Montpelier, VT (PRWEB) December 04, 2013
The November 2013 edition of Captive Review featured their ranking of the 50 “most influential people in the captive industry,” and according to those contributing to the international poll, once again Vermont has considerable influence.
Vermont’s chief regulator, David Provost, Deputy Commissioner of the Captive Insurance Division is number one in the overall world ranking up from third most influential in 2012.
“David leads a team of the best – and that makes him the best,” said Vermont Gov. Peter Shumlin. “We are not surprised at all that the industry knows what we already know in Vermont.”
Several captive insurance companies ranked on the list are domiciled in Vermont. Michael Bemi, President and CEO of the National Catholic Risk Retention Group, and Nicholas Parillo, VP Global Insurance at Royal Ahold, made the list. The Vermont Captive Insurance Association (VCIA) President Richard Smith was also on the list. The VCIA is the world’s largest trade association for captive insurance and holds an annual conference that attracts approximately 1,200 attendees.
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 at Aon Global; Julie Boucher, Managing Director of Marsh, Bob Gagliardi, Managing Director of AIG Insurance Services, Les Boughner, Executive VP at Willis; John Prescott, Partner of Johnson Lambert; and Bill Riley, Director of Paul Frank & Collins were recognized.
“We tout our industry infrastructure as the best in the world,” said Dan Towle, Director of Financial Services. “The combination of our regulatory staff’s expertise and the talented professionals recognized in this list is what makes Vermont the ‘Gold Standard’ of domiciles.”
The complete list of Captive Review’s “Most Influential” list can be found at http://www.captivereview.com.
Captive insurance is a regulated form of self-insurance created by companies or groups of companies as an alternative to traditional insurance and is designed to better manage their own risk. Captive insurance companies 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.
Vermont has 1,000 licensed captives, making it the largest captive insurance domicile in the U.S. and the third largest in the world in terms of sheer numbers. Vermont’s captive insurance companies wrote more than $26 billion in gross written premium in 2012, the most of any domicile in the world. Vermont is also home to 42 of the companies that make up the Fortune 100 and 18 of the companies that make up the Dow 30. Vermont has approximately 100 hospital and doctors’ groups that have formed captives for professional medical liability.
Captive insurance has existed since the 1960s 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. Captive insurance companies are licensed in a state or country and are regulated by that jurisdiction.
For more information on Vermont’s captive industry, visit http://www.vermontcaptive.com, call 802-828-5232 or email towle(at)state(dot)vt.us.