Summer Conference Registration Opens!

Meticulously planning, securing keynotes and hammering out the schedule, we’ve waited all year for this and now the “gates are opened” for our first in-person conference in three years. We can’t wait to gather with the captive industry’s best and brightest this August in Burlington.

Our 2022 Conference is sure to be a memorable one!

We’re officially launched! Please visit our conference registration page to sign up for the biggest and strongest captive insurance event this summer on the global calendar. No matter your experience level, you will find so much in our conference that will develop you professionally and advance your career. We have a full slate of dynamic educational sessions, curated networking and benchmarking events, and an environment conducive for making business deals. Simply put, you are sure to add to you captive knowledge at the 2022 VCIA Conference, and more than that, it will be a triumphant celebration of the captive industry at large. Be sure to follow the #VCIA2022 hashtag on Twitter and LinkedIn.

I should mention (before I enlist you in another conference prize opportunity!) that I highly recommend booking your hotel and travel flight plans as soon as possible in order to avoid any complications. There are rooms still available at the VCIA group rate, but they are going fast, so head to our conference lodging page and be directed to local hotels who carry our group rate.

I’m a horse racing fan and I enjoy placing some modest bets down when I’m at the track. In that spirit, we are expecting a banner year, and as insurance professionals you are all concerned with risk and the odds that something might or might not occur. So, I introduce you to the VCIA version of ‘How Many Jelly Beans are in the Jar?’  I believe that our total attendance count will be 1,048. Are you taking that over or under? My guess includes exhibitors, staff and all classifications of attendees – i.e. anyone with a name badge! Let me know your number, and if I’m the closest, I will make a $50 personal donation to ICCIE (www.iccie.org), the captive insurance industry’s educational non-profit.  If someone beats me, I will make a $100 donation in their name!  We will, of course, also recognize the best prognosticator! Send your guesses to kmead@vcia.com

Need a little help to formulate your guess? Check out our Conference Attendee page to see who has already registered!

How many people will be in attendance at our conference? Take a guess and email Kevin!

See you in August – if not before! 

VCIA Staff Spotlight: Megan Precourt

The engine that makes VCIA run. Gatekeeper of conference registration. She can do it all and still finds time to do things she loves like hiking up a mountain or helping at her family farm. Meet VCIA’s Administrative Assistant, Megan Precourt

Along with industry-leading educational sessions and curated networking events, VCIA’s 37th Annual Conference is simply going to be blast. It will be a productive AND enjoyable time—guaranteed. That said, I have a couple of fun “branding” initiatives up my sleeve (after all, this will be my first conference as VCIA president, so I want to make it memorable!). Staff trivia will be one of them, so read this staff spotlight on our jack-of-all-trades Megan, and the three that went before her. Every staff member will be covered so you can get to know us better before our big summer event. We’ll pose some staff questions at the conference and if you get them right you could win a nice little gift!

If you’ve ever registered for a VCIA event or made further inquiries about the Association, you’ve probably been in contact with VCIA Administrative Assistant superstar Megan Precourt. Megan manages all facets of webinar, member mixer, and conference registrations, tracking important information for registrants, speakers, and VCIA Director of Education and Program Planning Diane Leach. Especially for our flagship event, Megan’s on the frontline of ensuring that attendees enjoy a smooth process of coming to our Annual Conference; she’ll likely be the first person you see when you come through the conference doors at the DoubleTree Burlington Hotel!

Megan manages all facets of webinar, member mixer, and conference registrations, tracking important information

Megan majored in International Studies at college, so it’s fitting that she’s had the “travel bug” all her life. She studied abroad in Australia for six months and France for a month, enjoying the different landscapes and cultures. After graduating, she even taught English for some time in the Czech Republic. Nevertheless, she cites her family bond as being most important, agreeing with the old adage “never shall I go any further than my own backyard.” She’s a native Vermonter and loves being in a close-knit family, one with agricultural roots. Her grandfather started raising a herd of Black Angus cows that the family continues to care for to this day.

Shelburne Farms and Shelburne Farms Inn…not too far from where The VCIA Conference takes place!

You might wonder, where is Megan’s favorite place in the world? Being a world traveler, might it be somewhere in Bali or Belgium? Nope, much closer! Megan: “my favorite place in entire world is Shelburne Farms. If I had to be in only one spot for the rest of my life it would be there. I’ve worked there at the educational farm barn and in the Inn. It’s a wonderful place to explore and I love the values Shelburne Farms practices.” Besides gearing up for VCIA’s Annual Conference, Megan’s goal in the coming months is to hike presidential range of the White Mountains with her two brothers.

