Tag Archives: risk management

#VCIA2022 Keynotes To Give a Global View of Things

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With our early bird period in the rearview, and 700 and counting registrants (!) , we gear up for one more month of celebrating all things #VCIA2022, before our flagship event takes center stage of the captive world in August. By now, you know how important the networking and educational sessions will be. Let me turn your attention to why our two worldly #VCIA2022 keynotes are worth your price of admission. For both history buffs and people interested in politics and economics…we have you covered!

History maker Admiral Michelle Howard will be at the VCIA Conference

First, let’s start with our Special Keynote Speaker who will be closing out #VCIA2022 on Thursday August 11th with an inspiring speech and luncheon. US Navy Admiral Michelle Howard has not only commanded ships at sea but also a deep respect from all branches of the military. She’s a groundbreaking leader who has seen it all, enjoying a distinguished career in national defense within the areas of operations, readiness, and strategic planning.

What stories can she tell? Plenty! A veteran of operations that included NATO peacekeeping, Indonesia tsunami relief, Desert Storm and Iraqi Freedom, she was thrust into the international spotlight in 2009 as leader of the counter-piracy task force that rescued civilian Captain Richard Phillips from Somali pirates!

Hear from her a preview of what she’ll be talking about in her keynote address.

Her keynotes address leadership, cybersecurity, diversity, innovation and team building. To each, she lends experience gained from three decades on the front lines and highest levels of national defense. Bringing the empowering insights of an African-American woman who spent her career shattering glass ceilings and breaking new ground, she continues to motivate others with her highly inspirational presence.

This is what you’ll Get at #VCIA2022!

Next to an iconic military figure, The VCIA Conference has paired a geopolitical whiz as the second keynote speaker. Michael Weidokal, an internationally-recognized economic and geopolitical forecaster who helps business leaders and policy makers comprehend the issues and trends that are impacting the world today AND tomorrow, addresses #VCIA2022 attendees on Tuesday August 9th at 3:45pm.

Michael is the president and founder of International Strategic Analysis (ISA), a leading provider of economic forecasting, international market intelligence and geopolitical analysis with clients all around the globe. ISA is one of the world’s most respected economic and geopolitical research firms, providing research and support for thousands of the world’s leading businesses, governments and universities. Get a glimpse of what he will share at our conference below!

Michael’s ability to combine international economics, geopolitics and history allow him to have a unique perspective on the issues and events that are taking place throughout the world. His areas of expertise include the fields of international economic competitiveness, global market selection and geopolitical risk assessment. Furthermore, he has repeatedly proven to be able to accurately predict important trends and developments before they happen.

Get the Intel from Experts like Michael at #VCIA2022!
Happy Fourth of July!

Have a wonderful, long Independence Day weekend, everyone. Can’t believe we’re basically just a month out from our dynamic captive conference. Thank you to everyone who has worked hard to put it together and additionally to everyone has registered so far. We couldn’t do this without you. P.S👉 registration link for folks that missed the early bird bus. It’s still a great deal! And don’t forget to sign up for our golf tournament!

Make Sure Your Register Because This Is The Last Call for #VCIA2022 Early Bird Rates!

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The Vermont state bird is the Catharus guttatus, more commonly known as the Hermit Thrush. However, the VCIA organizational equivalent is Primo Avis Mandare, for those not up on their Latin–the Early Bird! Leaving just as the Hermit Thrush arrives for its summer visit, the Early Bird’s call is ‘cheaper, cheaper!’ If you’re not quick you will miss its beautiful song because this seasonal visitor departs in just 6 days, having been seen by over 500 people. Primo Avis Mandare is certainly not shy and likes all kinds of attention, so grab your bird call whistle and binoculars and make sure you register for the 2022 VCIA Conference before the clock strikes midnight on Friday July 1st when Early Bird migrates away! I suggest you dally no longer and secure your spot at the captive industry’s biggest and best summer conference by booking your attendance via this link. 

The early bird gets the worm, or in #VCIA2022’s case, gets the best registration rates, which end June 30th!

VCIA’s 37th Annual Conference–our first in-person in 2019–promises to be an outstanding week of special events, productive networking, and, I’m not afraid to say it, the best captive education you’ll find on the planet.

