Our Captive Tax Webinar Will Be Fun. Hear Me Out.

Posted on December 9, 2022 by vciablog

An accountant, an auditor, and a tax lawyer walk into a bar…just kidding, no joke here. But have you ever had fun at a tax seminar? Well I think you just might at our Captive Taxation webinar next week. For real!

For those of you that think that high jinx might be a little lacking as you wade through IRS and state taxes for captives, then we may have the right antidote to put you in the mood for holiday cheer.

I have been present as Chaz Lavelle and Dan Kusaila have been developing and practicing for next week’s VCIA tax webinar and it has been a total hoot to watch as these two long time thought leaders and contributors to the VCIA combine a review of the arcane backwaters of tax with anarchic humor.

Perhaps most importantly, they know how to get the information across that you need without drifting and being obscure. If the execution is anything like the prep, it will be a great hour! Enjoy their company, hear some interesting captive tax anecdotes, and learn about what’s ahead for our industry, tax-wise, in 2023. If you haven’t done so, you can still register for the tax webinar here. You won’t be disappointed by Chaz and Dan!

Of course, we have a more typical way to get into the holiday spirit with our annual holiday party the day before the tax webinar. Over 80 of your colleagues have already registered for this event, and I look forward to meeting friends old and new as we wind down what has been an exceptional 2022 for the VCIA with a great event at ECHO in Burlington. VCIA members can register for their free holiday mixer here.

I hope to see you at these events next week!

VCIA Goes Global

Posted on December 2, 2022 by vciablog

After a brief break for the Thanksgiving holiday, we’re back to review Vermont’s renewed focus on business not only beyond state borders, but also outside of the US.

The Vermont team at the European Captive Forum

Just before the Thanksgiving break, a Vermont delegation led by the DFR’s Sandy Bigglestone and including myself and Brittany Nevins as well as representatives from the Vermont professional provider community were present in Luxembourg for the European Captive Forum. At the awards dinner we were naturally delighted to be named as the international domicile of the year, and beyond that we worked on building and establishing relationships across the captive industry in the EU, broader Europe and beyond. With companies from outside of the US seeking to explore alternative risk management strategies for the US and Americas holdings, this was a great time for us to present Vermont and our preparedness to work with global business to a broader audience.

Historical landmark National Palace building at Plaza de la Constitucion in Mexico City, Mexico.

Looking forward into 2023, we are building on the international theme as our COVID-delayed roadshow goes to Mexico City on March 1st. In addition to the roadshow, we are holding multiple meetings with the business, financial and insurance sectors within Mexico as the roadshow expands into a full-blown trade mission. The current lineup of speakers is found below, and Mexican business professionals as well as VCIA members are invited free of charge to this special event. (To register, send your name, title, and contact information to Sylvia.Montano@trade.gov. For questions reach out to Janice Valgoi at janice@vcia.com)

A great coming together of captive minds happens at the VCIA-Mexico Trade Mission, March 1 2023

Vermont already has Mexican companies domiciling their captives here, and as that market both grows and becomes more sophisticated, Vermont is ready to be the domicile of choice for Mexican business.

Fun fact time – what do Thomas’s English muffins, Lender’s Bagels, CEMEX and Promised Land Dairy have in common – yup, Mexican owned! Mexico has an economy of $1,150B according to the IMF, making it globally #15, so ahead of Spain, Saudi Arabia and the Netherlands. For these reasons and many others, Vermont and the VCIA is working to ensure that enterprises in this expanding economy have access to well- regulated and effective risk management tools.

As the year comes to a close, VCIA – its staff, Board members and stakeholders – reflect on where we are and where we are going. I’m confident an emerging theme that will continue to surface in 2023 and beyond is our global reach and how we can serve our worldwide members.

New York City Impressed by VCIA Roadshow

Posted on October 28, 2022 by vciablog

My second VCIA roadshow and it was remarkable in so many ways. On LinkedIn, attendee Isaac Muller said, “It was a fantastic experience as we met industry experts from the insurance and captive worlds. We listened to them, we learned from them and got to talk to many of them.”

Thanks for hosting, EY!

