Tag Archives: risk management

Spring Member Mixer Recap and a BIG Thank you to Outgoing Board Members

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Wednesday of this week featured an outstanding series of VCIA events in a blustery and damp Burlington. It brought together the many-faceted folks who play different roles in the Vermont captive industry and illustrated that indeed, we’re better when we’re together. We started with a VCIA Board meeting and then had the Vermont Captive Team available to give an update and take questions from our members. From then on it was time to relax with a spring cocktail and enjoy the camaraderie that comes with being a VCIA Member.

The outstanding VCIA Board met in the morning for the regular spring meeting. In addition to their usual Board business of reviewing reports and plans there was also a preliminary strategic planning exercise to help guide the process that we will undertake going forwards.  To take a page out of VCIA Board Chair Tracy Hassett’s book, we were definitely aiming for the big blue sky in our strategic planning exercises. This is just the beginning and I look forward to providing more SP updates as we officially get underway at the start of 2024.

In addition there were also two open access sessions – firstly for members to question the Board about their meeting and the direction of the VCIA.  Then, the DFR’s Leadership team took the stage for a Q & A about the health of the industry and Vermont as a domicile, the changes to Vermont captive legislation and the actions of entities such as the IRS and the NAIC.  Despite the depth of the subject matter, the usually approachability and cooperative nature of the DFR team was very much in evidence. Check out the video below to hear about the positive direction the Vermont Captive team heads in.

Sandy Bigglestone explains how the Vermont Captive team will sustain its Gold Standard

Then it was on to the most important business of the day – the Spring Mixer!  Being indoors as a result of the aforementioned blustery and damp weather did not detract from the conversations among over 60 professionals – some of which were not Vermont-based.  A huge thanks to all that made the journey (long or short) for your support of the VCIA and our activities.

VCIA staff Joce Lamb and Ella Stevens registering members for the mixer
M&T Bank/Wilmington Trust’s Ian Davis and Aon’s Nancy Gray
Primmer’s Jesse Crary, Paul Frank + Collins’ Ben Gould, and VCIA President Kevin Mead
A BIG Thank You to 3 Outgoing VCIA Board Members

Poignantly, the Board and staff also said farewell to three outstanding Board members and long-term friends of the VCIA.  The Board recognized the insight, diligence and camaraderie that Stephanie Mapes, Dennis Silvia and Anne Marie Towle have provided to the VCIA and the broader captive industry.

Thank you, Stephanie!

President of Paul Frank + Collins Stephanie Mapes is not only stepping down from the VCIA Board, but she’s also retiring! She’s been a true pillar in the legal sector of the captive industry and was an integral part to VCIA’s legislative intelligence and operations. She brought us a great attention to detail, hard hitting questions, and a knack for finding solutions. On top of it all, Stephanie truly spearheaded our efforts to have a distinguished Strategic Planning process with the SOAR approach. VCIA is grateful how you are leaving us and extra appreciative for your strategic planning expertise and input.

Davies Captive Management expert Dennis Silvia brought a panoramic view of how VCIA fits and stands out in the captive landscape. His insights to the VCIA Conference Task Force and played a big role in why our conference educational offerings are top notch. He was committed to the nth degree – even phoning in from Hawaii in the early morning hours to make a Board meeting! Thank you Dennis for bringing perceptive suggestions – and actions to how VCIA functions and excels.

Last but not least, Hylant’s Anne Marie Towle. Hearing from her fellow Board members as well as staff, one attribute rises to the top – Anne Marie’s energy. She gave so much to VCIA as a Board member, thanks to her robust captive professional network and her own nonstop professional education. Whether it was bringing sponsors in to the conference, or building attendance for a roadshow in Indianapolis, Anne Marie really “connected the dots” as a VCIA Board member and expanded our reach and impact. Thank you, Anne Marie!

Happy Memorial Day Weekend to you all out there. Enjoy the long rest, and then let’s get back as our conference planning revs on for #VCIA2023!