The variety and depth of sessions, all incorporating the latest trends, emerging risks, and legal contexts, form the foundation of #VCIA2022. You will discuss captives and collaborate on ideas related to climate change, social inflation, tax developments, InsureTech (to name just a few). Simply put, nothing can match that experience without being on the ground in Burlington, Vermont the week of August 8th. Hundreds of captive professionals tend to agree with my perspective. We have attracted a strong crowd to register for the conference already, and we expect our current 500+ count to surge as the expiration of the discount approaches. 

Make memories at #VCIA2022. Register now to secure your early bird rate!

A major focus of mine as the new VCIA president is value. What value has VCIA brought to its members and stakeholders in the past and how can I improve upon that? I meet with people and companies on a regular basis to hear their needs and understand how VCIA can help. In the same way, #VCIA2022 is all about value. We’ve built into a week’s schedule as much as quality possible so you benefit from the value of the finest captive educational content and networking opportunities.

#VCIA2022 is all about value. We’ve built into a week’s schedule as much quality as possible so you benefit from the value of the finest captive educational content and networking opportunities.

VCIA President Kevin Mead

Don’t just take it from me. Dozens of talented captive professionals have been working hard for months to produce something special. I refer to the Conference Task Force and VCIA’s Director of Education and Programming Diane Leach. The 2022 Chair of the Conference Task Force, Ian Davis, Senior Vice President, Captive Insurance Relationship Manager at People’s United Bank, realizes the anticipation for #VCIA2022 is growing and can’t wait to share the fruits of our team’s labor. “We know how much it means for the industry to get together and you will see that on full display at the conference, guaranteed. We’ve designed the conference to emphasize engagement, to explore important ideas and how they can benefit our companies, and to celebrate how we all are moving the captive world forward.”

I for one am proud as hell for all the blood, sweat, and tears we’ve put into our Annual Conference. I’m also super excited. Together with some of you, this will be my first VCIA Conference, and I am really looking forward to being able to start and build relationships and connections that will mutually benefit the VCIA and the entire industry.

First step? Spot the early bird and register today! See you sooner than you think!

A Captive Industry Icon Announces His Retirement

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The State of Vermont’s Deputy Commissioner of the Captive Insurance Division is hanging up his gloves. Dave Provost leaves a permanent print on the robust infrastructure for domiciled captives in the Green Mountain State.

This week Vermont Captive Insurance set the captive world abuzz with a press release announcing Dave Provost’s retirement at the end of the summer. The Governor of Vermont Phil Scott could not sing Dave’s praise any higher by thanking him for “his immeasurable contribution to Vermonters and businesses around the world.” The Governor did pledge as well that Dave’s replacement would build on the “Gold Standard” for captives that Dave has helped create.

If you’ve been on the fence for registering for The VCIA Annual Conference August 8-11 in Burlington, Vermont, Dave’s news should get you over to attend. The conference will be a celebration of sorts for his career, and of course his insights during his “Hot Topics” on the last day of the conference is now simply a must see. Access Conference Registration here.

Mr. Captive himself, Dave Provost. Catch his last “Hot Topics” session at our Annual Conference this year.

I’m only three months on the job as VCIA’s President, and so it makes sense that I should be at the end of the line when it comes to reflecting on Dave Provost’s remarkable captive career. Nevertheless, as short as our relationship has been, we do make for a quick repartee pairing; it was only this Wednesday, during VCIA’s Spring Mixer, that Dave Provost shared his retirement news to the crowd. He was also quick to point out that I’m hitting my 100th day soon and that means my honeymoon phase will come to a firm end. This is true: Dave always has a joke in pocket.

The moment I met Vermont’s chief captive regulator it was instantly clear that his insights, approachable nature, and dedication to improving the captive industry are held in highest esteem and are things he deeply cares about. Dave Provost’s captive knowledge and technical and managerial skillsets will be major loses to recover, but it’s his dry wit and deadpan personality that most of us will miss just as much, if not more.

Dave Provost’s insights, approachable nature, and dedication to improving the captive industry are held in highest esteem and are things he deeply cares about.

