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 »

Complimentary Case Study: Helping achieve your financial goals By:...

Find out how a Special Investigation Unit used TLOxp to save the company money and...

Do Your Clients Hold The Right CDL License?

Learn about the various classes of CDL Licenses and the industries that are impacted by...

Integrated Content & Communications: A Key Business Issue For Insurers

Insurers are renewing their focus on top line growth, and many are learning that growth...

High Risk Insurance Coverage in the E&S Market

Experts discuss market conditions, trends and projected growth in a rapidly changing niche.

Top E-Signature Security Requirements

This white paper covers the most important security features to look for when evaluating e-signatures...

EPLI Programs Crafted Just For Your Clients

Bring us your restaurant clients, associations and other groups and we’ll help you win more...

Is It Time To Step Up And Own An Agency?

Download this eBook for insight on how to determine if owning an agency is right...

Claims - The Good The Bad And The Ugly

Fraudulent claims cost the industry and the public thousands of dollars in losses. This article...

Leveraging BI for Improved Claims Performance and Results

If claims organizations do not avail themselves of the latest business intelligence (BI) tools, they...

Top 10 Legal Requirements for E-Signatures in Insurance

Want to make sure you’ve covered all your bases when adopting e-signatures? Learn how to...

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.