On The Road Again…

Richie-NelsonVCIA is on the road again, coming to Boston on November 14 at the Seaport Hotel & Conference Center for our “world famous” VCIA Captive Road Show, where we preach the gospel of captive insurance in cities across the U.S. (and will even be presenting in Mexico City next year!)

The VCIA Road Show is an excellent chance to learn about captive insurance and enjoy a great reception afterwards, to connect with others in the industry.

The educational session will feature representatives from two captive programs, who will share their experiences.  Tracy Hassett, SPHR, is President and CEO of Educators Health, LLC where she played a key role in the launch of edHEALTH, a unique entity, a first of its kind consortium of colleges and universities with the mission of reducing health care costs while enhancing consumer knowledge of options, plan design, disease management and wellness programs. Gail Newman, Vice President of Risk Management for Bright Horizons Family Solutions is our second captive owner panelist. Gail’s program excels in providing best-in-class family-care solutions across North America, United Kingdom, Netherlands, and India. Gail is passionate about business process improvements and creating risk mitigation strategies that not only support healthy financials and the “right” insurance program, but also keep employees and clients of the business safe. With the inception of Bright Horizon’s captive (APEX) in 2017, the business has been able to realize better flexibility and financial health for their insurance program and innovate insurance coverage strategies that are unique to the business.

Others all-stars presenting that day will be:  Michael O’Malley, managing director for Strategic Risk Solutions; Dave Provost, Vermont’s Deputy Commissioner of Captive Insurance; and Ian Davis, Director of Financial Services for the State of Vermont.

If you are in the Boston area, I hope you will be able to join us! Click here for more information and to register.

Thank you very much, 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!

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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

Rocky Mountain High

Rich-Denver

First, shame on you for thinking I was going to milk our VCIA Road Show to Denver next week with some type of cannabis-related pun or joke. John Denver television specials were a big part of my memories growing up, of course.

Second, yes we will be in downtown Denver on Wednesday, November 7th with our Road Show, at the IMA Corporate Office. Starting at 1:00 local time we will spread the good word about captive insurance to folks in the Mountain Time Zone.  The Original Captive Insurance Road Shows are structured for the maximum education and networking that four hours will allow. The afternoon includes two educational seminars featuring captive owners and captive professional panelists including the Vermont Deputy Commissioner of Captives, who document their companies’ experiences in forming and operating a Vermont captive. Our two owners are a couple of old hats at this game (I could get in trouble for calling them old hats).

Jan Klodowski is the vice president of Agri-Services Agency Inc. a wholly owned subsidiary of Dairy Farmers of America. She is the administrator for Agrisurance Inc., a Vermont domiciled Sponsored Captive that provides Workers’ Comp and Health coverages for the farming and agricultural industry in the United States. Part of Jan’s responsibilities includes the development and management of successful Captive/Alternative Risk Financing programs for their members. Jan is a licensed Insurance Broker and holds the designations of Associate in Captive Insurance and the Associate in Risk Management.

And Heather McClure is an executive director of operations at OU Physicians. She is a licensed attorney in Oklahoma and Texas with an LL.M. in Health Care Law. Heather has worked exclusively for hospitals and physicians for over 20 years. She is responsible for risk management, professional liability, and patient safety for the multi-specialty academic medical practice, which includes partnerships with multiple hospitals across Oklahoma and encompasses nearly every adult and pediatric specialty as well as 72 ambulatory clinics. Heather is also the Chief Operating Officer of OU Physicians’ captive professional liability insurer, Academic Physicians Insurance Company, which covers approximately 750 faculty physicians, 700 resident physicians and 700 medical students at the University of Oklahoma College of Medicine.

The afternoon wraps up with a networking reception for all attendees. CPE / CLE credit available for seminar participation. VCIA members and nonmembers alike who have captives, serve captives or are exploring the formation of captives are invited to attend!  Go to www.vcia.com to get more information and register.

I can’t wait to feel the sunshine on my shoulders!  Ah, the grass is always greener…

Rich Smith
VCIA President

Vermont Ranks High for Fair and Reasonable

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The results of the most recent Lawsuit Climate Survey conducted for the U.S. Chamber Institute for Legal Reform were just released and Vermont gets another set of high marks. The poll explored how fair and reasonable the states’ liability systems are perceived to be by U.S. businesses. These perceptions matter because they can be influential in business decisions about where to conduct, expand, and constrict business operations or sales.

