Derick White, Vermont's director of captive insurance, is resigning his post to become president of a captive management firm, it was announced.
Mr. White will leave the job Jan. 31, 2008, according to a statement from the Vermont Department of Banking, Insurance, Securities and Health Care Administration.
In a separate press release, Strategic Risk Solutions (SRS), a provider of captive management and consulting services, announced that Mr. White will be joining the company, on Feb. 1, 2008.
Mr. White told National Underwriter in an e-mail: "I am excited about beginning a new project. SRS's Vermont office is about the size of the captive office in Vermont when I started 15 years ago. I'm looking forward to growing it as Vermont has grown." He said he will be joining SRS as the company's president.
Mr. White will be succeeded by Peter Raymond, the department said. Mr. Raymond has been an examiner with the department for 16 years. He has been involved in the process of reviewing new captive applications for the state and has been responsible for organizing and directing the operations of the 23-person examination staff.
"We thank Derick for his exemplary service to Vermont," said Vermont Republican Gov. Jim Douglas. "He has represented the state well and has been a tremendous asset and important contributor to our success in the captive industry."
Brady Young, president and chief executive officer of SRS, said, "Derick's skill set and personality is a great fit for SRS, and he will be an invaluable asset as we continue our quest to solidify SRS as the leading independent captive manager across all US and offshore domiciles."
At SRS, Mr. White will be president of the company's Vermont operations. He will be responsible for the management and development of SRS's captive management business in the state. He will also oversee SRS' activities in other eastern U.S. domiciles, including South Carolina, Washington, DC and Kentucky.
During Mr. White's tenure, nearly 600 companies have been licensed in Vermont. He built a reputation as an industry authority on regulatory matters and was a frequent presenter at captive insurance events across the country.
Prior to joining the Captive Insurance Division, Mr. Raymond worked as an assistant vice president of a captive management company and with a CPA firm.
"We are pleased to have Peter accept this new role," Gov. Douglas said. "His experience will provide for a seamless transition within the Captive Insurance Division."
Sandy Bigglestone will replace Mr. Raymond as director of financial examinations. She brings more than 10 years experience within the department to the position and previously held the position of chief examiner.
"We have a very talented staff and I am excited about this opportunity for Peter and Sandy," said Len Crouse, Deputy Commissioner of Captive Insurance.
Vermont is the largest captive insurance domicile in the United States and second largest in the world in terms of gross written premium, with $11.55 billion in 2006. Vermont also is home to 44 of the companies that make up the Fortune 100, and 19 of the companies that make up the Dow 30 have Vermont captives.
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