Thank You!

A HUGE thank you to all of you that joined us for our 36th annual captive insurance conference this past August 10th – 12th. With 500 captive professionals in attendance from across the globe, the event received high marks for its substantive opportunities to conduct business, learn and make meaningful connections.

The conference featured fresh ways for service providers to present their newest innovations and connect with potential clients, both during “Ignite Talks” and while hosting their “Solution Labs”. These features were crafted by VCIA to offer alternatives to the typical online exhibit hall and create an energetic approach for all parties to learn and connect.

The Association presented two significant awards this year, for two well-deserving captive professionals. The 2021 Industry Service Award was presented to Mike Meehan of Milliman, a true friend of everyone in the captive insurance industry. Mike was on the VCIA board of directors when I came on almost 12 years ago and provided me with his friendship and guidance as I worked my way thought those first years.  The Captive Crusader Award was presented this year to Sandi Prescott of Performa. Sandi is head of Performa’s client service, with primary responsibility for the firm’s global client relationships.  The moment she came into the captive insurance industry, Sandi has been involved with the success of VCIA on many fronts. She really showed her chops by chairing VCIA’s Conference Task Force a few years ago – something that Mike accomplished (are you seeing a pattern here?).

A big thanks to all our volunteers, speakers, and sponsors for which we would not have had a successful event. A special thank you to Keynote Speakers Michael Pieciak, Commissioner of the Vermont Department of Financial Regulation and Hank Watkins, Regional Director & President, Americas for Lloyd’s of London, who discussed the implications of systemic risk. Altogether the event had an energetic synergy which was a breath of fresh air for attendees, panelists, and sponsors.

I look forward to seeing many of you at our in-person VCIA Mixers and other events beginning this October.  Until then, stay well!

Rich Smith
VCIA President

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

Kickin’ it Off!

Great kickoff event for the 40th Anniversary of captive insurance in the State of Vermont this week. Each year in January, VCIA Members visit the Vermont State House for our annual Legislative Day. This special event highlights the successful working relationship between our Association and the State’s elected and appointed leaders.

This year, we switched to a virtual Legislative Day due to the pandemic and it was one of the most popular we have hosted! We started the day with a Q&A session from the leadership team at the Vermont Department of Financial Regulation’s Captive Division. They reviewed recent events and changes at DFR, as well as answered questions on what they saw on the regulatory horizon.

Midafternoon, DFR Commissioner Mike Pieciak hosted an hour-long captive industry review, highlighting 40 years of innovation and superlative regulation in Vermont. Mike also talked about how members of the Captive Division and others in DFR had taken on important roles in tackling the COVID-19 emergency in the State – the Governor drew on the expertise and competence of Mike and his department in modeling the pandemic as well as assisting in the distribution of COVID resources to Vermonters.

DFR’s Dave Provost and Sandy Bigglestone provided an overview of the captive industry in Vermont to legislators, members and guests attending, followed by Brittany Nevins, Captive Insurance Economic Development Director at Vermont’s Agency of Commerce, who gave the economic and market report. Yours truly did a quick summary of VCIA, before passing the baton to Julie Bordo, President & CEO, PCH Mutual Insurance Co. Inc. (RRG), who hit it out of the park with a presentation of her captive program and the important role Vermont has played in its success.

The final event was a zoom meeting with VCIA members and the new leaders under the gold dome. Lt. Gov. Molly Brown, Speaker of the House Jill Krowinski, and Senate President Pro Tem Becca Balint shared their valuable time with us talking about the issues and priorities they see ahead for the State of Vermont.  The enthusiasm they all brought to our meeting with our members contributed enormously to the success of the day.  Sen. Balint recounted the time as a new member of the Senate Finance Committee she reported out the captive bill on the Senate floor with a song! (Something she had to apologize to her colleagues for later 😊).

The cherry on top (literally) is that the State of Vermont provided a Lake Champlain Chocolate Thank You Gift Basket to a randomly chosen attendee of Legislative Day. The winner was our good friend Adam Dubuque of Johnson Lambert who has been in the industry for 18 years – almost half of the 40 years captives have been in business in Vermont! Yikes 😉

Thank you again to all of you who joined us this week. I look forward to hearing from you.

Rich Smith,
VCIA President