Companies in the region have the opportunity to learn about captive insurance as a risk financing tool
MONTPELIER, Vt., March 22, 2024 /PRNewswire-PRWeb/ -- On March 27th the Vermont Captive Insurance Association (VCIA) will host its biannual "Road Show" educational event at the Hilton Burlington Lake Champlain Hotel in Burlington, VT. The event, tailored to prospective captive insurance companies, has been hosted in over 20 cities, including internationally in Mexico City. The format includes two parts, the first being a deep dive into the basics of captive insurance and the benefits of domiciling in Vermont, and the latter featuring three captive owners sharing their formation story. Captive owners include two Vermont-based organizations, University of Vermont Health Network and employee-owned multinational manufacturing company, Carris Reels, Inc., and one Missouri-based multinational construction company, Alberici Corporation.
"This event is a great opportunity for Vermont businesses dealing with an insurance challenge to consider captive insurance as a possible long-term solution," said Vermont Governor Phil Scott. "Vermont is the center of excellence for the industry, and it is important for Vermont employers to know that captive insurance could save them money, give them greater control, and ensure stable access to coverage during volatile times."
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 individual or groups of companies, nonprofits, and government entities as a form of alternative insurance to better manage their own risk. Many industries commonly utilize captive insurance for lines of insurance coverage such as property, cyber, workers compensation, general liability, products liability, or professional liability.
"Carris Reels is a 100% S-ESOP, employee-owned company. Safety is our number one corporate value, and it has been for many years. It has always been our goal to have employees take ownership of safety in the workplace," said Dave Fitz-Gerald, CFO/VP, Carris Reels, Inc. "With the formation of our captive insurance subsidiary in 2023, employees now own safety—literally and figuratively. The safer we are, the more employees stand to gain. It's not just a slogan: There's ownership in everything we do.™"
As of 2023, Vermont has surpassed its competitors Bermuda and the Cayman Islands as the leading domicile in the world due to the regulatory expertise of Vermont's captive insurance regulatory division, the support of the legislature, the strength of the VCIA, and the robust infrastructure of service providers in the region.
"We have 659 active captive insurance companies licensed in Vermont and few of those companies are headquartered in Vermont," said Captive Insurance Economic Development Director Brittany Nevins. "Vermont companies have the benefit of having world renowned expertise right here in our state and it's important that we educate here whenever possible as it could have great benefits to local companies and organizations that could have a ripple effect on our economy."
"We haven't hosted this event in 7 years, and we look forward to educating Vermont and the region about captive insurance," said Kevin Mead, CEO, VCIA. "We hope Vermonters will also consider attending our annual conference August 12-14, which will bring in over 1,000 captive insurance professionals from around the world, with many engaging panels on a variety of captive insurance topics."
Panelists at the Vermont Captive Insurance Road Show include:
- Kevin Mead, CEO, Vermont Captive Insurance Association
- Sandy Bigglestone, Deputy Commissioner, Captive Insurance Division, Vermont Department of Financial Regulation
- Christine Brown, Director of the Captive Insurance Division, Vermont Department of Financial Regulation
- Brittany Nevins, Captive Insurance Economic Development Director, Vermont Department of Economic Development
- Zaw Win, Director, Captive Insurance/Business Law, Downs Rachlin Martin
- Kim Frasca, Senior Account Executive, AON
- David Fitz-Gerald, CFO & VP, Carris Reels, Inc.
- Sunil Eappen, President & CEO, University of Vermont Health Network
- Melinda Young, Vice President, Risk Management, Alberici Corporation
The event will take place on March 27th at the Hilton Burlington Lake Champlain Hotel in Burlington, Vermont from 1:00 - 5:30PM. A networking reception is included. The registration fee is $35 for VCIA members and $50 for nonmembers. Students are invited to a luncheon prior to the event at no cost. For more information and to register for the event, please visit www.vcia.com.
For more information on Vermont's captive insurance industry, visit www.vermontcaptive.com, call Brittany Nevins at 802-398-5192 or email [email protected].
Media Contact
Brittany Nevins, Vermont Department of Economic Development, 1 802-398-5192, [email protected], https://www.vermontcaptive.com/
SOURCE Vermont Department of Economic Development
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