VCIA2023 Conference Preview II: Where Captive Content is King

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It’s the early stages of the Internet. The year is 1996. Some chap by the name of Bill Gates pens an essay in which he declares “Content is King” and bets that the value of information and entertainment creation will astronomically drive the Internet’s growth. Close to thirty years later his prophecy holds true. What’s my point? Well, related to the captive conference experience, the educational material and the leaders who teach that material, are critical. This Monday, May 15th marks the official launch of #VCIA2023 registration. For those really itching to register, head on over to vcia.com now and you just *might* be able to already 😉 … With our interactive discussion groups, collaborative forums, and in-depth educational presentations, I’m proud to say the Captive Content is King at the #VCIA2023 Conference.

The conference schedule is set and I encourage you to peruse our jam-packed itinerary here. A big thanks needs to go out to VCIA’s 2023 Conference Task Force, led by Chair Aaron Hillebrandt of Pinnacle Actuarial Resources. A focused, tireless group, they have given their time, talent and professional network to produce a comprehensive lineup of educational topics, paired with the best speakers from the industry.

As you know, captives are formed by so many diverse organizations. Moreover, there are so many subsets and functions that a captive has in serving its parent group. The #VCIA2023 schedule reflects this wide-range of subjects by offering “everything under the sun” that concerns captives, including:

  • The latest captive trends and emerging risks
  • How cyber impacts captives
  • Inflation on your captive portfolio
  • The power of reinsurance
  • The all important medical stop loss
  • Claims management
  • Parametric coverage
  • Board engagement and inspiration
  • With a grand total of 21 CPE/CRE/CLE-eligible educational sessions—3 more than 2022!

#VCIA2023 opens its doors to everyone! Starting Monday, May 15th, be sure to register for America’s largest captive gathering. See other domiciles, meet vendors and service providers, connect with captive owners…

That’s not all. #VCIA2023 captive content will deliver on the fundamental concepts for captive formation and management; for that, do attend Captive Immersion, Captive 101, Newcomer’s Guide to the Industry Part I and II, among others. The speakers, who are practitioners themselves, will also provide real-world examples, case studies, and tactical methods for how they problem solved specific challenges that arose for their captive and parent organization. It’s common place to say that our captive conference is for beginners and veterans alike – but it’s true! Even more, the conference content creation was built out and designed to meet the needs of all captive professionals, from one year on the job to thirty.

#VCIA2023 opens its doors to everyone! Starting Monday, May 15th, be sure to register for America’s largest captive gathering. See other domiciles, meet vendors and service providers, connect with captive owners; if you’re new to the industry, we have conference ambassadors, and the Vermont Captive Insurance Emerging Leaders group will be on hand. We’re not kidding when we say #VCIA2023 is Where the Captive World Comes to Meet! Let conference registration begin!

#VCIA2023 Conference Preview I: Where the Captive World Comes to Meet

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Suddenly, the month of May begins on Monday! That means we are just two weeks out from when VCIA’s 38th Annual Conference registration opens. Let me be of service and provide you with this calendar reminder link so that you can go ahead and register for #VCIA2023 right away on Monday May 15th. All you need to do that Monday the 15th is go to www.vcia.com to register! We anticipate a larger gathering, a more robust schedule of events and topics, and overall a conference experience that will meet and surpass VCIA’s 2022 Conference. And you are an important part of that!

95% of surveyed attendees said the VCIA Conference coordination and management was well done and exceptional
 
96% of surveyed attendees said VCIA Conference networking opportunities were well done and exceptional

We plan to outdo our 2022 Sucess with your help!

In the coming months, I intend to highlight a number of facets to demonstrate how The VCIA Conference stands out in the captive conference circuit. We will detail our special events, our keynote speakers (Shh! waiting to reveal them during registration week), the wide variety of services offered in our comprehensive exhibit hall, thanks to our exhibitors.

