It’s Show Time… almost

Show time curtains

While many folks are taking it easy in the languor of summer, your stalwart VCIA staff and conference volunteers have been working hard to prepare for our gala event this year: VCIA’s 30th Annual Captive Insurance Conference starting August 11th in beautiful Burlington, Vermont! I hope we will see many of you here to take advantage of the great education, networking and just plain fun you will have.

Summer or no, the captive industry keeps on buzzing.  A.M. Best just released a Special Report, titled, “Group Captives Feeling the Squeeze, Single Parent Captives Winning the Race,”  that stated, despite a general increase in the level of loss and loss-adjustment expenses in 2014, U.S. captive insurers rated by A.M. Best continue to outperform the commercial sector in most key financial measures.  Captive underwriting expense ratio improved for the second consecutive year in 2014, surpassing the previous four years.   In addition, the five-year average combined ratio for the captive composite of 79.6% continues to compare extremely favorably with the commercial insurance composite’s average of 102.7%.  And captives’ surplus grew by $1.41 billion.

“Overall, A.M. Best believes that the values captives add in terms of their strategic, operational and financial benefits to their groups or parents remain solid and valid.”  I couldn’t have said it better myself!

I will be taking some time off after the conference, so don’t plan to get any blogs for a while (did I hear some cheering in the background?). Have a great rest of the summer and I look forward to seeing you in Burlington next week!

Rich Smith
VCIA President

Opening Day!

VCIA golfers

Some of you might remember that we had a baseball theme for our Annual Conference last year, but May 1st is always like opening day here at VCIA central. The VCIA staff has been working furiously for weeks to get ready for our first day of registration, and the “first pitch” went out this morning. Our conference will take place in August from the 11th through the 13th in beautiful Burlington, Vermont.

30 years ago this August, VCIA held its 1st Annual Conference with a handful of attendees in a small meeting room in downtown Burlington. After a morning of meetings, it was off to the golf course and then a simple reception. Today, the VCIA conference covers three full days and is the premier captive insurance gathering for over 1100 attendees and 100 exhibitors.  Since September of last year, the conference task force and staff have been working hard to put together another terrific program for you.

Join us for “VCIA 2015: Expedition into Captive Learning” and learn from 60 expert panelists, many of whom are captive owners, as they share their stories and expertise. You’ll leave the conference with great information and great connections.  We are also excited to bring you Captain Richard Phillips as our closing luncheon speaker.  Captain Richard Phillips is the real life inspiration for the movie ‘Captain Phillips’, starring Tom Hanks.  Hank Watkins of Lloyd’s North America will provide our industry keynote. And, what better place is there to be than August in Vermont by Lake Champlain, where attendees can enjoy the VCIA Bike Tour (our scenic bike tour with professional touring company), a great VCIA Golf Tournament, and an evening reception at historic, breathtaking Shelburne Farms!

We look forward to seeing you in Vermont! Thank you all, and I look forward to hearing from you soon.

Richard Smith
VCIA President