Tag Archives: Vermont

Welcome Conference Summer Interns!

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VCIA is lucky to have not just one conference summer intern this year, but two! We, like the rest of the industry, are putting in a big effort to find and engage the next generation of captive talent. That’s where our interns come in. One grew up in Vermont and decided to move to the Midwest for college (go Hawkeyes!); the other grew up in the Bluegrass State and fell in love with Vermont and the University of Vermont. These 2 are contributing in a major way to make your experience and the #VCIA2023 conference a success. Please meet VCIA Interns John O’Rourke and Marguerite Jouet!

John and Marguerite have been preparing the conference app for you!

University of Iowa Class of 2024 with a major in finance, John comes to VCIA as our technology intern. He is ready to troubleshoot any technology issues if needed, and he plays a big role in updating our conference app for attendees to use. On a sidenote, the app is humming along and should be ready for your use in mid July, so you can start networking with other attendees before the conference!

Last year John visited London and took a course on international finance. There, he toured the impressive offices of Lloyd’s of London, and when he learned about an opening at VCIA, he connected the dots to just how big the captive industry is in his home state. “It’s incredible,” John said, “discovering this global power of insurance right at my doorstep. I’m so excited to give it my all to make the conference a great experience for everyone.”

Marguerite joins VCIA as our event management intern and she works closely with VCIA’s Director of Education Diane Leach in perfecting the details of the conference. She studies marketing and data analytics with a concentration in global business at UVM, and last semester she went to the Universitat Pompeu Fabra in Barcelona for an amazing study abroad experience.

Marguerite has already been a valuable staff member to VCIA as she’s done outreach to the Burlington Business Bureau and contacted city restaurants to provide information about our conference, demonstrating the great opportunity coming for them! Another sidenote: you will find some restaurants will have flyer with our logo on their window – please support these eateries! This was a great idea hatched by Marguerite. Says Marguerite, “It’s been wonderfully eye-opening to witness how a conference is created from scratch and all the planning that goes into it for a successful event. I’m so happy to be a part of it and can’t wait to see it all come to fruition in August!”

Whether emailing them or meeting them at #VCIA2023, please give John and Marguerite a warm welcome! And remember, book your lodging and register for the conference today!

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!

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.

VCIA and Vermont Captives Have Many Reasons to Be Cheerful!

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Last week I spoke about the generalized optimism present at the World Captive Forum from the domiciles that were both presenting and exhibiting.  For this week, I am going to expand on why the Green Mountain state has ‘Reasons to be Cheerful.’ 

Firstly, the numbers.  Another top 10 year in 2022 for Vermont with 41 new captive formations and a current total of 639 licenses.  Additionally, the state hosts 59 sponsored cells with an individual count of over 500. Of which over 40 were new this year. Vermont’s Governor Phil Scott said of the achievement: “Vermont has so much to offer, and the captive insurance industry remains a point of pride in our state.”  It is also worth pointing out the range of activities that Vermont-based captives support: Healthcare, construction and real estate all featuring heavily.  And Vermont stretches its wings a little too, with new captives being formed by entities based in Canada, Mexico, and Austria.

Secondly, stability.  While there has certainly been a ‘changing of the guard’ the knowledge and strength within the DFR remains unparalleled.  Be sure to watch out for details of our March webinar when some of the new leaders with the DFR (who, bluntly, are not that new at all!) will be sharing answers to the questions you need answered.

Thirdly, the VCIA.  We are expanding and planning for the future – a future where we play an expanded role to match the growth that we are seeing in Vermont and beyond, and the increased demand around the industry for the quality education, networking and information unavailable elsewhere.

So, in fact, there are many reasons to be cheerful about the state of the captive industry and especially the state of the industry in Vermont. By my count it’s up to ‘Reasons to be Cheerful – Part 3.’  Added bonus points for anyone that can tell me the name of the under-appreciated band that produced a song with that title in 1979! Check it out below, and always feel free to reach out to me.

Happy 2023! Let’s Look Ahead with VCIA

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Early in the new year seems to be a good time for predictions. Even though my abilities in prognostication may be somewhat limited, I can fall on the guidance and opinions of others to develop some ideas related to both the VCIA and the Captive industry as a whole that might stand a fighting chance of becoming reality.

Firstly, Marsh’s Ellen Charnley, speaking to Richard Cutcher in Captive Intelligence predicted that the just-closing 2022 would be another record year for captive formations, and that this growth, while still being driven by North America, is also global.  Certainly, that mirrors what we have seen in Vermont, with 2022 likely to deliver another year of over 40 formations.  And it seems like the pace is not slowing – owners seem to be seeking a number of things.

  • Speed to market
  • Innovation
  • Stability and reliability

Within the broader insurance market ratings agency, Fitch sees headwinds from inflation and a potentially weakening economy as factors driving a neutral overall assessment.  This was echoed by Swiss Re in their market outlook for 2023/24, in which they suggested that this volatility could cause “rate hardening to regain momentum.”  And while standard wisdom is that a hardening market assists captive growth, this could be tempered by an overall economic slowing.  The opinions of Swiss Re are at slight variance with those of WTW, who comment that “commercial insurance rates (are) rising at a moderating rate.”

Predicting for the VCIA is perhaps a little easier!  Staff and the Conference Task Force are already deep into planning the 2023 VCIA Conference, building on the success of a return to in-person last year.  We will take our first trade mission to Mexico on March 1st, as we seek to support and develop an increasingly sophisticated and growing market there.  A dynamic and involved Board will continue to challenge and inspire us to develop and deliver value for members.

The captive industry has a long history of responding to the needs of clients and potential clients through innovation. Vermont and the VCIA are a part of that, and we look forward to being able to deliver in 2023 and beyond. There are many ways to get involved, and I personally hope you do so with us this year.

Photo Blog of VCIA’s Holiday Mixer!

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VCIA Members had blast last night at ECHO Science Museum and Aquarium, right on the Lake Champlain Waterfront with views of the Adirondack Mountains! Great festive atmosphere with personal and captive catch ups interspersed. Thanks for everyone who came out!

Welcome!
Can you guess the fish?
Members could roam freely around the museum!
Thank you Aon! Glad we saw so many of you at the mixer
A happy crowd
Great to see everyone!
Happy faces all around!
VCIA President Kevin Mead was mixing and mingling with all members
A great turnout of young professionals and captive veterans!
Thanks for hosting ECHO!

VCIA Goes Global

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 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.

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

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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 Family Trapp Lodge
The hills are alive with music with songs they have sung for a thousand years!
Some staff and friendly cows

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

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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.

Where captive dreams are made

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

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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!