Megan at the top of Rattlesnake Points Cliff in the autumn

Make sure to say hello to Megan at the next gathering! Stay tuned for another staff spotlight soon, and remember to take some notes so you can win a prize at the conference!

Registration opens May 16th!

VCIA Staff Spotlight: Dave Rapuano

Graphic Design extraordinaire. Fluent in all things tech. When he’s not making sure webinars are going smooth, you can find him on the slopes or playing volleyball. Meet VCIA’s Communications Assistant, Dave Rapuano

Along with industry-leading educational sessions and curated networking events, VCIA’s 37th Annual Conference is simply going to be blast. It will be a productive AND enjoyable time—guaranteed. That said, I have a couple of fun “branding” initiatives up my sleeve (after all, this will be my first conference as VCIA president, so I want to make it memorable!). Staff trivia will be one of them, so read this staff spotlight, the two that profiled myself and Francis McGill, and look out for the rest in the weeks to come. We’ll pose some staff questions at the conference and if you get them right you could win a nice little gift!

Dave Rapuano is the VCIA go-to person when troubleshooting a computer issue. An on-his-feet problem solver, he uses his background in digital media to help build a reliable and efficient ecosystem of VCIA’s online presence, whether that be our website, webinars, or the virtual conferences in 2020 and 2021.

An on-his-feet problem solver, VCIA staff member Dave Rapuano uses his background in digital media to help build a reliable and efficient ecosystem of VCIA’s online presence

Dave doing what he loves best!

A Connecticut native, he moved to the Green Mountain State to attend Champlain College and explore the bounty of outdoor activities available in Vermont. Snowboarder? Check. Hiker? Yup. He also coaches a high school varsity volleyball team. And what else? Dave is an avid fly fisherman! Ask where he’s favorite fishing spot is and he’ll tell you, “Camel’s hump way up high on a little creek catching beautiful wild brook trout.”

Make sure to say hello to Dave at the next gathering! Stay tuned for another staff spotlight soon, and remember to take some notes so you can win a prize at the conference!

Registration opens May 16th!

Staff Spotlight: Director of Communications Francis McGill

A newbie gardener. Film, music, and book enthusiast. When he’s not at work he’s probably changing a diaper. Meet VCIA’s Director of Communications, Francis McGill

As we approach the 2022 VCIA Conference, we are going to introduce you to VCIA staff. Of course, many ‘need no introduction,’ but with many new members and after two years away, it won’t hurt. So please get to know Francis. And do please play close attention, we there will be a quiz—I’m serious! At the conference we will ask a few questions about our staff and those who answer them correctly will be eligible to win a prize or two!

VCIA’s Director of Communications Francis McGill

Francis became VCIA’s Director of Communications in January 2022, and he’s pleased to play a role in creatively promoting VCIA values and programs. He’s especially enjoyed e-meeting so many folks in the industry and looks forward to solidifying those relationships come the VCIA Spring Mixer and at the Annual Conference. That captive insurance spans so many industries—from healthcare, to manufacturing and entertainment companies, to higher education, you name it!—has really sparked Francis’s interest in realizing how complex it is to safeguard employees and company property, among other things. Rarely thinking of insurance besides his healthcare and home and auto, he’s impressed now that there are so many different kinds that captives cover!

Francis has enjoyed e-meeting so many folks in the industry and looks forward to solidifying those relationships come the VCIA Spring Mixer and at the Annual Conference.

In his home life, Francis enjoys living in the “country” up near the Green Mountains with two cats, his wife, and their 6 month old son, Herschel. Francis and Charlotte are first time parents and have experienced the range of emotions that parenthood brings, from the tremendous excitement of seeing their boy roll over for the first time, to the tremendous fatigue of waking in the middle of the night to feed him, and then starting the day off bright and early at 5:30am. Herschel is their pride and joy, and yes, the cats are getting used to him, somewhat.

Francis lives somewhere up that road!

Fun facts about Francis

  • He and his wife grow vegetables in a greenhouse on their property; they are currently harvesting delicious spinach that overwintered
  • The last film he saw that made a powerful impression on him was The Power of The Dog, partly because of the cinematography and partly because of the amazing soundtrack (done by Radiohead’s Johnny Greenwood)
  • He reads for pleasure during the few minutes of free time he might have at the end of the day. He subscribes to Harper’s magazine and loves its high-quality writing. Especially for finance and insurance people, he recommends this fascinating and funny profile on the Bitcoin scene in Miami

All in all, communication matters most to Francis—how we share and what we share. He greatly appreciates that his role at VCIA allows him to learn so much about captive insurance while wordsmithing and designing communications in all kinds of forms that compel people to connect with and participate in the VCIA mission.

