Montpelier, VT – Ian Davis, Vermont’s chief marketing and business development professional for the captive insurance industry, has announced plans to leave state government. After five years with the Agency of Commerce and Community Development, including more than three as Director of Financial Services at the Department of Economic Development, Davis will be leaving effective May 1st of this year to accept a private sector opportunity in the captive insurance industry.
“Ian has been a tremendous asset and important contributor to our state’s success in the captive insurance industry,” said Joan Goldstein, Commissioner of the Department of Economic Development. “We have a robust succession plan in place and have begun recruitment efforts immediately to ensure a smooth transition.” Tim Tierney, Director of Business Recruitment and International Trade at the Department of Economic Development has been named Interim-Director while the state completes its search for a permanent replacement.
“Ian quickly learned the nuts and bolts of the captive industry and made himself invaluable to the captive community,” said Dave Provost, Deputy Commissioner of the Department of Financial Regulation, Captive Insurance Division. “Vermont is fortunate to have had Ian ably fill this role, and equally fortunate that he won’t be straying far.”
As Director of Financial Services, Davis played an active role in growing Vermont’s global captive presence, particularly in new and emerging markets. He helped organize the state’s first captive insurance trade mission to Mexico City and was a frequent presenter at national and international conferences and events, including the Vermont Captive Insurance Association (VCIA) Annual Conference and European Captive Forum. Davis has been recognized each of the last three years as ‘One to Watch’ by Captive Review, a London-based trade publication, for helping enhance Vermont’s position as the largest U.S. domicile for captive insurance.
“I am extremely grateful for having had the opportunity to serve the State of Vermont and represent Vermont’s leading captive insurance industry,” said Davis. “I feel immensely proud of all that has been accomplished together during my tenure and leave knowing that Vermont’s captive industry is in a very strong position for continued success.”
“Ian Davis epitomizes all the qualities that keep Vermont in the vanguard of the captive insurance industry,” said Rich Smith, President of the Vermont Captive Insurance Association. “He has served the State of Vermont and the captive industry with high energy, intelligence and integrity. Although I am saddened to see him leave this critical position, I am thrilled to hear Ian will continue to work in our amazing industry in his next step of his career.”
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 commonly used for corporate lines of insurance such as property, general liability, products liability, or professional liability.
