Resources
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CFO.com, March 2013
We'd like to thank our friends at CFO.com for the use of this article.
The CFO as Insurance Buyer
As CFO of United Educators, an insurance company formed in 1987 that focuses on the perils of colleges, universities, public school districts and the like, Michael F. Horning plays the traditional roles of a finance chief, heading up accounting, human resources and facility management. But besides those responsibilities, he assumes roles commonly assumed by risk managers at corporations whose main business isn't insurance.
Captive Insurance Times, January 2013
We'd like to thank our friends at Captive Insurance Times for the use of this article.
Vermont sticks to ‘steady as they go’ adage
The State of Vermont soldiered on at a steady pace in 2012, licensing 32 new captives with strong showings by the construction and manufacturing sectors, which each had five new licensees.
Captive Insurance Times, February 2013
We'd like to thank our friends at Captive Insurance Times for the use of this article.
Co-author of NRRA clarifies Dodd-Frank captive status
US Congressman and co-author of the Nonadmitted and Reinsurance Reform Act (NRRA), Scott Garrett, has addressed the speaker of the US House of Representatives to state that the legislation was never intended to apply to captive insurance.
Business Insurance, March 2013
We'd like to thank our friends at Business Insurance for the use of this article.
Captive insurance market grows as economy recovers
The global captive insurance market continued to grow in 2012, both in terms of new captive formations and new captive domiciles. New captive insurers are forming to provide a variety of coverages for a host of different industries, with particular activity in formations by health care organizations or formations of group captives to provide stop-loss coverage for employee medical benefit programs.
Business Insurance, November 2012
We'd like to thank our friends at Business Insurance for the use of this article.
Coalition to seek clarification on Nonadmitted and Reinsurance Reform Act
A coalition is seeking legislative clarification of ongoing uncertainty about the application of the Nonadmitted and Reinsurance Reform Act to captive insurers.
The Coalition for Captive Insurance Clarity has been formed under the leadership of the Vermont Captive Association and aims to push legislative language clarifying that the NRRA never was intended to apply to captives, the State of Vermont and VCIA said Thursday in a statement.
Property Casualty 360, August 2012
We'd like to thank our friends at PropertyCasualty360.com for the use of this article.
Insurance Captives Finding Home Onshore
The years of dominance enjoyed by off-shore captive domiciles may be coming to an end as more captive formations move onshore into the United States and Europe, says a report from the Insurance Information Institute.
Boston Globe, August 2012
We'd like to thank Boston.com for the use of this article.
Captive insurance industry to gather in Burlington
More than 1,000 professionals from the captive insurance industry are gathering in the Burlington area this coming week for a major industry conference.
Business Insurance, August 2012
We'd like to thank our friends at Business Insurance for the use of this article.
Vermont Captive Insurance Assn. awards industry members for service, commitment
The Vermont Captive Insurance Assn. honored several captive industry participants for their commitment to the association and service to the captive industry during Wednesday morning's general session at this year's VCIA conference.
Dave Provost Interview on WCAX TV
The State of Vermont's David Provost, Deputy Commissioner for Captive Insurance, appeared on WCAX TV Channel 3 News to discuss the industry and the VCIA annual conference.
Click on image to play video clip.
AM Best Interview with Sandy Bigglestone at VCIA 2012 Conference
From the VCIA 2012 Conference, the State of Vermont's Sandy Bigglestone talks with AM Best's Meg Green about traction being found in the insurance industry regarding cyber-liability protection.
Click on image to play video clip.
AM Best Interview with Dan Towle at VCIA 2012 Conference
From the VCIA 2012 Conference, the State of Vermont's Dan Towle talks with AM Best's Meg Green about new captive formations in the first quarter of 2012.
Click on image to play video clip.
PFC Law Captive Newsletter, June 2012
We'd like to thank our friends at Paul Frank + Collins for the use of the following newsletter.
We are always interested in sharing relevant content about the Captive Insurance Industry. If you have an article to share send it to Dan Towle, dan.towle@state.vt.us.
Property Casualty 360, May 2012
We'd like to thank our friends at PropertyCasualty360.com for the use of this article.
Increasing Number of Captives Opt to Domicile on U.S. Soil
Favorable establishment conditions, interstate competition, federal legislation spur an uptick in domestic captives.
