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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance explores the challenges presented by today's business and economic upheaval, as well as the hardening insurance market, and what it means for the captive insurance industry.

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Vermont Captives and Dave Provost Reach a New Milestone

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January 07, 2020

When Dave Provost entered the captive insurance field in July 1989 by joining broker and captive manager Johnson & Higgins to handle captive management issues, Vermont had already become a major domicile. With 163 licensed captives, Vermont, whose captive statute was enacted in 1981, had already become the largest US captive domicile.

But far more growth was to follow. Last week, Vermont licensed its 1,000th captive since Mr. Provost joined the captive field more than 30 years ago.

At the end of 2018, Vermont had licensed a total of 1,137 captives, with 580 of them active. Only Bermuda and the Cayman Islands have more captives.

And more growth is expected, said Mr. Provost, who became a Vermont captive regulator in 2001 and is currently deputy commissioner of the state's captive insurance division in Montpelier.

"I think the future is going to be great. The captive industry will grow, and Vermont will continue to grow with it," he said.

Captive experts applaud Mr. Provost's talents.

"Dave is consistently recognized by his industry peers as one of the most experienced knowledgeable captive insurance regulators in the world, and rightfully so. To have been involved in Vermont's captive insurance industry long enough to witness and contribute to the licensing of 1,000 captives is a significant career milestone," said Ian Davis, Vermont's director of financial services in Montpelier.

Mr. Provost "is a joy to deal with. I can contact him anytime," and he will get back to me very quickly, said Derick White, a managing director with captive manager Strategic Risk Solutions in Burlington, Vermont.

Vermont is expected to report 2019 captive licensing statistics next week. In 2018, Vermont licensed 25 captives, whose parents include such well-known companies as Twenty-First Century Fox Inc. and Ace Hardware Corp. The first Vermont captive was set up by tire manufacturer BF Goodrich Co. in September 1981, just a few months after Vermont lawmakers passed the state's landmark captive statute.

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