Give Peace (Church) a Chance

 

boatsMy thanks to Phil Leaman and his board of directors at Peace Church Risk Retention Group (a reciprocal) for inviting me to join them for their meeting in Vermont last week. Phil is COO of Peace Church RRG, and spoke at VCIA’s recent Road Show in Philly.  Peace Church is part of a larger umbrella organization that provides services to approximately 140 organizations with programs for aging, disability and behavioral health.  Phil is also an active member of VCIA’s Legislative Committee and participates first hand in VCIA’s legislative and regulatory efforts.

I was on the panel with two absolute pros from Vermont’s Department of Financial Regulation captive insurance examination office, Dan Petterson and Heidi Rabtoy. We gave an overview of DFR’s regulatory regime, VCIA’s activities on behalf of our members, and how both organizations work cooperatively for the industry.  What a great opportunity for the State and VCIA to get directly in front of a captive board to report on our activities and take their questions! I think they left with an even better feeling of being domiciled in Vermont and being a member of VCIA than when they arrived – at least I know I did!

In speaking with Dan and Heidi afterward (and Deputy Commissioner Dave Provost), we all agreed we would welcome other opportunities to get before captive boards of directors.  So, keep us in mind for your next captive board meeting in Vermont. Having us there makes Vermont look good and can make you look good, too!

On another note, thanks to everyone who came out Wednesday afternoon and evening for VCIA’s Board Meeting and Annual Spring Mixer. The evening on the deck of the Burlington Sailing Center overlooking Lake Champlain was absolutely gorgeous. Add in good food and drink, and great friends, and it was a super event! Thank you to Johnson Lambert LLP for sponsoring the mixer.

 

Thank you all very much, and I look forward to hearing from you!

Rich Smith
VCIA President

The Gospel of Captives and Temple

students

As I mentioned in my last blog, we were in Philadelphia last Tuesday for one of VCIA’s famous Road Shows serving up our sermon on the gospel of captives to a group of around 100 attendees. My heartfelt thanks to all the participants and our sponsors: Trion-MMA, Old Republic PMA, Kroll, and the State of Vermont.

Jeff Packard of Old Republic PMA acted as our MC, introducing the panels while providing entertaining (and educational) anecdotes of his many years in the captive industry. Our panelists were terrific as well! Kirk Watkins, Captive Practice Leader of Trion-MMA, walked through the basics of captives including types, lines and the process of setting one up. Then Ian Davis, Director of Finance, and Sandy Bigglestone, Director of Captives, provided an overview on regulation and licensing of captive insurance in the State of Vermont.

The second panel included two of Vermont’s captive insurance owners, Gary Langsdale, University Risk Officer for The Pennsylvania State University which owns Nittany Insurance Company, and Phil Leaman, COO of Resource Partners and Peace Church Risk Retention Group (A Reciprocal). Both provided excellent information from their many years of experience in operating captive insurance companies.

Gary outlined the complexity of his captive which covers 8 million sq. ft. of floor surface in 700 buildings, a 107,000-seat football stadium, 45,000 students, 16,000 faculty and staff, 1900 owned motor vehicles, two large hotel and conference centers, and, my favorite, a nuclear reactor sharing a driveway with the child care center!  Phil talked about how his captive covers Quaker, Mennonite, and Church of the Brethren facilities serving the aged and other assisted living populations.  With approximately 140 organizations and 16,843 insured units, Peace Church has gross written premiums of $55,433,689.

But most of all, we had around 30 students from Temple’s Fox School of Business studying risk management or actuarial sciences who joined us that afternoon. This extremely poised, intelligent group of young adults asked the best questions and provided all of us great hope for the future of the captive industry. My sincere thanks to Michael Zuckerman, Assistant Professor at the Fox School of Business and Management’s Dept. of Risk, Insurance and Healthcare Management, for bringing such an inspiring group of students!

Thank you very much, and I look forward to hearing from you!

Rich Smith
VCIA President

Philadelphia Freedom!

elton-john-rich

Heading to Philadelphia next Tuesday for one of VCIA’s famous Road Shows where we dazzle the crowds with an overview of the captive insurance industry. The afternoon includes two educational seminars featuring captive owners and captive professional panelists who share their companies’ experiences in forming and operating a Vermont captive. The afternoon wraps up with a networking reception for all.

Held at the Le Meridien Philadelphia hotel on 1421 Arch Street in downtown Philadelphia, the first half of the afternoon will focus on the basics of captive insurance companies; the reasons for formation, the feasibility process and key issues in putting a successful captive program together. In the second half, two distinguished captive owners from two different types of captive insurance companies will share their experiences and why and how they created their captive programs.

Gary Langsdale serves as university risk officer for The Pennsylvania State University with responsibility for Enterprise Risk Management including operational, hazard, and strategic risks. Gary is president of the university’s captive insurance company, Nittany Insurance Company. He has over 40 years of experience in the insurance and risk management field, has co-authored white papers for the University Risk Management and Insurance Association (URMIA), and participated in the 2010 development of the ASME standard on risk assessment for institutions of higher education. In 2009, he was recognized by Business Insurance magazine as a member of their Risk Management Honor Roll, and in 2016 he received URMIA’s highest honor, the “Distinguished Risk Manager” designation. Gary will share his experience with us.

While serving as CEO and COO of Resource Partners over the past 15 years, Phil Leaman, our second captive owner panelist, helped direct the launch of three Vermont based captives providing for the liability, workers compensation, medical benefits and risk management needs of its faith-based, not for profit, aging services and health & human services member organizations. During this time Phil was part of the organizational team and served as a founding board member of the Center for Aging Services Risk Management which confers the professional designation of Certified Professional in Aging Services Risk Management (CPASRM) to individuals who complete its educational program in the discipline of aging services risk management. Phil serves on the VCIA Legislative Committee.

It’s not too late to register to hear from these fine panelists! Click here for more info.

Thank you very much, and I look forward to hearing from you!

Rich Smith
VCIA President