Tabor Crary is an incoming Fourth year student at Seattle University in Seattle, Washington studying International Studies. Tabor completed an academic year abroad in Salamanca, Spain, studying Spanish language, history, culture, and business. He was raised in Richmond, Vermont, and graduated from Mount Mansfield Union High School in 2021.

Throughout the summer Tabor has been assisting the Captive Insurance Economic Development Director with day-to-day tasks and meetings, industry research, marketing, and preparation for the Vermont Captive Insurance Association (VCIA) annual conference which just took place in August. Tabor attended the conference and assisted the Association and Vermont staff throughout.

How did you hear about the captive insurance industry?

After being introduced to the industry through my father’s own work in the industry, I became intrigued by the amount of Vermont based consulting, law, and state personnel that specialized in Captive Insurance. The size and well-developed infrastructure of Vermont’s captive insurance industry stands out, as it’s one of the only industries where Vermont is a global leader.

What made you interested in this captive insurance economic development internship with Vermont?

Captive Insurance is an integral part of Vermont’s economy, and a unique example where our small state excels and stands out on a global scale. Working with the Vermont Department of Economic Development gives an inside view of the importance of the captive insurance industry to our state, and insight into the decisions and legislation that go into allowing Captive Insurance to not only thrive, but also to grow within Vermont’s already Captive-friendly environment. Working in Economic Development also allows me to put into practice many skills and themes that I come across in my studies, namely International Trade and Marketing, Government, and Spanish Language.

Has anything surprised you so far about the industry?

Not only the numbers of captives based in Vermont, but also the prestige of Vermont’s captive insurance industry on the global scale has been a surprise, especially for such a small state. Vermont’s commitment over the last 40 plus years to creating a “gold standard” for captive domiciles is visible: the legislation and decision-making from the state government and the VCIA (the largest trade association for captive insurance in the world) are tailor made to provide companies with a stable location for their captive. Over 50% of the Fortune 100 companies have chosen Vermont as their domicile, giving proof to Vermont’s gold standard as a home base for captives.

Would you recommend the Vermont captive insurance industry to other young people as a future career path?

Captive Insurance is an excellent choice for a career path for anyone, especially young professionals. In Vermont, you will not only find a fast paced and successful professional industry, but also a workforce filled with wonderful people. You will be able to experience working with top companies and organizations around the world while also receiving the many benefits of Vermont’s quality of life. The captive insurance industry is a fast growing one as well, with companies from not only the United States, but Europe and South America, for example, choosing to create their own captives, an exciting prospect for any young professional looking for meaningful work in a fast-growing industry. Furthermore, Vermont is an excellent place to live, with year-round outdoor seasonal activities, eco-friendly infrastructure, and a high standard of living.

What did you enjoy about the VCIA Annual Conference?

The VCIA’s 2024 Annual Conference was a collaborative meetup of Captive Insurance professionals from around the globe. The city of Burlington made for a perfect location to meet with industry professionals to discuss the captive insurance landscape, and the future of the industry. It was also an incredible environment to gain experience and advice from those in the industry, who were eager to speak to prospective professionals like me about a future in Captive Insurance.

What Was One Surprise About the Captive Insurance Industry?

After my experience with the DED and the week at the VCIA Annual Conference, I found the captive insurance industry to be a collaborative space where people from different professional backgrounds and locations come together to advance the captive industry. Before this internship, I had thought of captive insurance as a competitive and combative industry. I learned that while there is competition, the collaborative power of the people in the industry help advance it. There is a supportive relationship between captive insurance companies, regulators, and the Association that aims to form a reputable industry where captives can thrive.

What do you do for fun in Vermont?

Growing up in Vermont is a true privilege, especially with the easily accessible outdoors. In the winter, long hours at Smugglers Notch (split in half by a mid-day barbecue in the parking lot) is the way I pass the cold and dark days, while hot summer days are spent with the morning on the bike, and the afternoon relaxing in a swimming hole. Vermont is an outdoor paradise, with infinite nature to explore and enjoy.