Vermont ranked #2 in the 2017 Lawsuit Climate Survey: Ranking the States, staying consistent with the 2015 Survey. The state came in first in the key element categories of scientific and technical evidence and judges’ impartiality.  I think this is just another example of the high standards we set for ourselves and our industries here in Vermont; standards that are also reflected in the recognized Gold Standard status of our captive insurance industry and regulation.

I will be out in Seattle next week for one of our world famous Captive Road Shows! Featuring the Risk Managers from Microsoft Corporation and Starbucks Coffee Company, attendees will learn the why’s and how’s of captive insurance, as well as hear their experiences in forming and operating and all about the captive climate and regulatory requirements in Vermont. Go to www.vcia.com/Events to see more. I hope you will join us if you can!

Thank you and I look forward to hearing from you.

Rich Smith
VCIA President

Old Home Week

Road-show-2017

As many of you know, VCIA hosts a couple of educational sessions in different cities across the country to espouse the virtues of captive insurance. We call these our World Famous Road Shows, well, because the Ringley Brothers Barnum & Bailey Circus is no more! It is an afternoon that focuses on the basics of captive insurance companies, including the reasons for formation, the feasibility process and key issues in putting a successful captive program together.  A brief overview of Vermont as a captive domicile is also discussed.

It hit us late last year that we have never brought our Road Show to our Homeland – the Great State of Vermont! So next Wednesday, October 25th at the Burlington Hilton we will presenting the Road Show for companies in Vermont (and neighboring regions), as well as enticing finance, business and accounting students from local colleges to come learn about this great industry in their backyard.

We will have Vermont’s chief regulator, Dave Provost on a panel with Rusty Young, a Shareholder at Burlington law firm Primmer Piper Eggleston & Cramer, PC. The panel will be moderated by Ian Davis of Vermont’s Department of Economic Development. I will host the second panel of two of the industry’s experienced captive owners. Jan Klodowski is vice present of Agrisurance Inc. and is responsible for developing and administering their successful Captive/Alternative Risk Financing programs. She manages Agrisurance, Inc., a Vermont-domiciled Sponsored Captive focused on service the farming and agricultural industry. And Wilda Seymour, the corporate director of Professional Liability for the University of Pennsylvania Health System and vice president, Franklin Casualty Insurance Company, their Vermont-domiciled captive.

Hope you can join us to get a better idea why Vermont is the #1 captive domicile in the United States!

One last thing – we need your input! Today is the deadline to submit topics for VCIA’s annual conference next August. Please click link below to submit a conference topic suggestion:

http://conta.cc/2uY3JFL

 

Thank you and I look forward to hearing from you.

Rich Smith
VCIA President

 

Cleveland Rocks!

hair-bandVCIA had another great turnout in Cleveland for our world-famous Road Show that we like to take across America. Cleveland is always a terrific venue for us with so many great companies and non-profits situated in Ohio.

Pattie Henderson, from SRS, brought her extensive knowledge and abundant sense of humor to the first panel with our usual lineup of Dave Provost and Dan Towle. Our second panel featured Team Barbara: Barbara Rhoades, CEO of Ohio Transit Risk Pool and the President of Transit RE out of Wadsworth, and Barbara Thomas, CEO of Kendal at Oberlin & Kendal Northern Ohio out of Oberlin, each providing their stories about the formation of their captives and experiences through the process. Probably my favorite line of the day was Barbara Rhoades talking about her bus drivers alerted to “high pedestrian days” when jay-walkers abound. Thank you, Barbaras and thank you, Cleveland!

Don’t forget: the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA 2015) mandates the collection of data from insurers and associated reporting to the U.S. Treasury Department related to the effectiveness of the Program. The filing deadline to provide the data to Treasury is currently May 15th of this year (there has been some discussion from Treasury about further postponing the deadline). Fear not! VCIA is hosting a one-hour webinar on February 22nd entitled “TRIA Data Collection for Captives”. Our panel of specialists will explain how this requirement affects captive insurance companies and discuss the important latest developments. Register now at the link below. This session is designed to make the filing process more understandable to all parties involved. CPE / CLE / ICCIE credit for participation is offered as well.

Register now!

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

Rich Smith
VCIA President