NU Online News Service, June 10, 3:55 p.m.EDT

Peter Raymond, director of Captive Insurance for the VermontDepartment of Banking, Insurance, Securities & Health CareAdministration (BISHCA), will leave his regulatory position to takea job outside the captive insurance sector, BISHCA said.

Sandy Bigglestone, a 13-year veteran with the Captive InsuranceDivision, will replace him.

Mr. Raymond worked in Vermont's captive insurance industry for22 years and has served on the National Association of InsuranceCommissioners' (NAIC) Risk Retention Group Task Force, the NAICFinancial Examinations Handbook Risk Retention Group Subgroup, andthe Captive Regulators' Advisory Council for the InternationalCenter For Captive Insurance Education.

He will leave state government on July 16 to become a contractexaminer and consultant for the Florida Hurricane Catastrophe Fund,BISHCA said.

Deputy Commissioner for Captive Insurance David Provost, wholeads BISHCA's Captive Insurance Division, said, "While we willobviously miss Peter, Vermont continues to have the mostexperienced, credentialed and able captive regulatory staff in thecountry, if not the world. Our team will maintain the regulatorycontinuity and momentum of the Captive Division."

Vermont Governor Jim Douglas said, "On behalf of the people ofVermont, I want to thank Peter for his service to the state andwish him well. Peter has been an important part of our success inthe captive industry and leaves the division well-positioned tocontinue that tradition."