Vt. Governor Says Departure Will Not Affect Captive Commitment

NU Online News Service, Aug. 12, 3:42 p.m. EDT

BURLINGTON, Vt.--Serving his last term as Governor of Vermont, Jim Douglas gave assurances that the state's focus on captive insurers would not waver in his absence.

In his annual welcome to attendees of the Vermont Captive Insurance Association (VCIA) conference held here, Gov. Douglas, elected in 2002, said captives are a "critical part of Vermont's economic and fiscal success."

Lt. Gov. Brian Dubie, a former pilot for American Airlines, said he has partnered with the governor on the captive industry. He also pointed out the depth of the captive infrastructure, noting that 1,500 people in the state support the captive industry and that their average annual salary is $52,000.

He said the captive industry in Vermont is "government at its best." People come to Vermont because they expect reasonable oversight, he added.

Those who support the industry, he said, "Make a difference in the lives of people" because they are preventing losses. He also said the state of Vermont is coming through the financial downturn in good fiscal shape and has even reduced taxes for its residents.

At a press conference, Richard Smith, VCIA president said this year's conference attendance is up, with more than 1,160 attendees, compared to 1,077 in 2009.

VCIA Board Chairman Timothy East, The Walt Disney Company (Buena Vista Insurance Company), said more than a quarter of conference attendees were captive owners. Attendees represented 42 states and nine countries, he said.

VCIA also announced winners of its annual awards. The Captive Crusader Award was given to Mike Lusk, Archer Daniels Midland (Agrinational Insurance Company).

The Industry Service Award had two recipients this year, Nancy Gray of Aon and Julie Boucher of Marsh.

Honorary Memberships were given to Luther Fred Hackett and Gov. Jim Douglas.

Mitch Cantor, executive director for the Center for Captive Insurance Education (ICCIE), awarded two scholarships--the VCIA Distinguished Scholar Award to Scott Maille of Aon; and the Harry House Scholarship Award, for a minority student studying risk management, to Abel Conteras.

Comments

Resource Center

View All »

Contractors General Liability Coverage 102

What is a prior work exclusion? Which option is right for my client? Why do...

Sign up today to get a 50% matching credit -...

Insurance marketing sometimes seems like it's a game of swings and misses, but we're here...

Guide: 5 Steps to Selling Cyber

Cyber risk and data security is on the agenda of every business owner and executive....

Citation Correlation

Do rigger and signalperson qualifications correlate with the cause of crane and rigging accidents? ...

Complete Guide to Electronic Signatures in Property & Casualty Insurance...

In property and casualty insurance, closing new business quickly is key. Learn how to leverage...

INSTANT ACCESS: Complimentary Sales Closer Questionnaires

Help property owners or managers compare your commercial residential property insurance coverage vs. the competition....

Determining Vacant Property Perils and Valuations

Are your clients fully covered for Vacant Properties? In this economic climate, your insureds may...

Risk Management for Law Firms

This package of 3 concise risk management articles offers straightforward content and practical suggestions law...

Guide: Top 15 E&O Risks-And How To Avoid Them

Accidents happen. But when it's an errors and omissions oversight, that accident can open your...

We'll Show You How to Reach Your Sales Goals

Whether you work alone or have a team of agents working for you, we can...

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Advertisement. Closing in 15 seconds.