Immersive sessions had Andrew Baillie sharing his experiences at AES, delivered with his trademark gentle Scottish humor. Presenting with Andrew was Dianne Salter, and she added insight into captive usage in regional medical centers with multiple campuses and thousands of professionals. The regulatory environment was well-covered, and there was a fascinating peek into the future of captives with another panel led by Mikhail Raybshteyn.

Added to this was the view from EY’s new building – peering down 48 floors to the new Moynihan Train Hall and across to the Empire State Building. Not bad, for New York!

That’s it for 2022 roadshows, but our first for 2023 will be in Mexico City. We’re going global! And please, feel free to invite us to your city and learn what captives can do for you, your clients and risk management professionals.

A huge thanks to our sponsors – the State of Vermont, Marsh, AM Best and EY!

I love New York, even though it isn’t mine, the way something has to be, a tree or a street or a house, something, anyway, that belongs to me because I belong to it.
Truman Capote

A Cut Above the Rest: A Productive – And Creative – VCIA Fall Board Meeting

Posted on October 21, 2022 by vciablog

Board meetings – A rough count has me at over 100 of these, sometimes as a Board member and sometimes as someone reporting to a Board. The VCIA’s Board just held its last meeting of 2022, and it is a good time to reflect on similarities and differences.

Similarities – A horseshoe table, a conference phone and water set. And that’s about it!

The view from TopNotch Resort. Snow is coming!

Differences – Board members calling in from Hawaii at 5:30 in the morning. A view out on to the late fall landscape of Stowe, Vermont. Great catering. But all of those are just superficial. Here are the fundamental differences with how the VCIA Board operated at a marathon 7-hour Board meeting:

Staff are present for everything except Executive Session. With 60+ years of accumulated staff experience their absence would have meant a less informed Board. And please don’t get the impression that staff sat meekly to one side. For a start this isn’t that sort of staff, and secondly the Chair actively sought comprehensive input from all staff members.

Every Board member participated, voiced opinions and created spirited discussion. Clearly, 2022 is shaping up to be very successful for the VCIA operationally and financially. But rather than seek to duplicate and develop, the Board questioned the fundamentals of VCIA operations and how we serve our members in a dynamic and growing market.

Absence of pride. Lots of proposals and ideas were discussed. The originators of those ideas actively participated as their original thoughts were discussed, refined, discarded (occasionally) or adopted.

Participation. Every Board meeting since I have joined has had 100% attendance. This is despite the travel commitment involved or getting up early to join virtually.

The Leadership within the Board meeting. As the Chair position changes to Tracy Hassett from Andrew Baillie there is a continuing clear and effective leadership style from the Chair. Opinions are sought, time is taken to explore options, conversations around critical issues are allowed to develop, but any ‘drift’ is gently addressed. Both the past and current leaders (and I am sure that this applies to past Chairs as well) used their skills to extract productivity and consensus from a diverse group of leaders within the captive industry.

For staff members, it is empowering and enjoyable to be so close to the owners’ representatives through exposure to the Board. For Board members, I would certainly hope that they believe that their Board membership, and they ways that they conduct themselves as a Board provides personal and professional value to them in addition to the altruistic goal of building a stronger VCIA. We all can’t wait to get to work on the Big Pictures Ideas for our association. It starts now!

The many sides of captives

Posted on October 14, 2022 by vciablog

Ever heard the Indian parable about the blind men and the elephant? Each man was asked to describe the elephant based only on the part they could touch. The one who touched the leg said it was like a tree, the one who had the tail said it was like a rope, etc. According to the wise Wikipedia, it’s “about a range of truths and mistakes. It is also about the need for communication and the need for respect for different perspectives.”

In the eight months I have been with the VCIA I have started to become familiar with ‘our part of the elephant’ as it applies to Vermont-based captives, but this week I had the opportunity to expand my knowledge by attending the SIIA (Self Insurance Institute of America) annual conference in Phoenix, AZ. There, I got to see a whole different part of the elephant! It was standing room only for a session called ‘Captives to the Rescue.’ The participants in this session (80% of whom were from what we can call the ‘medical field’ – including benefit plans, insurers, hospitals, etc.) heard what captives can do for them and for the changing risk profiles. While very few of those present were involved in Vermont captives, it was clear that, just like in Vermont, this is a growing industry as all sectors evolve to serve the changing needs of industries, services, and public organizations.