Make sure to say hello to him at the next gathering! Have an idea or want to just drop him a line? Email Francis at fmcgill@vcia.com. Stay tuned for another staff spotlight soon, and remember to take some notes so you can win a prize at the conference!

Registration opens May 16th!

Plan Ahead for VCIA’s August Conference

My crystal ball proved correct when I predicted Kansas to win the NCAA Basketball Tournament. My next fortune-telling stunt? I foresee airfare and lodging for our conference to be quite competitive, so book sooner rather than later!

The VCIA Conference is already cropping up on the horizon…

Anyone bet on Kansas based on my advice of last week? Turned out it was the opposite of a kiss of death: the Jayhawks beat Villanova in the Final Four and won a close game against the UNC Tar Heels in the championship! 

I usually have zero ability at this sort of thing, seriously, but I do have another tip for you as solid as the Jayhawks winning it all…

The 2022 VCIA Conference will be epic. I’ve heard from scores of people about how excited they are to return to Vermont. We are a small city (Burlington) and a small state with a big heart. Logistically that means there’s only a limited amount of lodging and airfare options, so it’s crucial you start making your plans quite soon. Some hotels are already fully booked, so follow this link to ensure you receive the conference hotel block discount.

The 2022 VCIA Conference will be epic. I’ve heard from scores of people about how excited they are to return to Vermont.

I would also suggest making airline reservations if you are coming in from out of town. Kayak, among a host of other sites, tracks all available flights to Burlington airport. Like with lodging, the sooner the better!

If you are not on our mailing list, visit our website and sign up through the mailing list pop up bar. You can also submit your information on our conference landing page at http://vcia22.live/bvt and you will be alerted to registration. Our May 16th registration is approaching fast and I encourage you to start putting your plans in place!

I’ve seen the demand to meet in person at other events, and listened to the members and stakeholders talking up our event. With my Kansas prediction, I’ve earned my chops as a fortune teller. This next bet is a bit of a no-brainer!

Captive Insurance and Rugby: Staff Spotlight on President Kevin Mead

Captive Insurance is a bit like rugby. Let me tell you why.

Just three weeks in, and I have quickly learned some truths about the captive insurance industry. Truth number one: how badly it is understood by those outside. Even those that have a knowledge of risk or insurance sometimes seem to shake their heads and mutter darkly when the subject is raised. Truth number two: that external lack of knowledge (or potentially confusion) means that the industry itself is tight knit, cooperative, and friendly.

Over 25 years ago, authors Adam Brandenburger and Barry Nalebuff co-authored a book called Co-Opetition in which they used game theory to suggest that businesses should cooperate to “grow the size of the pie,” and then compete for a larger slice of that enlarged pie.  Seeing the way in which board members and other VCIA volunteers are working together for the benefit of the association and for the industry is almost a case study in what the authors refer to.

“Real success comes from actively shaping the game you play—from making the game you want, not taking the game you find.”

― Barry J. Nalebuff, Co-Opetition

A second thing that has struck me is the number of rugby people there are in the captive industry. And there are similarities! To the uninitiated, rugby looks dangerous, risky, and somewhat unmanaged. To those that know the game, it is subtle, nuanced, athletic, and referred to as “the game they play in heaven.” On the field, rugby players are intensely competitive, but once the final whistle blows the bruises and battles are forgotten and a spirit of camaraderie and mutual support comes to the fore.

So, rugby as a metaphor for captive insurance? Perhaps that is too much of a reach! But my predecessor, Rich Smith, commented to me multiple times that the essence of the VCIA was built around mutual respect, understanding, and a sense of all being in the same league—if not all on the same team.

For me, rugby season is about to start up. This Saturday, the 19th, I will be refereeing at a tournament put on by the University of Vermont women in Burlington. Feel free to check this out or any rugby game in your location and see if my comments on the similarities hold any water! 

The Results Are In

You all saw it coming. The number of captives licensed in Vermont last year eclipsed 2020 – already a banner year. Sure, almost every captive domicile had a good year, but even with over 40 states establishing captive laws, Vermont stands head and shoulders above.

Here are the hard numbers: Forty-five new captive insurance companies were licensed this past year in Vermont, making 2021 Vermont’s 4th highest year of growth in its 40-year history. Vermont is now home to 620 licensed captives, consisting of 589 active and 31 dormant captives. Vermont’s 52 sponsored cell captives currently host nearly 500 cells and separate accounts, in addition to the licensed captive companies.

