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Vermont Captive Insurance Official Elected to Chair RIMS Committee

Risk Management Organization Elects Dan Towle

Montpelier, VT – June 20, 2013 –  Dan Towle, Vermont’s Director of Financial Services, has been elected Chair of the Risk and Insurance Management Society’s (RIMS) Exhibits Advisory Committee (EAC). 

RIMS is a global nonprofit organization dedicated to advancing the practice of risk management representing more than 3,500 industrial, service, nonprofit, charitable, and governmental entities throughout the world.  Founded in 1950, it has become the preeminent risk management organization bringing networking, professional development and educational opportunities to more than 10,000 risk management professionals operating in more than 120 countries.

“I’m honored to have been elected and look forward to working with the committee and the Board of Directors to maintain the RIMS conference as the world’s largest gathering of risk management professionals,” said Towle.  Towle has served on the committee since 2011 and his appointment as chair covers the 2013 – 2014 term.

EAC members are nominated by their peers and selected each year by their fellow exhibitors.

“Vermont’s reputation as the gold standard of captive domiciles is due to the quality of our people,” said Governor Peter Shumlin.  “Dan is an example of the leadership we have here in Vermont and we’re delighted his peers recognize it as well.”

Captive insurance is a regulated form of self-insurance that has existed since the 1960’s, and it 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 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. 

For more information on Vermont’s captive industry, visit www.vermontcaptive.com  or call Dan Towle at 802-828-5232 or email dan.towle@state.vt.us.