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

Peter Raymond, director of Captive Insurance for the Vermont Department of Banking, Insurance, Securities & Health Care Administration (BISHCA), will leave his regulatory position to take a job outside the captive insurance sector, BISHCA said.

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

Mr. Raymond worked in Vermont's captive insurance industry for 22 years and has served on the National Association of Insurance Commissioners' (NAIC) Risk Retention Group Task Force, the NAIC Financial Examinations Handbook Risk Retention Group Subgroup, and the Captive Regulators' Advisory Council for the International Center For Captive Insurance Education.

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

Deputy Commissioner for Captive Insurance David Provost, who leads BISHCA's Captive Insurance Division, said, "While we will obviously miss Peter, Vermont continues to have the most experienced, credentialed and able captive regulatory staff in the country, if not the world. Our team will maintain the regulatory continuity and momentum of the Captive Division."

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

Special Reports /

Vt. Captive Regulator Leaving For Fla. Hurricane Cat Fund

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