Hit Me with Your Best Shot

I just received my first shot of the COVID vaccine yesterday, and it provided a real boost of optimism that we are heading out of this weird nightmare. I would never have guessed how excited I’d be about getting a jab in the arm with a sharp needle!

Governor Scott of Vermont, who has been incredibly disciplined about taking necessary precautions, has said he expects the state to be more or less open by July 4th.  As we start to head into nicer weather up here in the Great North, that is  good news. Still a lot to be worried about when I scan the news from around the world: huge spikes in Brazil, slow rollout of vaccines in Europe, the fact that many in the developing world won’t see vaccinations until next year.

COVID is indeed an international issue – not only is there a truly humanitarian issue at stake, but the pace of vaccinations around the world will impact us all.  That’s why it was interesting to hear about the new Global Health Risk Facility (GHRF). The GHRF is a highly collaborative undertaking that insures the transportation and storage of COVID-19 vaccines, and other critical health commodities, for the benefit of low, middle, and upper-middle-income countries. The GHRF has been developed by Parsyl, a Lloyd’s Lab alumni, in close partnership with AXA XL, Ascot and McGill and Partners. AXA XL will lead the risk management and local policy implementation.

What’s also interesting (though maybe not a big surprise) is that  many of the pharmaceutical companies involved with the development and manufacturing of the vaccines chose to base their captives here in Vermont. How cool is that?! Pfizer, Johnson & Johnson, and AstraZeneca all domicile their captive insurance companies here, for good reason.

I look forward to learning  more about how captives were utilized in these extraordinary times. Which is exactly what will happening as part of the VCIA Signature Series, this coming Tuesday, April 13th! One of our sessions is on disaster (and unforeseen event) preparedness and recovery. We will learn from captive owners whose programs have navigated the treacherousness of the pandemic, sure to be fascinating. Also in the line-up for that day is a great session about cyber-risk and it’s ever-expanding nature of threat. The day ends with a private forum for captive owners to get together, see each other (via camera), share ideas and collaborate. Should be a great day and it’s not too late for you to register! More info at http://www.vcia.com.  

Thank you and I look forward to seeing you soon.  

Rich Smith
VCIA President

Your Signature (Series)

Join VCIA for its Inaugural Signature Series Event on April 13th! The Signature Series is an online event consisting of two Captive Education Sessions, each followed by Guided Discussion Groups hosted by Industry Experts. The day also features a Captive Owners Forum.

The first session will be the dramedy  “Disaster! – What’s the Plan?” exploring the reactions, interactions, and strategies to prepare your company and captive program for the next unforeseen event. We’ll illustrate real time issues companies and captives faced in the wake of the declaration of the COVID-19 Pandemic and how to better prepare your company for future disasters and other major business challenges. Our cast of thespians will examine the importance of a disaster preparedness plan, its key components and how to craft such a plan for your company. The stars of this dramady are Julie Bordo, President & CEO of PCH Mutual Insurance Co. Inc. (RRG), Hugo Crawley, Chairman of TigerRisk Partners (UK), Gail Newman, Vice President of Risk Management for Bright Horizons Family Solutions, and Michael O’Malley, Managing Director of Strategic Risk Solutions.  It may be so good we take it into syndication!

Our second session will look to answer many questions around cyber risk and captives. As cyber-attacks become more frequent and increasingly harmful, are you prepared? What risk financing and management techniques are you using today to handle your cyber risk? Are you familiar with regulation and governance required to manage cyber exposure for your organization? How do you design a program which provides appropriate coverage cost-effective price, along with the associated vendor costs, to prepare if a cyber event occurs in your organization?

Elisabeth Case, Managing Director at Marsh, John O’Neil, Corporate Insurance Risk Manager at MassMutual, Dan Petterson, Director of Captive Examinations for Vermont’s Division of Captive Insurance, and Uso Sayers, Managing Director at Johnson Lambert, will share knowledge of best practices, and what coverages you need to ensure for, both in and out of your captive, to protect your organization from this ever-expanding threat.

And finally, for our captive owners only forum, two captive owners will lead a dynamic discussion with other captive owners exploring current industry challenges, solutions, new ideas and industry best practices. Melinda Young of NC3 and Brian Johnson of Alliance of Nonprofits for Insurance, RRG, will corral the issues most on the minds of captive owners using interactive technology.

Click here to register today!

Thank you and I look forward to hearing from you.

Rich Smith
VCIA President