Risk & Insurance, Vermont Report 2012
We'd like to thank our friends at Risk & Insurance magazine for the use of the following article. This article is reprinted, with permission.
Vermont Report 2012
A Picture of Captive Health. Why Health Care Companies Seek Shelter in Vermont.
Royal Gazette, April 2012
More captives are forming ‘onshore’ in the US than in offshore locations like Bermuda and Cayman.
An article in Bermuda's Royal Gazette describing how Vermont Captive is gaining traction in picking up new business as it competes with rival Bermuda.
Business Insurance, April 2012
We'd like to thank our friends at Business Insurance for the use of this article.
Vermont Tweaks Captive Insurance Regulations
Vermont Gov. Peter Shumlin this week signed into law a bill making minor “housekeeping” changes to Vermont's captive law.
Business Insurance, April 2012
We'd like to thank our friends at Business Insurance for the use of this article.
Vermont Insurance Regulatory Agency gets New Name
The Vermont state agency responsible for insurance regulation is operating under a new name: the Department of Financial Regulation.
Business Insurance, April 2012
We'd like to thank our friends at Business Insurance for the use of this article.
Vermont Licenses 8 Captives in the First Quarter 2012
Vermont licensed eight new captives during the first quarter of this year, the most new captives formed in the state during a first quarter since 2005.
Captive Review, February 2012
We'd like to thank Captive Review for the use of this article.
Vermont Premium Eclipses Bermuda’s
Vermont’s estimated captive gross premium for 2011 is likely to have been higher than Bermuda’s. Its estimated captive gross premium for 2011 is $23.1bn, while Bermuda’s 2011 premium was $21.4bn. Bermuda’s gross captive premium was $32.7bn at the end of 2010.
GAO Report Risk Retention Groups
We'd like to thank the United States Government Accountability Office for the use of this report.
Risk Retention Groups
Clarifications Could Facilitate States' Implementation of the Liability Risk Retention Act
Medical Malpractice Company.com, January 2012
We'd like to thank our friends at MedicalMalpracticeCompany.com for the use of this article.
2011 Very Strong for Vermont Captive Insurance Licenses
2011 was the 6th year Vermont surpassed the 40 new captives licensed mark with 41 new captive insurance companies bringing the total number of licenses to 952 with 590 active captive insurance companies.
Property Casualty 360, January 2012
We'd like to thank our friends at PropertyCasualty360.com for the use of this article.
Vt. Reports 41 New Captives in 2011
Vermont increased its number of captive insurance groups in 2011 from the two previous years as the state continues to see growth in that industry, capturing six captives that were domiciled elsewhere.
Business Insurance, January 2012
We'd like to thank our friends at Business Insurance for the use of this article.
Vermont licenses 41 new captives in 2011
Vermont licensed 41 new captive insurance companies in 2011, the sixth year in which the state issued 40 or more new licenses
Business Insurance VCIA Conference Coverage, August 2011
We'd like to thank our friends at Business Insurance for the use of the following articles.
Insurance News Net, August 2011
We'd like to thank our friends at InsuranceNewsNet.com for the use of this article.
Kane USA Director: New Sponsored Cell Captive Offers Risk-Management Tool
As Kane Group Ltd. becomes the first to launch a sponsored cell captive in Vermont since legislation was updated allowing incorporated cells in the state, the managing director of Kane (USA) Inc. said they provide another tool to assist clients with risk management solutions.
Business Insurance, August 2011
We'd like to thank our friends at Business Insurance for the use of this article.
Market Turn Appears Unlikely
Events including the U.S. debt and budget crisis and Standard & Poor's Corp.'s downgrade of the U.S. debt rating continue to fuel a climate of fear and provoke the question, “What in the world is going on?” said Wednesday morning's keynote speaker at the annual conference of the Vermont Captive Insurance Assn.
Property Casualty 360, August 2011
We'd like to thank our friends at PropertyCasualty360.com for the use of this article.
Gov. Shumlin: Just the Beginning of Captives’ Success Story in Vermont
Vermont’s goal is to remain number one in the captive insurance business in the United States and next, the world, Gov. Peter Shumlin says last week at the Vermont Captive Insurance Association conference.