Dave and some of his team in Vermont’s Senate Chamber

Dave achieved a lifetime of captive accomplishments during his 30 years of experience in the industry. He leaves the captive sector in Vermont (and beyond) larger, stronger and more visible than when he started. The VCIA, and indeed the whole captive insurance industry will miss Dave’s shrewd perspective, his fairness and his desire for effective and speedy advice and decisions. But mostly, the whole sector will just miss Dave. VCIA is honored to have his presence in his official capacity as Vermont’s chief captive regulator once last time this August. Let us toast to Dave!

Summer Conference Registration Opens!

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Meticulously planning, securing keynotes and hammering out the schedule, we’ve waited all year for this and now the “gates are opened” for our first in-person conference in three years. We can’t wait to gather with the captive industry’s best and brightest this August in Burlington.

Our 2022 Conference is sure to be a memorable one!

We’re officially launched! Please visit our conference registration page to sign up for the biggest and strongest captive insurance event this summer on the global calendar. No matter your experience level, you will find so much in our conference that will develop you professionally and advance your career. We have a full slate of dynamic educational sessions, curated networking and benchmarking events, and an environment conducive for making business deals. Simply put, you are sure to add to you captive knowledge at the 2022 VCIA Conference, and more than that, it will be a triumphant celebration of the captive industry at large. Be sure to follow the #VCIA2022 hashtag on Twitter and LinkedIn.

I should mention (before I enlist you in another conference prize opportunity!) that I highly recommend booking your hotel and travel flight plans as soon as possible in order to avoid any complications. There are rooms still available at the VCIA group rate, but they are going fast, so head to our conference lodging page and be directed to local hotels who carry our group rate.

I’m a horse racing fan and I enjoy placing some modest bets down when I’m at the track. In that spirit, we are expecting a banner year, and as insurance professionals you are all concerned with risk and the odds that something might or might not occur. So, I introduce you to the VCIA version of ‘How Many Jelly Beans are in the Jar?’  I believe that our total attendance count will be 1,048. Are you taking that over or under? My guess includes exhibitors, staff and all classifications of attendees – i.e. anyone with a name badge! Let me know your number, and if I’m the closest, I will make a $50 personal donation to ICCIE (www.iccie.org), the captive insurance industry’s educational non-profit.  If someone beats me, I will make a $100 donation in their name!  We will, of course, also recognize the best prognosticator! Send your guesses to kmead@vcia.com

Need a little help to formulate your guess? Check out our Conference Attendee page to see who has already registered!

How many people will be in attendance at our conference? Take a guess and email Kevin!

See you in August – if not before! 

Productive RISKWORLD RIMS Conference Concludes

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My first RIMS Conference is in the bag. What an impressive production the Risk Management Society had. Indeed it felt like “the center of the Risk Management universe” as they say. The experience has further fueled my desire to make VCIA’s August 8th-11th annual conference the best yet!

From a Vermont captive perspective, our trip to San Francisco was very successful. There was a steady stream of captive owners on day one with potential new captives and service providers visiting us. Our travel-sized maple syrup swag and the ice cream rolling in at 10:30 may lured in some hungry prospects, because surely nothing beats ice cream with maple syrup drizzled on top.

Vermont representing strong at RIMS 2022

Even on the final day three the volume of traffic may have slowed, but the quality interactions continued. I still work as a captive student, absorbing as much information as I can about the industry and regulatory processes. I’ve also thoroughly enjoyed building out my professional network with so many interesting people. All in all Team Vermont held many solid and productive meetings which generated innovative ideas on how we can help captives thrive in the Green Mountain State.

Shoutout to the State of Vermont’s Captive Insurance Economic Development Director Brittany Nevins who does a terrific job of demonstrating why Vermont’s captive insurance industry is the gold standard for an onshore captive insurance domicile. 

All in all Team Vermont held many solid and productive meetings which generated innovative ideas on how we can help captives thrive in the Green Mountain State.

One interesting aspect was the interest from Latin America – A good harbinger for our planned 2023 Roadshow in Mexico City. Stay tuned for more interesting programs as we continue to develop them!

