Category Archives: RIMS

Recapping RIMS 2023: VT’s International Connections

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My second RIMS Conference is complete, and I was fortunate to meet a considerable number of you there. The conference energy at RIMS is strong and it reminds me of the buzz you will find at the VCIA Conference in Burlington this August!

At RIMS, the Vermont display (you really can’t call it a ‘booth’) was a hub of activity, and not just because of the ever-popular maple syrup. Throughout the two and a half days, there was a steady stream of current captive owners swinging by to meet with regulators and VCIA staff. We discussed their captives and plans for the future and showcased how VCIA and Vermont could help them meet their goals. A number of both formal and informal meetings with potential new captives took place during our stay in Atlanta. 

Person-to-person engagements are important to VCIA, and I am pleased to tell you that one of these meetings at RIMS was a direct result of our recent trade mission to Mexico. I am confident our Mexico relations are just the beginning of a flourishing partnership to come. We also entertained visitors from Germany, Japan and the UK.  I continue to be amazed by the brand recognition that our ‘Brave Little State’ gets globally in this field, and I suspect you will find an international presence at the #VCIA2023 Conference.

Additional news: I am happy to report that the 2023 Captive Bill has passed through the Vermont legislature and now sits with the Governor awaiting his signature. This effectiveness again speaks volumes to the great work that volunteers put on both inside the VCIA’s Legislative Committee and beyond that the ensure that your voice is heard in the halls of power. VCIA will of course stay on top of this and alert members and stakeholders when the Governor signs the bill into the law.

Happy May! That means VCIA is primed and ready for our #VCIA2023 registration kick off, and we look forward to “opening our gates” soon!

Productive RISKWORLD RIMS Conference Concludes

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My first RIMS Conference is in the bag. What an impressive production the Risk Management Society had. Indeed it felt like “the center of the Risk Management universe” as they say. The experience has further fueled my desire to make VCIA’s August 8th-11th annual conference the best yet!

From a Vermont captive perspective, our trip to San Francisco was very successful. There was a steady stream of captive owners on day one with potential new captives and service providers visiting us. Our travel-sized maple syrup swag and the ice cream rolling in at 10:30 may lured in some hungry prospects, because surely nothing beats ice cream with maple syrup drizzled on top.

Vermont representing strong at RIMS 2022

Even on the final day three the volume of traffic may have slowed, but the quality interactions continued. I still work as a captive student, absorbing as much information as I can about the industry and regulatory processes. I’ve also thoroughly enjoyed building out my professional network with so many interesting people. All in all Team Vermont held many solid and productive meetings which generated innovative ideas on how we can help captives thrive in the Green Mountain State.

Shoutout to the State of Vermont’s Captive Insurance Economic Development Director Brittany Nevins who does a terrific job of demonstrating why Vermont’s captive insurance industry is the gold standard for an onshore captive insurance domicile. 

All in all Team Vermont held many solid and productive meetings which generated innovative ideas on how we can help captives thrive in the Green Mountain State.

One interesting aspect was the interest from Latin America – A good harbinger for our planned 2023 Roadshow in Mexico City. Stay tuned for more interesting programs as we continue to develop them!

RIMS

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Normally at this time, I would be looking forward to travelling to one of the great cities in the U.S. to take part in the mega-insurance event known as RIMS. Even though we will not be luxuriating in a convention center while pining for a breath of the outdoors this year, the State of Vermont, VCIA and our members will be staffing the virtual Vermont booth starting next Monday.

Brittany Nevins is captaining our ship, that includes Dave Provost, Sandy Bigglestone, Dan Petterson, Christine Brown, and others from Vermont’s DFR; Janice Valgoi and myself from VCIA HQ; and a smattering of captive professionals from Vermont. Normally, over 10,000 attendees stalk the cities hosting this behemoth, but with RIMS going virtual, there is still an opportunity to meet with Dave, his team and the rest of us.

We will be hanging out in our virtual booth so come on by if you are attending. Sure, there won’t be the dinners and receptions, but we are still a lot of fun!

Thank you and I look forward to seeing you soon.  

Rich Smith
VCIA President