NCAA Forms a Captive— in Vermont!
Many Vermonters in the captive industry might have had an NCAA bracket that had UVM going all the way. Locals supporting locals is what we do here. Sadly, Arkansas stood in their way, and UVM came up a little short in the first round. They didn’t bust the nation’s brackets, but there were other perpetrators—I’m looking at you, Saint Peters Peacocks. The absence of the Catamounts from the Final Four makes it no less intriguing, but you might wonder, where’s the link with VCIA and captive insurance?
The answer lies in the fact that the NCAA, perhaps mindful of the hit that their marquee event took in 2020 and 2021, recently formed a captive, and not only that, but they have made its domicile in the Green Mountain State. Vermont’s most popular (and free) newspaper, Seven Days reports that the captive activated at the start of March and could “potentially save the association millions of dollars.” Taking on both D & O and event cancellation coverage, the entity has been funded with $175M, and will be consolidated into the financial statements of the NCAA.
While the University of Vermont will not be crowned winners after this upcoming Monday’s championship, the State of Vermont surely won an impactful and lasting relationship with the National Collegiate Athletic Association. VCIA is happy to announce that their captive formation has joined our association on a free, first year trial basis.
My prediction for the Final Four winner (which is the sporting equivalent of a kiss of death)? Kansas Jayhawks. Who do you have?