I will also go in depth on our educational topics – a source of deep pride for VCIA. Above all, our conference is about the people, about you! It starts with the people behind the scenes – the VCIA Conference Task Force, the topic coordinator and speakers, the VCIA Board and Staff, the #VCIA2023 Sponsors – then includes the variety of captive professionals from all walks of life and corners of the world who make our event so special. I don’t want to give it away, but let me just hint that we have a special video dropping during registration week which will illustrate how VCIA is truly the place where the captive world comes to meet.

So, just as a primer, let me provide the basics:

  • #VCIA2023 is four jam packed days of captive education, networking and business opportunities, in lovely Burlington, Vermont starting Monday August 7th with Captive Immersion, as the full conference slate picks up Tuesday August 8th and goes through Thursday August 10th.
  • #VCIA2023 is for everyone, not just service providers and captives domiciled in Vermont! In fact, we have a number of other domiciles who will be exhibiting in the exhibit hall, and many regulators and government officials from other states and countries attend. VCIA is very happy about this and it goes to my ethos of building out “a bigger pie” which everyone can eat from.
  • On top of that #VCIA2023 is productive for those who have been in the captive industry for more than 30 years, and those who maybe have been in the captive industry for just 3 days! We have advanced topics as well as Captive Immersion and Captive101. Plus, the VCIEL will be playing a major role at the conference in engaging rising professionals and students.
  • The VCIA Annual Conference is changing golf courses this year! We are headed to beautiful Stowe, Vermont! Find details on our golf page here.
  • This is just the tip of the iceberg! Keep up with VCIA LinkedIn activity to learn more, and I look forward to seeing you as one of the registered #VCIA2023 attendees starting Monday May 15th!

This is the premier US captive conference to attend to be at the forefront of the industry. It is the place to learn about the hottest topics trending in the industry and to network with your peers. The VCIA shows their level of care and passion through their staff’s efforts resulting in a very welcoming captive conference experience. Be sure to mark this annual event on your calendar to be best armed to utilize your captive program or to learn how to break in to the industry.

Praise for the VCIA Conference Experience

Emerging Leaders Launch Party Was a Hit, and It’s Just the Beginning

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60 is a great number. After all, it represents the number of starting players on 4 rugby teams! And the ancient Babylonians used base 60 for their sexagesimal system of mathematics. Closer to home, it was also the number of folks present at the launch party for the Vermont Captive Insurance Emerging Leaders Group (VCIEL). This exceeded the preliminary target, but more than the numbers was the quality present. 

We attracted professors, students, rising professionals and a slate of key industry decision makers, including Commissioner of the Vermont Department of Financial Regulation Kevin Gaffney, Sandy Bigglestone (#3 on the Power 50 Captive Review), Deputy Commissioner of the Captive Division of the DFR, and even Mike Pieciak, Treasurer for the State of Vermont and a dear friend of the VCIA. The launch party had it all: it was fun, dynamic, great enthusiasm, and the conversations around the group and its goals were outstanding.

In addition to being a meeting place for the Emerging Leaders, the group has set themselves some additional goals, and the greatest of these is to have a positive influence on the number and quality of talented individuals available to Vermont’s captive industry. With continued pressure in the competition for talent, and with Vermont lacking any formal college program addressing risk management, this will be a challenge, but I am strongly betting on this great pool of talented individuals to be able to make considerable headway here. 

How can it be done? Developing smart relationships. Though there may not be a risk management program at Vermont schools, there’s a strong contingent of people – students, professors, administrators – who are interested in developing relationships and opportunities with VCIA and VCIEL. This was on full display at the VCIEL Launch Party, and there are already irons in the fire in how we will take effective action. More to come on that. Education and outreach will be key.

