The “Greening” of the Captive Insurance Industry

Temple students 2-croppedOne of the concerns that percolates every so often in the captive insurance industry is the need to attract young, bright people to this particular version of risk management. What one of captive insurance’s more thoughtful leaders, Michael Bemi of The National Catholic RRG, calls the graying of the industry. Of course, many trades face this conundrum including the traditional insurance industry; but it is a valid concern for our industry as well.

Well, having just returned from a trip to Philadelphia where I met a bunch of young, bright students of risk management from Temple University, I can say there is hope for us all!  As many of you know, VCIA hosts a number of half-day seminars around the country extolling the virtues of the captive insurance industry (and maybe the virtues of Vermont as a domicile) – we call it our captive Road Show – and we  held one in Philadelphia earlier this week. There, Mike Zuckerman, a professor at Temple’s Fox School of Business in Risk, Insurance and Healthcare Management, and an involved VCIA member and advocate, brought a dozen or so of his students to hear firsthand about captives. And they heard from the best: Anne Marie Towle, Vice President and Senior Consultant, Willis Global Captive Practice; Eric Dethlefs, President & CEO, Cassatt Insurance Group; and Glen Welch, President, Cooperative Partnership Insurance Company. And, of course, the dynamic duo from Vermont: Deputy Commissioner Dave Provost and Director of Financial Service Dan Towle.

It is always a heartening experience as we “older” folks grumble about the youth of today, to meet young folks like this. The students were attentive and poised. They showed real interest in the captive industry and asked great questions. I will continue to be concerned about where the next generation of captive professionals will come from, but meeting these fine folks lets me sleep better at night!

Thank you all very much, and I look forward to hearing from you soon.

Vermont – Best U.S. Domicile

Vermont on sunburst BESTYou might have heard this week that Vermont won best U.S. captive domicile for 2014 at the Captive Live conference in Chicago last week. Now, of course for those of us here in Vermont who work every day with the excellent staff at the Department of Financial Regulation, or interact with the topnotch service providers, this doesn’t come as a surprise. And we humbly submit that VCIA plays a role in the success of our fair state in the world of captive insurance. However, it is always very nice to get this type of affirmation from the industry as a whole! Kudos to all of you out there working hard every day to make Vermont the best! (Free maple syrup all around!)

Congratulations also to our good friend Dan Labrie from HAI Group who was named the new chair of the National Risk Retention Association at their annual conference last week in Chicago. Good luck, Dan!

A couple of reminders: 1. VCIA’s Road Show will be in Boston on October 21st!  Please join us and invite clients or guests who would benefit from attending this free captive educational event. Information is at this link: BOSTON ROAD SHOW  2. Help shape VCIA’s 2015 Annual Conference by submitting your session ideas by Friday, October 24th!  Feel free to circulate this link to others who may be interested in submitting topics and speaking opportunities.

Submissions should be made using the following survey link:

CLICK HERE TO ACCESS THE FORM

Thank you all very much and I look forward to hearing from you!

~Rich