Vermont Edition on Vermont Public Radio
Vermont Public Radio's local news program, Vermont Edition featured the Captive Insurance Industry just as the annual VCIA Conference was about to get underway. Hear from Vermont's own Dave Provost and VCIA President Rich Smith.
PPEC Law Captive Newsletter August 2011
We'd like to thank our friends at Primmer Piper Eggleston & Cramer PC for the use of the following newsletter.
We are always interested in sharing relevant content about the Captive Insurance Industry. If you have an article to share send it to Dan Towle, dan.towle@state.vt.us.
Rough Notes, July 2011
We'd like to thank our friends at Rough Notes for the use of this article.
Vermont Captives - 2011: On Target for a Record Year
State's reputation keeps it in the forefront of domiciles.
Risk Retention Reporter, July 2011
We'd like to thank our friends at Risk Retention Reporter for the use of this article.
Change Brings Challenges, Interest To Captive Regulator’s Job.
An interview with David Provost, Vermont Deputy Commissioner, Captive Insurance Division
Business Insurance, June 2011
We'd like to thank our friends at Business Insurance for the use of this article.
Labor backs Deutsche Bank using captive to fund long-term disability.
The Labor Department has given tentative authorization to New York-based Deutsche Bank Americas Holding Corp. to use its Vermont captive to reinsure long-term disability benefits.
PropertyCasualty360.com, May 2011
We'd like to thank our friends at PropertyCasualty360.com for the use of this article.
Captives in Vermont will enjoy greater protection of their assets now that a bill has been passed by the state legislature that will allow for the separation of risk within a captive cell.
Legislation passed by the 2011 session of the Vermont legislature and signed into law by Governor Peter Shumlin expands Vermont's captive laws. The bill allows cells within a sponsored-cell captive to be formed as incorporated protected cells.
PropertyCasualty360.com, April 2011
We'd like to thank our friends at PropertyCasualty360.com for the use of this article.
Vermont’s captive insurance growth in the 2011 first quarter is the strongest start to a year since 2005, attributable to a wider understanding of the benefits of captive insurance, says the state’s captive regulator.
PFC Law Captive Newsletter April 2011
We'd like to thank our friends at Paul Frank + Collins for the use of the following newsletter.
We are always interested in sharing relevant content about the Captive Insurance Industry. If you have an article to share send it to Dan Towle, dan.towle@state.vt.us.
Captive Review Mag March 2011
We'd like to thank our friends at Captive Review for the use of the following articles. These articles are reprinted, with permission.
Top 10 Leading Captive Domiciles
This year's domicile survey sees Vermont taking over Bermuda as the world's number one captive domicile, due to its huge premium figures and assets under management (AUM). These high figures caused Vermont to leapfrog Bermuda and the Cayman Islands despite having fewer captives.
Business Insurance, VT Legislation March 2011
We'd like to thank our friends at Business Insurance for the use of the following articles. These articles are reprinted, with permission.
Vermont bill would allow incorporated protected cell captives
New captive legislation introduced in Vermont would allow the formation of incorporated protected cell captives in the state. The bill, H. 438, is a response to requests from the captive industry to allow the structure in Vermont, according to David F. Provost.
National Underwriter, March 2011
We'd like to thank our friends at National Underwriter Property & Casualty for the use of the following article. This article is reprinted and linked with permission.
Vermont's Bill Would Update State's Captive Cell Legislation
Vermont is proposing changes to its captive-insurance law as part of its annual enhancements to its captive statute. The proposed bill, H438, expands Vermont’s captive laws to allow cells within a sponsored-cell captive to be formed as incorporated protected cells. Vermont currently allows protected cells created by contract alone.
Business Insurance, January 2011
We'd like to thank our friends at Business Insurance for the use of the following articles. These articles are reprinted, with permission.
Vermont licensed 33 new captives in 2010
By Jerry Geisel
MONTPELIER, Vt.—Vermont licensed 33 new captive
insurance companies in 2010, down slightly from the prior year when 39
captives were formed, but more than double the 16 set up in 2008. The new formations include 19 single-parent captives, nine
special-purpose captives, four risk retention groups and one industrial
insured captive. Read the full article.