It’s critical to note that while the VCIA strongly supports and has a partnership with VCIEL, VCIEL operates with autonomy and makes decisions by group consensus made up of the talented folks with various captive roles who provide great perspective. This is by design and is based on the strong belief within the VCIA that groups like this need to be empowered and resourced and not directed and controlled. 

As we near #VCIA2023 registration kick off (May 15th, mark your calendars!), you will see heightened visibility for VCIEL, which will play an integral role at the conference in August. They are already driving highly relevant content onto the agenda for that event, and will be a perfect resource for the students, rising professionals and those new to the industry who attend to the conference. 

I expect to be able to report on further development and partnerships for the group in the coming months, but for now, let’s give a hand for the great work done by VCIEL. The launch party was a smash hit! It’s just the beginning and VCIA is proud to be with VCIEL on this journey to a better captive future.

A Brief Note on the Value of VCIA Board Members

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The Board of the VCIA has some parameters set by the bylaws of the association. One of these is that the Board must always have members who are captive insurance company owners. This ensures that the Board has a direct understanding of what many VCIA member captive owners are going through. 

Congratulations to 3 of our Board Members for being a Top 20 Captive Owner by Captive Review!

On that note, I am very pleased to report that in the new Top 20 captive owners list from Captive Review – https://captivereview.com/features/top-20-captive-owners-2023/ – 3 VCIA Board members appear! It’s not lost on me that these 3 fantastic individuals are not only very active in the captive community, but also help out and volunteer their time and knowledge with many VCIA initiatives.

Firstly, our immediate past Chair, Andrew Baillie of the AES Corporation.  Andrew’s appearance at the VCIA roadshow in New York in the fall of 2022 showcased one of the many reasons that he was on this list. From the Captive Review article: “Baillie has developed a number of innovative captive solutions, particularly in the fields of cyber and terrorism coverage, and earned himself a reputation as a leader in the captive space among his peers.”

Secondly, Gail Newman of Bright Horizons, who brings the insurance challenges of a global childcare provider to VCIA Board deliberations. Gail brings so much fresh insight to the Board and VCIA and utilizes her many areas of expertise.

Last, but by no means least, current Board Chair Tracy Hassett of edHEALTH, who testified in front of the Vermont House and Senate committees in January of 2023, and made a powerful impact on the legislators present.

The VCIA relies on Board members, committee members and many other volunteers to develop our programs and initiatives, and it is great when the broader industry recognizes the influence, commitment and excellence of these folks alongside us!

Notes from The NAIC Spring National Meeting

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To keep up to date and foster mutual good will, VCIA maintains many relationships with associations related to insurance and captives, specifically. One such prominent organization is The National Association of Insurance Commissioners (NAIC), which was founded in 1871 (!) and serves as standard-setting organization for the chief insurance regulators from all 50 states. NAIC offers informed expertise, data, and analysis for “insurance commissioners to effectively regulate the industry and protect consumers.” I attended the NAIC Annual Spring Meeting, this year in Louisville, and report back with some interesting findings.  

You may ask, why did I attend the NAIC Meeting? Simply put it is important that we stay on top of the activities of this group as they directly impact the way in which captives and RRGs operate within the broader insurance markets that the group is concerned with. Now, onto my findings.

First off, this meeting is HUGE!  So big that despite the fact that the Vermont DFR had a delegation there, I only saw them from a distance! 

Second, there is great information provided that is well-researched over a long period of time and has quite an impact on different insurance sectors. For example, in 2021 private residential flood policies issued were up 29% in number over 2020.  While the impact on this is primarily within the consumer sector, the businesses around where the consumers live are subject to the same climate-driven risks, and it serves as a reminder how interconnected insurance can be to different entities.

Third, we get early warning as to future direction for the NAIC and what this might do for captives.  An example of this was seen in the Financial Regulation Standards and Accreditation (F) Committee and their work on the group capital calculation (GCC).  There were a number of comment letters considered at this meeting and a revised GCC will be up for adoption at the Summer National Meeting of the NAIC, with a recommended adoption date of 1/1/2026. VCIA will keep monitoring this and share any news with members as it develops.

