MONTPELIER, VT—Captive Review Magazine, a leading London-based publication for the captive insurance industry, has recently released their annual “Power 50,” “Ones to Watch” and “Hall of Fame” selections, which recognize the most influential individuals in the global captive insurance industry. A record six Vermont-based captive insurance professionals were recognized on the prestigious “Power 50” list, more than any other jurisdiction outside of the European Union.
Sandy Bigglestone (CPA, CFE), Director of Captive Insurance for the Vermont Department of Financial Regulation, was the highest ranking State official, climbing 17 spots to number 22 in this year’s “Power 50” poll. According to Dave Provost, Vermont’s Deputy Commissioner of Captive Insurance, “Sandy has been instrumental in developing and implementing so many of the Division’s policies and procedures; her stamp can be found on much of what we do today. Her in-depth understanding of how captive regulation fits in the U.S. regulatory framework is critical to our success; I rely on her continually.”
Vermont industry services providers also recognized on the “Power 50” list include Nancy Gray, Aon Captive and Insurance Management (18); Rich Smith, Vermont Captive Insurance Association (25); Julie Boucher, Marsh Captive Solutions (28); Bob Gagliardi, AIG Insurance Management Services (34); and John Prescott, Johnson Lambert LLP (32). “We tout our state’s captive infrastructure as being world-class,” said Ian Davis, Vermont’s Director of Financial Services. “The large number of captive insurance professionals based in Vermont that are recognized on this list is a big part of what makes us the ‘Gold Standard’ of domiciles,” Davis added.
Also announced was Captive Review’s “Ones to Watch” list for 2018. The “Ones to Watch” category seeks to recognize those up-and-coming industry leaders who are expected to play an increasingly influential role over the next 12 months. Ian Davis was recognized in this year’s class of rising stars. “Less than one year into his role at the State of Vermont, Davis has made considerable effort to engage with both the local and international captive industry” said Richard Cutcher, editor of Captive Review, in recognizing Davis’ selection.
“Sandy and Ian represent a great group of hardworking individuals both at the State and in the private sector and we are proud of them as well as all the Vermont-based captive insurance professionals recognized,” said Vermont Governor Phil Scott. “Vermont is a center of excellence in the global captive insurance industry, and the leadership and expertise that is located here has significant impacts across the globe and to our State’s economy. This recognition comes as no surprise to those of us here in Vermont, and we are honored that the global captive industry recognizes these individuals as well.”
Vermont’s chief regulator for captive insurance, Deputy Commissioner Dave Provost, has previously been named the most influential person in the captive insurance world four times in his career. In light of this, and numerous other accomplishments, Dave was chosen as one of the first inductees to the Captive Review Hall of Fame in 2017. The Captive Review “Hall of Fame” category recognizes the most influential individuals the captive industry has ever produced, or been served by, over the past 50 years. Two other Vermonters were also previously recognized in the Hall of Fame, Leonard Crouse and Edward Meehan, Provost’s predecessors in the Captive Insurance Division.
This year’s “Hall of Fame” inductees include two individuals with significant Vermont connections, Lincoln Miller, Jr. and Kate Westover. Miller is recognized as one of the founding fathers of Vermont’s captive insurance journey, having been the creative force behind the growth of Vermont Insurance Management, later becoming USA Risk Group, for more than 30 years. Westover is the author of Captives and the Management of Risk, widely considered as the go-to educational book on captives, and is a former Chief Operating Officer at Strategic Risk Solutions Vermont and former board member at the Vermont Captive Insurance Association.
Captive insurance is a regulated form of self-insurance that has existed since the 1960’s and has been a part of the Vermont insurance industry since 1981, when Vermont passed the Special Insurer Act. Captive insurance companies are formed by companies or groups of companies as a form of alternative insurance to better manage their own risk. Captives are typically used for corporate lines of insurance such as property, general liability, products liability, or professional liability. Growth sectors of the captive insurance industry include professional medical malpractice coverage for doctors and hospitals, and the continued trend of small and mid-sized companies forming captive insurance companies.
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