Just like in Vermont, this is a growing industry as all sectors evolve to serve the changing needs of industries, services, and public organizations
Kevin Mead on the Diverse IMpact of Captives

Next month, the Vermont DFR’s Sandy Bigglestone will be a presenter at the European Captive Forum in Luxembourg. (Obligatory plug: she’ll also speak at our October 26th New York City Roadshow, which you can register for here!) Brittany Nevins of the Vermont DED and myself will also be there as we seek to show the capacity and capability of Vermont to a well-established group of risk professionals.

From whatever angle one approaches the elephant that is captive insurance, it is an expanding and exciting place to be. And while, just like the parable, no one person could ever have a full and complete picture of the industry, the range of options, services and expertise out there to assist entities in managing their risk utilizing captives is probably the best it has ever been. Add to the conversation by commenting, or emailing me kmead@vcia.com. I look forward to connecting.

#VCIA2022 in Pictures: Part II

Posted on October 7, 2022 by vciablog

It’s been 57 days since the last day of #VCIA2022. Summer has come to a close here in Vermont, and we are in full-on foliage mode. That doesn’t keep me from counting how many days until our next annual conference! 304 to be exact. In the meantime, we have a treasure trove of high-quality photos and I want to share some with you. Looking for more, or want to see if you’re in any? Contact Francis at fmcgill@vcia.com and he’ll be happy to help you out. Now without further ado, I give you VCIA’s 37th Annual Conference, in pictures – Part II!

In Session: Focusing on Captive Education at #VCIA2022

Rekindling Friendships and Making New Connections: Business Networking at #VCIA2022

Hotel Vermont Reception!

And a HUGE thank you from us staff (and Monty the VCIA Bear!) for your attendance made #VCIA2022 one for the record books! See you in 2023!

In the Land of the Sound of Music to Reflect on VCIA’s Future

Posted on September 30, 2022 by vciablog

The VCIA is not one to rest peacefully on its laurels. In addition to the fact that the Conference Task Force is already working on the 2023 VCIA Annual Conference, I also need to tell you about our future planning process. Just this week, staff went offsite to the Trapp Family Lodge in Stowe for our annual planning retreat. While we did not indulge in a Sound of Music karaoke session, we did have six hours of highly productive conversations concerning the future direction and initiatives for the VCIA.

Lunch at the Mountain Von Trapp Resort of Austria…I mean Stowe!

We brainstormed big picture ideas as well as how to optimize our work systems. We discussed opportunities and how VCIA can better serve our members and the captive community as a whole. What else can we provide? What can we do different and new? What do our members want, and what do they want in the future? Overall, we identified key areas to explore, steps to take, and proposals to confer the Board on. A stroll in the misty mountains by the grazing cows was the perfect cap to the day.

The hills are alive with music with songs they have sung for a thousand years!

Next up, in less than three weeks, is the fall meeting of the VCIA’s Board, where they will review staff input and also create a plan for member consultation as a part of a root and branch strategic direction consultation.

Then comes your part – member and stakeholder input in a variety of formats. I really hope that you make the choice to participate when asked. Your organization, the VCIA, can only grow and support you if we have clarity on your needs. Our goal will be to look at all ideas, from the incremental to the radical, through the lens of the question “will this build value?”

While our staff retreat generated strong themes and initiatives for the future of the VCIA, these need validation through our process, and I hope to hear from many of you as this process is rolled out. You can always contact me by phone or email. Until then, “my heart wants to sing every song it hears.”

Find a Wealth of Captive Education – And Networking – at VCIA’s Last Captive Roadshow of 2022 in New York City

Posted on September 23, 2022 by vciablog

A chill is in the air here in Vermont and autumn officially arrived yesterday. Time to get on boots and your long sleeve plaids! And after doing a deep dive on the results of our annual conference, we shift attention to Gotham – New York City – where Janice Valgoi and I host a cadre of experts who will answer your questions and point you in the right direction on how to properly form, manage, and serve a captive. Do you miss the buzz from our conference? Then catch it again in the Big Apple.