PPEC Law Captive Newsletter Jan 2011
We'd like to thank our friends at Primmer Piper Eggleston & Cramer PC for the use of the following newsletter.
We are always interested in sharing relevant content about the Captive Insurance Industry. If you have an article to share send it to Dan Towle, dan.towle@state.vt.us.
National Underwriter, August 2010
We'd like to thank our friends at National Underwriter Property & Casualty for the use of the following article. This article is reprinted and linked with permission.
Vermont Sees Captive Growth Even In Soft Market, Tough Economy
Showing a strong first half for new formations in 2010 despite a soft commercial insurance market and struggling economy, Vermont is preparing to defend its position as the top U.S. captive domicile by adding additional staff to keep turnaround times to a minimum, as well as updating regulations.
Risk & Insurance, May and July 2010
Risk & Insurance Magazine We'd like to thank our friends at Risk & Insurance magazine for the use of the following articles. These articles are reprinted, with permission.
Captive Industry Not Blinking at Economic Double-Whammy
Captive Insurance issuances at the No. 1 domicile in the United States surge past the 900 mark, as use for the financial vehicles gets diverse, sophisticated.
Vermont Licenses 17 New Captives
The leading U.S. domicile sees interest in captive formation in 2010 from the construction and financial services sectors, as well as from hospitals.
The Front Man
Dan Towle, director of financial services for the state of Vermont, has been a mainstay of the Vermont captive insurance industry for the last dozen years, representing the No. 1 U.S. domicile around the world.
Business Insurance, August 2010
We'd like to thank our friends at Business Insurance for the use of the following articles. These articles are reprinted, with permission.
Teamwork Key for Captive Success
Fronting insurers must work closely with re-insurers: Panel
GOA Report May Stop States Meddling with RRGs: Expert
Opportunity to assert Federal pre-emption seen in legislation
DOL Exemptions Help Benefit Funding
Regulatory rulings map out routes for captive owners
Rough Notes, July 2010
We'd like to thank our friends at Rough Notes for the use of the following article. This article is reprinted, with permission.
Vermont Captive Insurance Association Special Section
Green Mountain Momentum
Topics broadened to reflect current event and feedback
Business Insurance Video
BI Video update: The Captive Market
Dan Towle is featured in a video on the Business Insurance website.
Rough Notes, July 2009
Vermont: State of the State
The success of the captive insurance marketplace is influenced by many factors. One is the regulatory climate.
Risk & Insurance, Vermont 2009
Staking Out A Premium Position
A tax break, preparing for the hard market and the Obama administration’s tougher stance toward offshore domiciles are expected to benefit Vermont.
Confessions Of the Provost
After a year on the job, Vermont’s top captive regulator feels a little like a minor celebrity.
Risk & Insurance, August 8 & 15 2008
Risk & Insurance Magazine We'd like to thank our friends at Risk & Insurance magazine for the use of the following articles. These articles are reprinted, with permission, from the August 8 and August 15, 2008 editions of Risk & Insurance.
Meet Vermont's MVTT: Most Valuable Tag Team
Here's a closer look at the extremely capable hands that Vermont's
captives have been in since the departure of Derick White and Len
Crouse.
VCIA Recap: Getting Creative With Your Captive Claims
One VCIA session discussed how captives can open the door to creative
claims-handling techniques, rather than just the usual "let's file a
lawsuit and defend it to the death" strategies.
Rough Notes, July 2008
We'd like to thank our friends at Rough Notes for the use of the following article. This article is reprinted with permission. "State of the State" appeared in the July 2008 issue of Rough Notes
State of the State
Many things determine the success of the captive insurance marketplace.
The regulatory climate is one that will have a major effect on the
captive marketplace. For a captive domicile to succeed, it requires a
capable regulator, as well as thoughtful regulations.
Risk & Insurance, April 15 2008
We'd like to thank our friends at Risk & Insurance magazine for the use of the following articles. These articles are reprinted, with permission, from the April 15, 2008 edition of Risk & Insurance.
Passing The Torch
Vermont's outgoing captive king, Len Crouse, talks about the joys of
retirement - golf and grandkids - and his outlook on the state's new
captive leadership.