Finally, as with all quality conferences, I developed some personal connections that will prove valuable to VCIA and its members. I had several discussions with insurance company general counsels, NAIC staff members and others as we explored matters of mutual interest.

Thank you Jeff Klein for your guidance at NAIC!

I was also fortunate to have Jeff Klein as my chaperone!  Jeff is the VCIA’s representative on NAIC matters and reports back monthly to our Legislative Committee. We continue to be proactive in anticipating captive needs and challenges, and our ability to have the Legislative Committee and members informed, thanks to Jeff and so many other diligent folks, assures that the future directional intent for regulation is in safe hands!

On the Captive Industry Conference Circuit

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It is good to once again be able to report on the solid state of the industry. There were two recent strong data points provided at both the World Captive Forum and at the CICA 2023 International Conference: Accelerating Captive Innovation.

First of all, the numbers. Both conferences had strong attendance, both up from 2022 levels, together with a full exhibit hall. Then secondly the content. As in 2022, almost all presenters were upbeat about their own captive, or, in the case of service providers, their pipeline of new and expanding clients. And then lastly, the “chatter.” A standard opening question of mine is, “how’s business” and this was almost invariably met with a plaintive request for more resources in terms of staff, because there is so much business to take on.

We Can’t Wait For You to Join us Again for #VCIA2023 Registration Opens May 15th!

So how does this inform the VCIA as we develop our services to members?  Some of the hotels for our own conference in August of this year are already approaching capacity, and this is before we even open registration in May! So, we are working with our partners in the Burlington lodging industry to secure additional rooms and even additional hotels to meet the expected high demand in a small marketplace. Then, addressing some of the workforce issues that I’ve heard, we are about to announce some strong new initiatives that will hopefully pay dividends in expanding the available workforce for the captive industry, especially in Vermont.

Lastly, it only remains for me to recognize March 17th, Lá Fhéile Pádraig sona daoibh, go athas sé lúcháir orainn go léir!

P.S. Spring is just 3 days away!

VCIA Staff at Full Force and Ready to Serve!

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A Happy Staff after Lunch!

This week the VCIA Staff met for a daylong meeting at one of our favorite places: Trapp Family Lodge in Stowe, Vermont. And it was a special occasion, as we met for the first time with our two superlative new hires, Ella Stevens, Bookkeeper/Administrator, and Jocelyn Lamb, Accounting Manager. We were placed in the Strauss Meeting Room, and an obligatory recording of The Blue Danube was played!

Since VCIA went fully remote at the end of 2022, we’ve made sure to plan in-person staff gatherings at least once a month in order to build staff chemistry and develop those intangibles that are crucial for a close-knit small staff. This February meeting was all about gearing up for our busy season, when conference registration comes onto the horizon. 87 days until you can register for #VCIA2023, and 171 until the first day of the conference!

Time and time again I’m reminded why our staff is an invaluable asset serving members, stakeholders, and the entire captive industry. Whether it’s the deep institutional knowledge harnessed by our triumvirate Diane Leach, Peggy Companion, and Janice Valgoi, or the ingenuity and creative thinking that our younger staff employ, our staff is versatile and leaves no stone unturned in how we help members and optimize our services.

No other captive domicile or captive association can claim such a robust and effective staff force meeting the needs of its members and expanding its reach. It’s why VCIA is ready to hit full stride as we hit spring (just 31 days!) and gear up for conference preparation and promotion. As always, we’re available to listen to your needs and and provide you the best member experience!

Reflecting on One Year In as VCIA President

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Almost a year ago, before I even joined the VCIA, I attended the World Captive Forum in Miami, and well, here I am again, learning and networking. And what a year it has been, my first as VCIA President! More on that in a future blog, but I am happy to report that there is further evidence here at this event of the resilience and growth in the captive industry. Right now, I am sitting in on the regulatory panel (featuring Vermont’s own Sandy Bigglestone), and every domicile present is talking about growth, new product lines and innovation across the board.