When: October 26th from 1-5:45pm.

Where: The beautiful EY US Headquarters. That’s 1 Manhattan West, 395 9th Ave, New York, NY 10001.

Why: An easy one: to see me. Or if you’re not keen on me regaling you about rugby or motorcycles, earn CPE/VT CLE credit, get your questions answered by the industry giants like Sandy Bigglestone, learn a step-by-step blueprint for captive success, and simply be in the room with high-powered captive players.

What: We break down the afternoon into three parts: 1) An overview of captives and their formations, and how to find a supportive domicile for your captive. Brittany Nevins and The State of Vermont will provide information in this respect. 2) Captive Success Stories. What makes a captive successful and how do you reach your captive goals? Dianne Salter, President of Mountain Laurel Risk Retention Group, will share specific facts and experiences that helped give shape to the high value of her captive. (There are many more erudite captive minds who will be speaking in Parts I and II. See below! 3) Networking Reception: Build relationships and find opportunities in the City That Never Sleeps. And be sure to find me and say hello!

Who: EY is generously providing the space and is a sponsor of the Roadshow, along with The State of Vermont, AM Best, and Marsh Captive Solutions. For the Roadshow speakers, VCIA, as always, presents a stellar lineup of seasoned professionals who have decades of experience to impart to you. I personally want to thank EY’s Mikhail Raybshteyn and Jim Bulkowski for working with us to put on this fruitful event.

How: By registering via this link!

Join us for a high-powered Roadshow in the heart of Manhattan

See you folks a few days before Halloween. I cannot confirm or deny I will be in costume. 🎃

Your Perspectives of #VCIA2022

Posted on September 9, 2022 by vciablog

I finally came around to writing that personal $100 donation check to ICCIE. It’s in honor of A.I. Insurance’s Cameron MacArthur, who guessed the closest number to the #VCIA2022 attendee count, 986! I also want to acknowledge our friend George Levine of KPMG. He correctly answered all staff trivia at the conference and won the $50 Vermont Flannel Company gift card. We went through several wrong submissions before coming up with George’s! I hope George found something to clad himself in for the New England autumn. For the rest of the blog, I want to give it over to you, the fine folks that made #VCIA2022 a complete success. VCIA staff closely read over your post conference feedback, and we’ve already identified areas that we can improve on for next year. We also appreciate the support and gratitude, as we went all in to make it possible. So without further ado, here are some comments that really made us smile. (As a side note, if you haven’t filled out the conference survey and would still like to, get in touch with Francis at fmcgill@vcia.com)

Job well done, VCIA! That was an incredible conference and I think anyone that attended would agree, you are clearly the best.

Thank you for all your, and your team’s efforts in putting this together. Excited to be here (1st-timer)!

The best organized conference I’ve attended. Keep it up!

A phenomenal opportunity for a young professional in the captive industry to become more integrated in the community at large!

I love VCIA! It truly is where the captive world comes to meet. Anyone doing captives is here so it’s a must-go.

The best US conference to attend.

Professional sessions with strong attendance of key players in the captive space.

Everyone’s willing to make new contacts and build out their networks at VCIA!

Excellent information from thought leaders in the captive industry.

Vermont Conference is the best.

Best in class!

The people and the good times make this a great conference.

The staff at VCIA is very supportive and helps make it one of the best conferences of the year.

At VCIA all attendees genuinely want others to have a positive experience.

If you do anything related to captive insurance, you have to come to VCIA. Simple as that!

#VCIA2022 in Pictures: Part I

Posted on September 2, 2022 by vciablog

Well, the dust has settled: #VCIA2022 is in the rearview, and we, as I hope you are as well, are thrilled with the results! This blog can’t begin to capture the captive industry’s energy, the networking, the learning that all happened in a few short days in Burlington, Vermont. What it can do, however, is share with you a first-glimpse batch of our official #VCIA2022 photos. Have any more photos you’d like to share? Send them to me at kmead@vcia.com. More official conference photo batches will be shared throughout the autumn. Now without further ado, I give you VCIA’s 37th Annual Conference, in pictures!

In Session: Focusing on Captive Education at #VCIA2022