Leonard Crouse, Vermont deputy commissioner of captive insurance and a driving captive industry force for more than 18 years, has announced his plans to retire, effective June 1.

News of his upcoming departure was released by the State of Vermont Department of Banking, Insurance, Securities & Health Care Administration (BISHCA), which said a search for a successor is underway.

Mr. Crouse has been a nationally recognized leader in insurance regulation for more than 30 years and has been credited with being a key figure in advancing the captive insurance industry both nationally and in Vermont.

During his tenure the state has become the largest captive insurance domicile in the United States and second largest in the world in terms of gross written premium, with $13 billion in 2007.

"We thank Len for his extraordinary and exemplary service to Vermont, and wish him well," said Gov. Jim Douglas, who has been a supporter of the captive industry in Vermont.

Mr. Douglas said Mr. Crouse "has been a credit to the state and has been a tremendous asset and important contributor to our success in the captive industry. He set the bar high for Vermont--and we are fortunate to have time to conduct a thorough search for a worthy successor."

Dan Towle, director of financial services with the Vermont Agency of Commerce and Community Development, told National Underwriter that while Mr. Crouse's announcement was not a surprise, his presence will be missed. Mr. Towle expressed confidence that members of the captive division--who have been hand-picked by Mr. Crouse--are well equipped to move the department forward.

The Captive Insurance Division is housed within BISHCA. The deputy position oversees the Captive Insurance Division and is responsible for the administration and regulation of captive insurance companies and risk retention groups.

"We have the most experienced, credentialed and able captive regulatory staff in the country, if not the world," said BISHCA Commissioner Paulette Thabault. "They are equipped to maintain the regulatory continuity and momentum of the Captive Division's functions as we seek a new deputy."

Ms. Thabault said the search is underway, and "we are committed to finding a successor for Len who can continue to enhance Vermont's long-established preeminence in the field of captive insurance regulation."

Prior to his appointment, Mr. Crouse was Vermont's director of Captive Insurance since May of 1990, and before that was chief examiner of the Property and Casualty Division of the Massachusetts Insurance Department.

"I am very grateful for the opportunity to have served the people of Vermont," Mr. Crouse said. "As I head toward retirement on June 1, I feel very good about the position of the captive industry in Vermont and its future success. I have worked very happily and very hard in this role for a very long while. It's just time to go. "

A member of the Society of Financial Examiners and a Certified Financial Examiner, Mr. Crouse has served on various committees and working groups representing both Vermont and Massachusetts at the National Association of Insurance Commissioners (NAIC).

During his tenure, nearly 600 companies have been licensed in Vermont and he became recognized as a leading authority in the industry.

Mr. Crouse has written a number of articles for various trade publications, served on several committees of the NAIC and was a frequent presenter at captive insurance events across the country.

Last year he was honored for his contributions to advancing the captive insurance industry with the 2007 Distinguished Service Award presented at the Captive Insurance Companies Association International Annual Conference.

A captive insurer is a company that is owned or controlled by its policyholders, thereby enhancing the parent company's ability to control its own insurance costs. Through captives, businesses have access to broader, less expensive insurance markets.

Vermont constructed a regulatory system to ensure the solvency of captives while recognizing the special purposes for which they were formed.

Vermont is also 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.

Special Reports /

Vt. Captive Regulator Crouse To Retire

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