this in the very near future.

VCIA Goes Global

Posted on by
1

 After a brief break for the Thanksgiving holiday, we’re back to review Vermont’s renewed focus on business not only beyond state borders, but also outside of the US. 

The Vermont team at the European Captive Forum

Just before the Thanksgiving break, a Vermont delegation led by the DFR’s Sandy Bigglestone and including myself and Brittany Nevins as well as representatives from the Vermont professional provider community were present in Luxembourg for the European Captive Forum.  At the awards dinner we were naturally delighted to be named as the international domicile of the year, and beyond that we worked on building and establishing relationships across the captive industry in the EU, broader Europe and beyond.  With companies from outside of the US seeking to explore alternative risk management strategies for the US and Americas holdings, this was a great time for us to present Vermont and our preparedness to work with global business to a broader audience.

Historical landmark National Palace building at Plaza de la Constitucion in Mexico City, Mexico.

Looking forward into 2023, we are building on the international theme as our COVID-delayed roadshow goes to Mexico City on March 1st.  In addition to the roadshow, we are holding multiple meetings with the business, financial and insurance sectors within Mexico as the roadshow expands into a full-blown trade mission. The current lineup of speakers is found below, and Mexican business professionals as well as VCIA members are invited free of charge to this special event. (To register, send your name, title, and contact information to Sylvia.Montano@trade.gov. For questions reach out to Janice Valgoi at janice@vcia.com)

A great coming together of captive minds happens at the VCIA-Mexico Trade Mission, March 1 2023

Vermont already has Mexican companies domiciling their captives here, and as that market both grows and becomes more sophisticated, Vermont is ready to be the domicile of choice for Mexican business. 

Fun fact time – what do Thomas’s English muffins, Lender’s Bagels, CEMEX and Promised Land Dairy have in common – yup, Mexican owned!  Mexico has an economy of $1,150B according to the IMF, making it globally #15, so ahead of Spain, Saudi Arabia and the Netherlands.  For these reasons and many others, Vermont and the VCIA is working to ensure that enterprises in this expanding economy have access to well- regulated and effective risk management tools.

As the year comes to a close, VCIA – its staff, Board members and stakeholders – reflect on where we are and where we are going. I’m confident an emerging theme that will continue to surface in 2023 and beyond is our global reach and how we can serve our worldwide members.