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December 04, 2013

Vermont’s Captive Insurance Regulator Deemed “Most Influential”

Captive Review Magazine Publishes Annual List

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 www.captivereview.com.

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.

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

Source: Department of Economic Development
Last Updated at: December 04, 2013 12:48:09
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