Michael Schirling, Vermont's secretary of the Agency of Commerce and Community Development, has announced that Ian Davis of South Burlington will replace Dan Towle as the next director of financial services. In this position, he will be responsible for the marketing and business development for the state of Vermont's captive insurance industry.
"This industry has continued to be an important contributor to our economy," said Vermont Governor Phil Scott. "I have no doubt that Ian will continue the long standing tradition of representing Vermont as the 'Gold Standard' in this area."
Mr. Davis has worked most recently as policy specialist for the Agency of Commerce and Community Development. Prior to that, he held a post as policy fellow under the secretary of commerce. He obtained his master's degree in public administration in 2016 from the University of Vermont. Mr. Davis is not new to captive insurance, being the son of Lisa Ventriss, the Vermont Captive Insurance Association (VCIA) president from 1997–2002 and the current president of the Vermont Business Round Table.
Mr. Towle, who served in the position for 17 years, left to become president of the Captive Insurance Companies Association (CICA), effective April 24, 2017. Mr. Davis has been working closely with Mr. Towle over the last 6 months to ensure a smooth transition. Mr. Towle's last day at the state of Vermont was April 7.
"I am both honored and excited to be representing Vermont as the leading on-shore captive insurance domicile," said Mr. Davis. "The captive insurance industry creates clean, high-paying jobs and employs over 1,600 Vermonters. It also generates significant tax revenue and tourist activity. It is one of Vermont's best success stories of economic development."
The captive insurance industry promotion responsibility is housed in the Vermont Agency of Commerce and Community Development. The director of financial services position is responsible for the marketing and promotion of Vermont's captive insurance companies and risk retention groups. The director works in close partnership with the Captive Insurance Division at the Department of Financial Regulation and the VCIA.
Pictured above is Ian Davis, next director of financial services in Vermont. (Courtesy photo.)