Captive Insurance and Rugby: Staff Spotlight on President Kevin Mead

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Captive Insurance is a bit like rugby. Let me tell you why.

Just three weeks in, and I have quickly learned some truths about the captive insurance industry. Truth number one: how badly it is understood by those outside. Even those that have a knowledge of risk or insurance sometimes seem to shake their heads and mutter darkly when the subject is raised. Truth number two: that external lack of knowledge (or potentially confusion) means that the industry itself is tight knit, cooperative, and friendly.

Over 25 years ago, authors Adam Brandenburger and Barry Nalebuff co-authored a book called Co-Opetition in which they used game theory to suggest that businesses should cooperate to “grow the size of the pie,” and then compete for a larger slice of that enlarged pie.  Seeing the way in which board members and other VCIA volunteers are working together for the benefit of the association and for the industry is almost a case study in what the authors refer to.

“Real success comes from actively shaping the game you play—from making the game you want, not taking the game you find.”

― Barry J. Nalebuff, Co-Opetition

A second thing that has struck me is the number of rugby people there are in the captive industry. And there are similarities! To the uninitiated, rugby looks dangerous, risky, and somewhat unmanaged. To those that know the game, it is subtle, nuanced, athletic, and referred to as “the game they play in heaven.” On the field, rugby players are intensely competitive, but once the final whistle blows the bruises and battles are forgotten and a spirit of camaraderie and mutual support comes to the fore.

So, rugby as a metaphor for captive insurance? Perhaps that is too much of a reach! But my predecessor, Rich Smith, commented to me multiple times that the essence of the VCIA was built around mutual respect, understanding, and a sense of all being in the same league—if not all on the same team.

For me, rugby season is about to start up. This Saturday, the 19th, I will be refereeing at a tournament put on by the University of Vermont women in Burlington. Feel free to check this out or any rugby game in your location and see if my comments on the similarities hold any water! 

Announcing the 2nd Keynote Speaker for our August Conference

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Enjoy political thrillers? Then you will need to hear from Michael Weidokal, founder of International Strategic Analysis, at the VCIA Conference!

These days, it’s an understatement to say global geopolitical stability is being challenged—look no further than Ukraine. I often find it difficult keeping up with intricate and sometime disparate elements that bear consequences not just worldwide, but at home. Which is why I’m proud to announce that VCIA has secured a second keynote speaker for our conference in August—Michael Weidokal, founder of International Strategic Analysis, and a shrewd economic and political forecaster. His lecture will be timelier and more relevant than ever.

Founder of International Strategic Analysis and VCIA Conference Keynote Speaker Michael Weidokal

I’ve used Michael as a speaker three times in my career, and I kept coming back to him because he consistently received top marks from audience feedback. I think what makes him so effective is his facility at explaining and distilling global structural challenges, their historical backgrounds, and their potential economic fallout. To put it in a nutshell: Michael combines economic theory and geopolitical situations, rendering them into a real-life political thriller, all the while predicting, with sufficient evidence, how they impact you and your business. You will be both intrigued and informed—hallmarks of a successful and worthwhile keynote address.

Michael combines economic theory and geopolitical situations, rendering them into a real-life political thriller… while predicting… how they impact you and your business.

His deeply researched and vetted lecture, “Global Economic and Risk Outlook,” draws interest from many different industries and conference circuits. According to Michael’s website, the general theme of his speech investigates “factors that are driving or hindering economic growth in the United States and in all of the world’s major economies.” Utilizing the latest data and current events, Michael will provide VCIA Conference attendees “an in-depth analysis of all of the important issues and trends that will impact their activities in domestic and international markets, both in the year ahead and over the long-term.”  

We can’t wait for you to meet Michael Weidokal, and he’s excited too. Learning that our conference is the premier event of the captive industry, he added to me in an email, “I very much look forward to speaking at this year’s VCIA conference!”

Don’t forget he’s the second of two outstanding keynote speakers we now have. The inimitable Admiral Michelle Howard, the first woman in the U.S. Navy’s 236-year history to be promoted to four-star admiral who achieved the second highest-ranking in the service, will share her experiences and insights on national security, leadership, risk, and much more.

