Mexico and Vermont. Aside from the glorious Cabot Habanero cheese (which likely has no content from Mexico!), the links might not be immediately apparent. But we are working on fixing that in the captive insurance space, and it started with VCIA’s triumphant Trade Mission to Mexico City, as our Vermont contingent established quality relationships with our Mexican counterparts that will last for years.
This week has been the most incredible and positive experience for the expansion of both the industry and Vermont as a domicile. I will be providing an in-depth debrief with our member-exclusive special report coming out in the near future, but for now, there are some major highlights that I want to share as we close our memorable visit.
The Roadshow: Many of you reading this may have either participated in or attended a roadshow, but this international one had a different flavor. Simultaneous translation being the most obvious distinction! Before a full room of about 100 attendees, panels and speakers not only reviewed the Vermont process for establishing a captive, but also covered Mexican tax and regulatory implications. The audience had a great many well-developed questions, and were clearly keen to explore both the background and the applicability to their own insurance challenges.
The meetings: Multiple meetings with trade associations, government entities and business groups revealed the appetite that there is for captives in Mexico. The desire is there and VCIA and Vermont have pledged our investment in figuring out how captive solutions can work for Mexican companies.
The people: The entire delegation has been impressed with the cordial and cooperative attitude of everyone that we have encountered. This trade mission was about forging relationships in Mexico, and I’m confident these partnerships will continue to grow and yield great captive opportunities for Mexico and the Green Mountain State. Bonus if we get some Mexican friends to come out our Annual Conference in August!
The VCIA, the DFR, the DED and our facilitators from within the federal government can all be proud of how we represented Vermont and the industry this week. All of us have an extensive to-do list, with lots of substantive follow up, not just thank you notes. We are convinced that this is a market where Vermont can offer tangible value to Mexican entities, and I am looking forwards to providing you with a special briefing on this in the very near future.