Vermont’s Captive Insurance Industry Prominent in
Captive Review Magazine “Most Influential” List
Montpelier, VT – March 22, 2012 – The March 2012 edition of Captive Review features their ranking of the 50 “most influential people in the captive industry” and according to those contributing to the international poll Vermont has some considerable influence.
Vermont’s chief regulator, David Provost, Deputy Commissioner of the Captive Insurance Division is the highest rated US regulator and number three in the overall world ranking. “David would be the first to tell you that it’s really a testimony to the hard work of our entire team at the State – they help make him look influential,” said Vermont Governor Peter Shumlin. We are excited that his contributions to the industry have been recognized. Congratulations David.”
Six of the seven captive insurance companies ranked on the list are domiciled in Vermont, and the Vermont Captive Insurance Association (VCIA) was ranked 21st overall. VCIA is the world’s largest trade association for captive insurance and holds an annual conference that attracts well over 1,000 attendees.
Vermont is not the only star in the poll. A prestigious group of industry providers based out of the Green Mountain State, including Nancy Gray, Regional Managing Director at Aon Global; Les Boughner, Executive VP at Willis; Gary Osborne, President of USA Risk Group; and Jeff Johnson from Primmer Piper Eggleston & Cramer Attorneys at Law were recognized.
“We’re very proud of the people in both the public and private sector of the captive industry in Vermont,” said Dan Towle, Director of Financial Services. “Vermont is one of the best places in the world to domicile your captive and that is exemplified by the high concentration of Vermonters being recognized. Vermont’s infrastructure is a large part of what makes Vermont the ‘Gold Standard’ of domiciles.”
The complete list of Captive Review’s “Most Influential” list can be found at www.captivereview.com.
Captive insurance is a regulated form of self insurance that has existed since the 1960’s, and has been a part of the Vermont insurance industry since 1981, when Vermont passed the Special Insurer Act. Captive insurance companies are formed by companies or groups of companies as a form of alternative insurance to better manage their own risk. Captives are typically used for corporate lines of insurance such as property, general liability, products liability, or professional liability. Growth sectors of the captive insurance industry include professional medical malpractice coverage for doctors and hospitals, and the continued trend of small and mid-sized companies forming captive insurance companies.