David and Dan represent a great group of individuals at the State and we are proud of this recognition for them and our entire captive insurance team.
Montpelier, VT (PRWEB) December 18, 2015
Captive Review Magazine, a leading publication for the captive insurance industry based in London, has released their ranking of the “Power 50” regarded as the “most influential professionals in the global captive insurance industry.” According to over 1,400 industry professionals contributing to the poll, Vermont maintains considerable influence.
Vermont’s chief regulator, David Provost, Deputy Commissioner of the Captive Insurance Division has once again topped the overall world ranking at number one. This is the fourth year Provost has come in one of the top three spots, having been voted second last year.
Dan Towle, Director of Financial Services for the Agency of Commerce & Community Development is listed as 19th on the list. Provost and Towle combined have over 31 years of service with the State and represent arguably the most experienced team of any domicile in the world.
“David and Dan represent a great group of individuals at the State and we are proud of this recognition for them and our entire captive insurance team,” said Vermont Governor Peter Shumlin. “They are two of the hardest working professional in the industry and take great pride in their work representing Vermont. We are not surprised that the industry recognizes their efforts.”
The State of Vermont is not the only star in the poll results. A prestigious group of industry providers based out of the Green Mountain State including, Nancy Gray, Regional Managing Director, Americas, Aon Insurance Managers (25); Bob Gagliardi, Managing Director of Captive Management, AIG Insurance Management Services (34); Julie Boucher, Practice Leader Americas, Marsh Management Services (35); and John Prescott, Co-Managing Partner, Johnson Lambert (46) were recognized.
The Vermont Captive Insurance Association’s (VCIA) President Richard Smith was also on the list at 24. The VCIA is the world’s largest trade association for captive insurance. Dan Labrie, CEO of Vermont-domiciled Housing Authority Risk Retention Group, and the current Chairman of the National Risk Retention Association also made the list at 39.
“We tout our industry infrastructure as the best in the world,” said Towle. “The large number of captive insurance professionals based out of Vermont that are recognized on this list are a big part of what makes us the ‘Gold Standard’ of domiciles.”
The complete list of Captive Review’s “Power 50” list can be found online.
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.