December 22, 2016
Honorees Recognized as Among the Most Influential in the Captive Insurance Industry
David Provost, deputy commissioner of the Captive Insurance Division of the Vermont Department of Financial Regulation, has been honored as one of 13 inductees to the Captive Review Hall of Fame. Also named were Leonard Crouse and Edward Meehan, Provost's predecessors in the Captive Insurance Division.
According to Captive Review magazine, the Hall of Fame will recognize the "most influential individuals the captive industry has produced." Its editor, Richard Cutcher said the magazine wants to recognize people who have "shaped and driven the captive journey over the past half-century."
Governor Peter Shumlin commented on the strength of the Vermont captive market.
"This is great news and a well-deserved honor," Shumlin said, "The truth is, Vermont has one of the strongest captive insurance markets because of the hard work of people like Dave. This is great recognition of all Dave has done to make Vermont's captive program one of the strongest in America."
Governor-elect Phil Scott agreed.
"I want to congratulate Deputy Commissioner Provost on this honor. The fact that he and two former Vermont state employees received this honor is a testament to the good work the Department of Financial Regulation does in the captive insurance industry. His Division has overseen a predictable and thoughtful regulatory system that supports businesses and consumers," Scott said. "This is an example of how government can work with the private sector to improve Vermont's economy, and I look forward to working with Dave and the entire department."
Michael S. Pieciak, DFR commissioner, praised Provost as an invaluable asset to Vermont and the captive insurance industry globally.
"Dave is a terrific leader both at DFR and internationally within the captive insurance industry. His unique blend of expertise, approachably and humor helps keep Vermont at the forefront of the captive world and Vermont is very lucky to have him," he said.
Provost said he is humbled by the nomination.
"I'm humbled and honored to be named to the same list as the man who invented captive insurance, and three captive stalwarts who hired and mentored me," he said. "It's a team effort that makes Vermont a special place, and this honor is a reflection on all of the great people in the Vermont captive insurance industry, past and present, who have contributed to our 'Gold Standard' reputation."
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. Vermont's captive insurance industry employs more than 1,400 people in full- and part-time positions and is the largest captive insurance domicile in the U.S. and the third largest in the world.
Vermont was named "U.S. Domicile of the Year" for captive insurance four of the last five years, and in November earned the distinction of top "Non-European Union Captive Domicile of the Year" from the European Captive Forum.
Meehan served as Vermont's first captive insurance director in the 1980s. Captive Review called him one of the "early pioneers and architects of onshore captive insurance in the United States." The magazine also said he is "widely regarded as the man to kick-start Vermont's captive insurance journey and set it on the road to the 'Gold Standard' status it holds today." Meehan died in 2014.
Crouse shepherded the department's captive insurance division through what Captive Review called Vermont's "crucial growth period." More than 600 captive insurance companies were licensed during his tenure from the 1990s to 2008, a time that firmly established Vermont as the leading captive domicile.
Provost joined the department in 2001 and took the reins from Crouse in 2008. He has been named the most influential person in the captive insurance world four times by Captive Review magazine and in 2013 guided the signing of Vermont's 1,000 captive. During his tenure, Vermont has added 256 captive insurance companies to its impressive list that now numbers 1,086. Provost received the 2000 Vermont Captive Insurance Association Captive Crusader Award and has ranked in the top three on Captive Review's "Power 50" list in the past four years, topping the list in 2015 and 2013.
Media Contact: Dale Schaft, Information Management Officer, 802-828-4872
Source: Department of Financial Regulation
Last Updated at: December 22, 2016 15:58:47