VCIA’s 37th Annual Conference Distinguished Keynote, Admiral Michelle Howard

If these two won’t get you to come to our first, in-person conference in three years, what will? I guarantee you amazing and topical presentations, plus wonderful networking and business development opportunities.  I also guarantee you the pleasures of summer in Burlington, Vermont—stunning views of Lake Champlain, the festive atmosphere of Church Street, and quick access away to the lush Green Mountains and the great outdoors. A perfect destination for you and your family.

Registration opens May 16th.

Water, Sun, Mountains, and Captive Insurance…

Welcome, Kevin!

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Earlier this month you met our new Communications Director, Francis McGill. Now I would like to take the opportunity to introduce my replacement as President of VCIA, Kevin Mead!

Kevin Mead, new VCIA President

As you may have seen in our announcement earlier this week, Kevin brings a boatload of skills in association management and financial wherewithal based on his experience running a number of associations. (Click here for the official announcement.)

Kevin is a unique fellow: he lives in Vermont’s Northeast Kingdom (the most rural part of our rural state), has a British accent, and loves rugby. But more than that, I got to know Kevin over the past few months, and he is truly a nice, decent human being – someone who will fit right into the captive insurance family.

Holding two master’s degrees related to association management and finance, Kevin is the perfect candidate to lead VCIA, build out the captive industry’s flagship conference, increase VCIA membership and membership value, while evolving the organization amid the current pandemic and economic challenges. Above all, he is a true “people’s person.” Our staff is thrilled to have him on board and I know he will make many meaningful and productive relationships with our members.

Although his official start date is February 22nd, Kevin has been hard at work absorbing all things captive insurance and VCIA over the past few weeks. He will be traveling to Miami for the World Captive Forum with VCIA’s own Janice Valgoi and the incredible team from the State of Vermont, so, if you are going to be there, please take the time to reach out and introduce yourself.

Thank you and I look forward to hearing from you.

Hail to 40 Years!

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Vermont’s 40th anniversary year of the inception of its captive industry is drawing to a close. Since 1981, Vermont has worked hard to be the top U.S. domicile and continues to strive for excellence. Currently, VCIA is working with Dave Provost and Sandy Bigglestone and their team at DFR to build another captive bill to be introduced into Vermont’s General Assembly.

Over the past two years of COVID challenges, the Gold Standard has never been so apropos as Vermont lead the captive insurance industry in incredible growth and resiliency. I could not be prouder to be a part of this great work.

Brittany Nevins, in her role as Captive Insurance Economic Development Director, has put together a terrific short film highlighting relationships, accomplishments, future goals—and really what it means to be part of the Vermont captive family. I hope you will watch and encourage you to share.

Stay well and see you soon!

Rich Smith,
VCIA President

More Affirmation

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Not a surprise to those of us in the captive insurance industry to see the 2021 Captive Benchmarking Survey from Aon highlighting that captive insurance growth is occurring at a level not seen in two decades.  Price increases in primary insurance markets over the past two years have led captive insurance company owners to retain more risk as they look to maintain appropriate levels of coverage while controlling costs.

You only need to talk to the many VCIA members providing services to captives to see how busy they all are. And talking to Dave Provost at Vermont’s Department of Financial Regulation confirms the report. Last year saw a big spike in captive formations and it looks like they are on track for a bigger year for 2021.

Aon’s report said that since 2018 they have seen a 73 percent increase in premium retention among the captives it manages. The types of risk covered have grown to include risks that are difficult to place or emerging perils, such as cyber and environmental.  According to the report, over the past 5 years Aon has seen a 650 percent increase in cyber-insurance premiums in captives, while environmental risks have seen a 400 percent premium increase since 2018.

In addition, AM Best released a report in August showing that the operating performance of rated U.S. captive insurance companies continued to surpass that of their commercial market peers in 2020. The captive insurance industry has shown its colors in these trying times over the past few years. It will only pay dividends for their owners in the years to come.

I look forward to seeing many of you at our in-person VCIA Mixers and other events beginning this October.  Until then, stay well!

Rich Smith, President, VCIA