I See Fireworks!

Celabration festive new year firework headline or bannner.It’s the Fourth of July weekend, and that means only one thing: we are just a little more than a month away from VCIA Virtual 2020! As you know, VCIA always bring the fireworks when it comes to our annual captive conference, and this year will be no different.

The VCIA Virtual Conference will be a great opportunity for the captive world to meet, socialize, learn, earn professional education credits, hear great keynotes, and have fun in this time of uncertainty and isolation.  We are very excited to present an excellent experience for the captive industry, and have people leave at the end knowing their time was very well spent!

We are providing our attendees with the look and feel of being at an in-person event, by using a very robust 3D digital platform. After all, one of the big reasons the captive world comes to meet in Vermont every summer is the opportunity to network with friends and colleagues. A key element of the platform is that attendees can connect with one another easily, for example in the virtual Captive Lounge, where attendees can swing by and meet up with others.  There will also be games and trivia contests to create fun ways to engage people and get them exploring all the places in the digital platform. Our Exhibit Pavilions will be showcase over 50 3D exhibit booths! And the many educational sessions and forums will be second to none. We are excited for it to all come together and be an excellent experience for attendees, sponsors and our many fine service providers who keep the industry humming.

I look forward to seeing you all in August at VCIA Virtual! View all the details here.

Rich Smith,
VCIA President

The F.B.I.

fbi FThose of us of a certain age can remember with absolute clarity the start of the popular show in the late 60’s and early 70’s. The announcer, in a strong, determined voice would introduce, “The F.B.I… starring Efrem Zimbalist, Jr.” and then we would have an hour-long drama whereby the eponymous organization would hunt down one bad guy after the other.

Well, at this year’s VCIA 2020 Virtual we may not have such a dramatic opening, and the bad guys now hide in the dark web, but the thrill is still there. Joining us on August 12th will be FBI Special Agent Matthew Wabby, currently assigned to the white-collar squad in Albany, NY, investigating corruption, fraud, money laundering and related crimes.  With his panel, he will explore how companies should respond to an increasingly complex and changing set of rules as our business environment and society move ever more quickly into the digital sphere.

Special Agent Wabby will be joined by a group of highly placed cyber and captive insurance experts:

  • Chris Giovino, who leads a practice for Aon when clients have suffered a loss due to crime, employee malfeasance or fidelity related matters;
  • Heather McClure, JD, LLM, Chief Risk Officer, OU Medicine and Executive Director of Operations, OU Physicians, who leads their Vermont-based captive insurance company; and
  • Shiraz Saeed of Starr Insurance Companies, the national practice leader for Cyber Risk responsible for the strategic direction and expansion of the Cyber Risk products and services.

Cyber-attacks are becoming more sophisticated. Organized crime now uses former intelligence members for more sophisticated attacks, broadening the nature of their attacks, and increasing their frequency. An ever-changing set of regulations from governments around the global compounds the difficulty of managing against cyber risks.

Join us to learn some positive ways to shield against cyber-attacks and respond to breaches if they do occur.  I look forward to seeing you all in August at VCIA Virtual! Register by June 30th for the lowest rates! View all the details here.

A Dramedy Not to Be Missed!

dramedyspeakersLook, nobody wants to be caught in a crisis impacting their captive program and not be prepared. And as we are all dealing with the larger crisis of the pandemic, we can’t take our eye off the day-to-day issues that arise within a captive.  One of the education sessions at VCIA Virtual (our 100% virtual captive conference, if you haven’t kept up) will look at the steps in place to deal with a crisis situation, which can occur no matter how diligent we may be.

Instead of a dry dissertation on the elements of a good crisis management plan, our conference session, called “Crisis Management – A Case Study Dramedy” will explore the reactions, interactions, strategies, and machinations that are all set into motion when a captive or RRG has significant adverse development.  In this “dramedy”, which combines the elements of drama and comedy, the panel will illustrate a situation where adverse development leads to a material reduction in surplus that threatens the company’s stability rating and portends regulatory scrutiny. Various parties will respond to address the cascading circumstances, some more effectively than others.

The panel includes Julie Bordo of PCH Mutual Insurance Company RRG, as moderator, Tina Bukow of Kroll Bond Rating Agency, Gail Newman of Bright Horizons (a captive owner), Dan Petterson of Vermont’s Department of Financial Regulation, Kevin Seabury of Opus Investment, Robert Walling of Pinnacle Actuarial Resources, and Troy Winch of Risk Services LLC.  A great group of thespians to give you clarity through observing crisis management in action!

I look forward to seeing you all in August at VCIA Virtual! Register by June 30th for the lowest rates! View all the details here.

Rich Smith,
VCIA President