Long-time Vermont Captive Insurance Regulator Leaving
Peter Raymond Will Be Replaced By Sandy Bigglestone
June 9, 2010
Contact: David Mace (802) 828-5229
MONTPELIER, VT - Peter Raymond, a fixture in Vermont's captive insurance industry for 22 years, has announced his plans to leave his state regulatory position and take a job outside of the captive insurance sector.
Raymond, the Director of Captive Insurance for the Vermont Department of Banking, Insurance, Securities & Health Care Administration (BISHCA), will be replaced by Sandy Bigglestone, a 13-year veteran with the Captive Insurance Division.
"On behalf of the people of Vermont I want to thank Peter for his service to the state, and wish him well," said Governor Jim Douglas. "Peter has been an important part of our success in the captive industry, and leaves the division well-positioned to continue that tradition."
As the Director of Captive Insurance, Bigglestone will be responsible for organizing and directing the operations of the examination and analysis section of the Captive Insurance Division, which is led by Deputy Commissioner for Captive Insurance David Provost.
"While we will obviously miss Peter, Vermont continues to have the most experienced, credentialed and able captive regulatory staff in the country, if not the world," said Provost. "Our team will maintain the regulatory continuity and momentum of the Captive Division."
Raymond, who received a bachelor's degree in business administration from Lyndon State College, is a Certified Financial Examiner and Certified Public Accountant who served on the National Association of Insurance Commissioners (NAIC) Risk Retention Group Task Force; the NAIC Financial Examinations Handbook Risk Retention Group Subgroup; and the Captive Regulators' Advisory Council for the International Center For Captive Insurance Education.
He will leave state government on July 16th to become a contract examiner and consultant for the Florida Hurricane Catastrophe Fund.
"It has been a pleasure to serve the State of Vermont, and one of the things I am thankful for is that I can continue to live in this wonderful state while traveling around the country in my new position," Raymond said.
Bigglestone, who graduated from Southern New Hampshire University with a BS in accounting, is a Certified Public Accountant and a Certified Financial Examiner. She is a member of the American Institute of Certified Public Accountants, Vermont Society of Certified Public Accountants; and the Society of Financial Examiners, where she also serves on the Board of Governors.
Prior to her promotion, Bigglestone was the Director of Financial Examinations; Chief Examiner; Assistant Chief Examiner; Examiner-in-Charge; and Insurance Examiner with the division, and spent three years in public accounting and two years working in the accounting department of a medical center.
"I am looking forward to continuing the Vermont Captive Division's tradition of firm, fair and predictable regulation for the captives domiciled in our state," Bigglestone said.
A captive insurer is a company that is owned or controlled by its policyholders, thereby enhancing the parent company's ability to control its own insurance costs. Through captives, businesses have access to broader, less expensive insurance markets.
Vermont has constructed what is considered to be the "gold standard" of regulatory systems to ensure the solvency of captives while recognizing the special purposes for which they were formed, and the state licensed 39 new captive insurance companies in 2009 as it approaches the 900-license milestone.
Vermont is the largest captive insurance domicile in the U.S. and the third largest in the world, with gross written premium estimated for 2009 in excess of $20 billion. Forty-two of the Fortune 100 have Vermont-based captives, and 18 of the companies that make up the Dow 30 have Vermont captives.