Vermont and VCIA had a productive (and fun!) World Captive Forum

For Vermont and VCIA it has been a great event, strengthening our stakeholder relationships and building new ones.

We also debuted the new Vermont booth – please pay no attention to the fact that 4 captive professionals working collaboratively could not get the lights on right!  Despite that, the booth looks great (we fixed the lights) and certainly acted as a beacon within the exhibit hall. Vermont is off to the races to try to top last year’s 41 new captive count!

I met a fellow Mead in the exhibit hall!

I also got to fulfill on my mantra of ‘cooperate to grow the pie, compete for a larger slice’ by visiting with the other domiciles present to specifically invite them to the VCIA’s Annual Conference in August. While many already attend, I was happy to invite them to come as exhibitors. The greatest accolade that we could get for the VCIA Conference would be when an attendee says ‘I attended the event and got the solution I needed.’ Of course, I would be delighted if that solution was Vermont, but I must also recognize that there are many offerings in the marketplace. So far, we’ve gained great interest in other domiciles/associations for our booth spaces!

That’s all for my live World Captive Forum reporting. Sad to say we New Englanders must leave sunny Miami and return to Vermont with a temperature shift of 107°F forecast. Winter may be hard, but it won’t last forever in the Green Mountain State, and the closer spring approaches means the closer our 2023 conference cycle starts!

VCIA Welcomes Two New Staff Members!

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Please welcome Ella Stevens, front left, and Jocelyn Lamb, front right, two new VCIA hires!

Last week, I recapped VCIA’s successful Legislative Day and emphasized just how valuable our legislative advocacy is to our members and to the industry. Well, I offer another VCIA asset that’s just as and if not more valuable…and that’s our tireless staff! VCIA can proudly say we are fully-staffed and able to not only strengthen and grow our association, but meet the needs of our 400+ members. Not many other captive associations can say that. And so please give a warm welcome to Ella Stevens, VCIA’s new Bookkeeper and Administrator, and Jocelyn Lamb, our Accounting Manager! Let’s get to know them.

Meet Ella Stevens, VCIA’s Bookkeeper/Administrator Ella began working with VCIA earlier this month and she’s doing so while completing her last semester at Saint Michaels in Colchester. She will be graduating with an honors bachelor degree in accounting and business administration, and our staff and Board were extremely impressed about how she can handle such a workload while learning and absorbing so much at VCIA. Says Ella: “This is my first professional job out of college and I’m excited to get into accounting on a real-world basis, understand the Vermont captive industry, and interact with VCIA members.” Fun fact? She’s an avid runner and runs at least 3 miles a day every day of the week! I personally can’t say the same…

Meet Jocelyn Lamb, VCIA’s Accounting Manager Where Ella is new to the Vermont captive industry, Jocelyn Lamb is a veteran and has years of experience, thanks to her 11 years at Vermont’s Department of Financial Regulation as an examiner and regulator. We’re lucky to add Jocelyn’s great talents, and she’s extremely happy to stay in the industry. Says Jocelyn, “It’s a wonderful opportunity to work with VCIA and to experience captive insurance from an additional perspective. I really look forward to hitting the ground running with our close-knit staff!” Fun fact? Jocelyn and her family operate a 3,000 tree sugar bush and sell maple syrup each year – you can’t get much more Vermont than that!

It’s a wonderful opportunity to work with VCIA and to experience captive insurance from an additional perspective. I really look forward to hitting the ground running with our close-knit staff!

VCia’s new Account Manager, Jocelyn Lamb

Please be sure to welcome Ella and Jocelyn as you see them in the year ahead; they will be an integral part of accomplishing our goals, not least of which is a successful Annual Conference in August. The work begins now!