The New Man In Charge
David F. Provost, a captive industry veteran, is qualified for succession with continuity in his cover letter.
International Risk Management Institute
We'd like to thank our friends at International Risk Management Institute for the use of the following article. This article is linked with permission.
Has the IRS Lost Its Collective Mind?
If you are a member of the captive owners club, your world may soon be turned upside down by ...
National Underwriter
We'd like to thank our friends at National Underwriter Property & Casualty for the use of the following article. These articles are linked with permission.
Onshore Gains Giving Global Captive Domiciles A Run For Their Money
States battling for captive business as sector grows despite softening p-c market...
U.S. Captive Domiciles Gaining In Popularity
The number of captive insurance companies domiciled in the United States is increasing at a growing...
Captive Review
We'd like to thank our friends at Captive Review for the use of the following articles. These articles are reprinted, with permission.
Business Insurance
We'd like to thank our friends at Business Insurance for the use of the following articles. These articles are reprinted, with permission.
Vermont Sees Captives Addressing Governance Issues Without Mandate
While the corporate governance requirements of the federal
Sarbanes-Oxley Act have become a fact of life for publicly traded
insurance companies, they haven't yet been directly applied to captive
insurers.
Vermont Captive Formations Slow from Record Pace
While licensing 43 new captive insurance companies in 2004 falls short
of the pace Vermont established with its record-setting numbers of 77
in 2003 and 70 in 2002, last year's total represents a solid year for
the state and demonstrates continued interest in forming captive
companies.
Onshore Attractions Help Keep Some Owners At Home
The rise of domiciles in the United States has given captive owners a lot of reasons to stay home.
Venture Makes Captives Main Course
A collaborative venture between the Vermont Captive Insurance Assn. and
the University of Vermont aims to meet the education and training needs
of the captive industry and to promote the industry's growth.
Cash Flow, Other Advantages Seen In Funding Benefits Through Captive
The biggest advantage of funding employee benefit risks through a
captive insurance company is improved cash flow, say corporate
financial executives.
Heinz Catches Up with Growing Trend of Captive Benefits
One of the nation's best-known consumer food products manufacturers is
asking the Labor Department for permission to fund employee benefit
risks through its Vermont captive, while the U.S. affiliates of a huge
U.K.-based pharmaceutical company have received regulatory clearance to
do the same.
Vermont sees steady growth as domestic options expand
Captive formations in Vermont have settled to a pace that captive managers and regulators expect will continue for a while.
Wells Fargo to fund benefits via captive
Company Receives Tentative OK to Fund Employee Benefit Risks
Setting the standard for an industry
Integrity, innovation and a team approach define the style of Vermont's Len Crouse.
Rough Notes
We'd like to thank our friends at Rough Notes for the use of the following article. This article is reprinted with permission.
Vermont: The Gold Standard
Despite the widespread growth in captives, some domiciles fared better
than others. One domicile that continued its fast pace is Vermont.
Risk & Insurance, April 15 2005
We'd like to thank our friends at Risk & Insurance magazine for the use of the following articles. These articles are reprinted, with permission, from the April 15, 2005 edition of Risk & Insurance.
Cheshire Cat
Like thousands of junior insurance industry executives, Dan J. Labrie
began his career at blue-chip firms, first as an account executive at
The St. Paul Cos., and then as a captive program manager with
Travelers. But despite the good salary, the smart suits, the silk ties
and the MBA in international management, life was turning into a
harried blur as he found himself rushing from one airport gate to the
next.
Should I Stay and Should I Grow?
They hail from different ends of the continent and they differ
significantly in the nature and scope of their businesses, but some
years ago their paths crossed in Vermont. Years later, for similar
reasons, they're still there.
Full Article
Meet the Flockers
Among the latest corporations to make the pilgrimage to the Green
Mountain State are Liberty Mutual, the Collegiate Catalyst Fund and
John Deere Co. It is companies like these who have made Vermont a
favorite among financial services companies looking for a shelter to
ease the burden of paying for benefits in an age of steeply rising
premiums.
The Race for the Middle Market
In the eyes of captive insurance industry proponents, the future of the
business lies in addressing the needs of middle-market corporations and
small businesses. Those businesses, proponents of the captive industry
say, have the same needs as larger corporations.