The new captives were licensed in 17 different industries, the main industries being healthcare, real estate, manufacturing, insurance, and transportation. At least 5 of Vermont’s new captives in 2021 were formed by companies with international roots, including Japan, Germany, Russia, the United Kingdom, and Australia. Vermont has been experiencing growth in the number of new cells within sponsored captives, at a similar pace as new company licenses, with nine of the 45 new companies formed this year being sponsored cell companies.

Vermont has licensed a total of 1,242 captive insurance companies since 1981 and remains, by far, the largest U.S. domicile for captive insurance and third largest in the world. With an active pipeline of prospective new captive insurance companies already underway for 2022, the state expects continued growth in the coming year.

Thank you and I look forward to hearing from you.

Rich Smith
VCIA President

Happy Holidays!

As we close out the year it is a great time to reflect on the last 12 months – or longer. It certainly has been a challenging year for all of us, but I can say without reservation how grateful I am to have been a part of this great industry for the past 12 years.

The friends I have made as head of VCIA are amazing. All of you have made my job joyful which is not something everyone can say, I know. You all know how fabulous the folks who work in the captive insurance space at the State of Vermont are – truly a pleasure to work with Dave Provost, Sandy Bigglestone, Dan Petterson, Christine Brown, Becky Aitchison, and Brittany Nevins.

VCIA’s Board of Directors day in and day out have provided their time, energy, guidance, and friendship through a year where they had to face many challenging decisions. My thanks to Andrew Baillie, Donna Blair, Joe Carter, Lawrence Cook, Tracy Hassett, Stephanie Mapes, Gail Newman, Jason Palmer, Dennis Silvia, Anne Marie Towle, and Derick White.

And to work with the great staff at VCIA in these tumultuous times has shown me just how wonderful they all are. Thank you so much Diane Leach, Elizabeth Halpern (who leaves us at the end of the year – sniff), Peggy Companion, Janice Valgoi, Dave Rapuano, and Meg Precourt for everything!

Even in these uncertain times, we are looking for a brighter future with 2022 and it gives me such comfort to know what good people there are out there.

Happy Holidays!

Rich Smith,
VCIA President

Hail to 40 Years!

Vermont’s 40th anniversary year of the inception of its captive industry is drawing to a close. Since 1981, Vermont has worked hard to be the top U.S. domicile and continues to strive for excellence. Currently, VCIA is working with Dave Provost and Sandy Bigglestone and their team at DFR to build another captive bill to be introduced into Vermont’s General Assembly.

Over the past two years of COVID challenges, the Gold Standard has never been so apropos as Vermont lead the captive insurance industry in incredible growth and resiliency. I could not be prouder to be a part of this great work.

Brittany Nevins, in her role as Captive Insurance Economic Development Director, has put together a terrific short film highlighting relationships, accomplishments, future goals—and really what it means to be part of the Vermont captive family. I hope you will watch and encourage you to share.

Stay well and see you soon!

Rich Smith,
VCIA President

Back to the Future… with VCIA’s Annual Tax Update!

I hope you all had a wonderful Thanksgiving last week and were able to spend it with friends and family. As we move into the continued uncertainty with COVID, it is always good to take a step back to appreciate and be with loved ones (or ones that at least like you).

One certain thing you can count on this time of year is VCIA’s annual captive tax update webinar, scheduled for December 15 at 2:00 ET. This year we present “Back to the Future” where our esteemed captive tax specialists review 2021’s most significant tax developments and explore the possible impacts of proposed legislative action by the current administration.

Our panel consists of Daniel Kusaila, Partner at Crowe LLP, Chaz Lavelle, Partner at Dentons Bingham Greenbaum LLP, and Brandy Vannoy, Partner at Johnson Lambert LLP. With the help from content advisors Stephanie Brassard of Johnson Lambert LLP and Dana Marino of Innovative Captive Strategies, the panel will provide an analysis of state and federal tax activity from 2021.

Our panelists will also provide an overview of recent, notable court cases and IRS actions. This includes a discussion on “lessons learned “ for large captives from small captive cases and a “fact or factors” segment highlighting key drivers that impacted the decisions made by the courts.

Our tax specialists will be monitoring the current tax landscape through the days leading up to this webinar to ensure the audience receives real-time updates on the state and federal tax environments.

Also, I want to say congratulations to Dave Angus, recently appointed as counsel to the captive insurance law practice at the firm of Paul Frank + Collins in Burlington, Vermont. Dave brings his captive insurance and transactional practice from The Angus Firm to PF+C’s captive insurance team and has been a long-time member (and twice chair) of VCIA’s Legislative Committee. Congratulations, David!

Stay well and see you soon!

Rich Smith,
VCIA President