Burlington, Vt.–The Vermont captive market remains strong despite the soft market, Vermont Gov. James Douglas observed during opening remarks at the Vermont Captive Insurance Association's (VCIA) 23rd annual conference here yesterday. Gov. Douglas also pledged the state's ongoing support, even with a statewide “belt tightening” in effect.

“The market is hurting, but not here,” he said, noting that 2007 was a good year, with 32 new captives licensed and some needed legislative changes for captives. In a press conference, he complimented the captive department's “seamless” integration of new regulator David Provist, deputy commissioner of captive insurance, who took over on June 1 for Leonard Crouse, now a partner at Towner Management Group's Vermont office.

Molly Lambert, VCIA president, announced the association's highest annual awards to Mr. Crouse and Derick White, formerly with the department and now president of Strategic Risk Solutions' Vermont operation.

Mr. Crouse was presented the Industry Service Award, the association's highest recognition, decided upon by the VCIA staff. The award was presented to Mr. Crouse based on his years of service to the industry, his dealings with the association and his sense of humor throughout his 18-year tenure with the department. Derick White was presented with the Captive Crusader Award for his contributions to the captive industry.

Ms. Lambert said conference attendance was on par with last year, at about 1,300, with attendees from 42 states and 11 countries. She added that 20 percent were first-timers and 23 percent of attendees were captive owners. She said in a press conference that because the conference has experience so much growth over the past few years, parts of it will be expanded to a nearby location at the University of Vermont in 2009.

Special Reports /

Vermont Captives Weathering Soft Market

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