Vermont staff raise awareness about captive insurance in the region after pandemic delay
Montpelier, Vt. – The State of Vermont and the Vermont Captive Insurance Association (VCIA) will send a delegation of government, regulatory, and industry representatives to Mexico to highlight Vermont’s leading captive insurance industry. The trade mission was originally planned for March 2020, but was delayed due to the COVID-19 Pandemic. The delegation will lead a captive insurance educational forum in Mexico City on March 1, 2023. The trade mission is a collaborative effort with the U.S. Commercial Service, the trade and promotion arm of the U.S. Department of Commerce’s International Trade Administration, and Vermont’s Department of Economic Development via its State Trade and Expansion Program, a program funded by the Small Business Administration.
“The trade mission is a great example of Vermont’s mutually beneficial trade relationship with Mexico,” said Governor Phil Scott. “We want to make it clear that Vermont is a global industry leader, and we welcome companies from around the world.”
The educational forum is expected to bring in about 80 participants, and will include informative panel discussions, educational content and networking opportunities designed for Mexican-based companies that are interested in forming a captive insurance company.
“The goal of the trade mission is to raise awareness about Vermont as a leading domicile for captive insurance, no matter where in the world you are headquartered,” said Sandy Bigglestone, Deputy Commissioner of Captive Insurance, Vermont Department of Financial Regulation. “We are looking forward to meeting with prospective captive owners and insurance industry professionals during our time in Mexico.”
“Vermont’s experience and reputation as a captive insurance domicile extends well beyond its borders,” said Kevin Mead, President of the VCIA. “While awareness of captive insurance has been increasing, there is great opportunity in Latin America in particular. We are happy to start this type of intentional education and collaboration, the first of its kind in the region.”
Panelists will include Vermont staff and industry service providers, but participants will also hear from a Mexican-based captive insurance company licensed in Vermont in 2008, América Móvil, the largest telecom operator in Latin America and the third largest in the world, headquartered in Mexico City. “Captive insurance has been a great tool for our company in managing our risk and achieving our broader company goals,” said Santiago Dawson, Head of Corporate Development for América Móvil. “I am looking forward to sharing our story with other Mexican companies so they can benefit from this great tool and consider Vermont as their captive insurance domicile.”
“The opportunity for captive insurance growth is even greater now than it was three years ago in Latin America,” said Alejandro Santos, Latin American Leader for Risk Analytics & Captive Solutions, Marsh Latinoamérica. “It’s important that companies understand that there is a possible solution for the increasingly complex insurance challenges they face.”
Vermont currently has 66 companies licensed with foreign ownership from 23 different countries outside of the United States. In November 2022 Vermont was named “International Domicile of the Year” by captive insurance publication Captive Review for its reputation as a leading domicile worldwide. Vermont remains one of the top three leading captive insurance domiciles in the world.
“We hope this is the start of great collaboration between Vermont and the region and will create a ripple effect in the broader understanding of captive insurance in Latin America,” said Brittany Nevins, Captive Insurance Economic Development Director, Vermont Department of Economic Development.
For more information on Vermont’s captive insurance industry, visit www.vermontcaptive.com, call Brittany Nevins at 802-398-5192 or email brittany.nevins@vermont.gov.
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About Vermont Captive Insurance
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.