VCIA Picks Smith As New President

NU Online News Service, Sept. 9, 11:33 a.m. EDT

The Vermont Captive Insurance Association said it has selected Richard Smith, a veteran Vermont state official with "political savvy," as the group's new president.

Mr. Smith of East Montpelier, Vt., is currently the deputy commissioner of Vermont's Public Service Department, which represents taxpayers in matters regarding utilities water and wastewater.

The VCIA board of directors announcement said Mr. Smith was selected following an extensive national search, and noted Mr. Smith's "extensive experience in state government," including previous service as deputy commissioner of Economic Development and policy analyst in the Office of the Governor, "was crucial to the search committee's decision."

Mr. Smith will fill a post that is currently held by Molly Lambert, who announced in April she was nomininated for a job with the U.S. Department of Agriculture as Vermont-New Hampshire state director for rural development, which is pending confirmation.

In announcing the choice, Michael Bemi, chairman of the VCIA board and the search committee, said, "The search attracted a large pool of incredibly talented individuals from around the country and we are confident that we have selected the best of the best in Richard Smith."

He added, "Richard will bring a perfect blend of political savvy, ease in relating to CEOs regarding their complex enterprise management choices and years of significant administrative accomplishments to this very important role."

VCIA said Mr. Smith will begin his duties Oct. 15 at its offices in Burlington, Vt.

The VCIA describes itself as the largest captive insurance association in the world, representing nearly 500 members.

Vermont is the largest domicile in the United States for captive insurance and the third largest domicile in the world. The industry is responsible for nearly 1,400 full- and part-time jobs in Vermont and in 2008 contributed $24 million dollars in premium taxes to the state's general fund.

In a statement Mr. Smith said, "I am honored and excited about this opportunity to work with an outstanding organization that represents such an important sector of the financial services industry. VCIA remains an essential institution for captive insurance as well as an integral pillar of Vermont's economy."