Shaping the Future: Ryan Gadapee Previews the 40th VCIA Captive Conference

Editor's Note: We caught up with the organizers of the Vermont Captive Insurance Association (VCIA) Conference ahead of its 40th anniversary event, taking place August 11–13 in Burlington, Vermont. This year's milestone conference will spotlight how captives are addressing emerging risks, technological change, and shifting regulatory dynamics. We spoke with Ryan Gadapee, conference chair and vice president at Primmer Piper Eggleston & Cramer PC, about the priorities, innovations, and forward-thinking vision shaping this year's agenda. 

This year marks VCIA's 40th annual conference. As chair, how do you view the conference's role in shaping conversations that impact the future of the captive insurance industry—not just in Vermont but globally?

The VCIA conference has long been the one conference that is a can't-miss every year. By bringing together the captive world in one place, it allows VCIA to not only set the agenda for its own educational sessions but serve as the host for any number of formal and informal discussions among all varieties of captive professionals. The VCIA Conference Committee is very diligent in its topic selection process to keep sessions informative and engaging for attendees of all levels of experience. Great effort is put toward identifying industry trends as well as new voices that bring perspective to the sessions. These can serve as starting points for additional conversations among attendees throughout the conference and as we all return to our daily work. The efforts of VCIA staff and the industry professionals volunteering for the Conference Committee are what truly keep VCIA at the forefront of all things captive.

Captive owners face rapidly evolving risks—from climate change to cyber threats to reputational concerns. How is this year's program designed to help them move from awareness to action?

We were very focused on keeping in mind all of the information received through prior-year surveys, polling of our members, and individual feedback when developing the session schedule. We wanted to ensure that there were opportunities for attendees of all levels of experience and focus to plan their schedule and gain insight throughout the conference rather than just a single session. We sensed that our membership had a strong desire to be more interactive with each other. Rather than passively listening to a few people on stage regarding these topics, we felt that our members were searching for a way to learn from each other's experiences and engage directly on key areas facing our industry today. To facilitate this type of engagement, we have increased the number of discussion groups that are designed to allow for more interaction among the attendees. We then placed these discussion groups at the beginning, middle, and end of the conference to allow attendees to engage with each other while the topics are front of mind. Our hope is that this will allow attendees to not only have a better experience at the conference but establish and deepen relationships with colleagues that allow for continued collaboration.

Vermont has long been seen as a gold-standard captive insurance domicile. In an increasingly competitive global landscape, what do you see as the key differentiators Vermont and VCIA must sustain or enhance?

The short answer here is the people involved in VCIA and Vermont. VCIA fosters collaboration among its members better than any other trade organization. By bringing the industry together frequently, whether through committees, the captive owners' group, mixers, or webinars, a sense of camaraderie is easily established. This connection is then elevated through continued participation in these recurring events to the extent that lifelong friendships are formed.

The path to joining the "VCIA club" is quick—my experience joining the industry is that I went from "you're the new guy at Primmer" to "he's been here for years" faster than anyone would realistically anticipate. This can be attributed in part to the collegial atmosphere cultivated by the VCIA. Newcomers are welcomed from the start, trusted partnerships are formed, and successes are shared.

As a domicile, Vermont is a special place because it treats the captive industry as a priority. Captive insurance is not a passing fad or a box to check to say it can be done here; it is a point of pride. In these times of increased domicile options, Vermont is different in its ability to not only say it can do these things, but it can also point to over 40 years of consistently providing results. Selecting a domicile is not a short-term decision, and knowing that a decision today will continue to be supported for another 40 years in the same way can give peace of mind to those making the selection. For many, the approach is to ask why choose a certain domicile. For Vermont, I think the question should be reversed as "why not Vermont?" and I don’t think there are many significant reasons not to be here.

Vermont has the advantage of this history, and VCIA and Vermont do not take this for granted. Through this conference, strategic planning, and ongoing engagement with its members, VCIA continues its efforts to serve as a leader in the industry rather than resting on its laurels.   

We hear a lot about technology's promise—artificial intelligence, predictive analytics, bespoke investment strategies—but what do you think is most overhyped versus genuinely transformative for the captive insurance industry right now?

The beauty of captive insurance is in its ability to appear as a traditional risk management vehicle while also allowing for each captive to be unique. I think this duality allows for intelligent discussions of industry trends and forecasts for the future to be useful for all, while the applicability to each captive may be different. For some captives, the use of these emerging technologies will tap into areas of opportunity never previously considered as possible. For other captives, they may not be an appropriate fit and the status quo will continue to serve them well. This optionality is part of what many in the industry enjoy; it allows for creativity of thought and exploration of what may be possible while not being driven to always follow the current trends.

Talent development has been a growing priority, with emerging leader programs and succession planning on the agenda. How do you think the captive sector can do a better job of attracting and retaining next-generation professionals?

Our industry has a long history of supporting each other and providing many avenues for professional success. The industry's ability to highlight this to others and recruit talent is critical to the ongoing success of the industry. We have a great story to tell and just need to be diligent in outreach to those looking for opportunities. Succession planning is a key area for any industry, and I feel that the captive sector has the ability to serve as an example of how it should be done. With the number of initiatives to recruit new talent and identify future leaders, we should also have a plan to move from identification and development to providing a path to assuming those leadership roles. Our industry’s collaborative nature is a great environment to foster these avenues to success in a way that is additive to the industry rather than requiring someone to leave for a new person to assume the role.   

Networking and relationship-building have always been VCIA hallmarks. What are you most excited about in terms of helping attendees make meaningful connections this year, especially for first timers?

For first timers, there are opportunities to connect with designated ambassadors to make sure they are getting the most out of their experience. Even without the formality of an ambassador, the hallmark of our industry is its inclusiveness. It doesn't take long to make a connection that leads to a coffee meetup or dinner invitation. I hope everyone makes a small effort each day to talk to someone new. This may just be a nice conversation for the moment or could be the start of a lifelong friendship. 

We understand that VCIA can be a bit like a family reunion and hope that longtime attendees continue to enjoy their annual traditions. I would encourage those attendees to seek out others to include in those traditions. Part of the charm of the Conference is its location. While it may require a bit more effort to get to Burlington, our unique location serves to enhance the conference experience. It is easy to remember memories made at VCIA because everyone knows when they are in Vermont.

Looking beyond the conference, what do you see as the top one or two advocacy or regulatory issues VCIA will focus on in the coming year—and how can members get more involved?

VCIA is in the process of implementing the key pillars identified during its strategic planning that was ongoing during last year's conference. One of the three pillars is advocacy and the plans for this pillar are in development right now. VCIA has always been a key voice in Vermont and in the industry at large and will work to continue its leadership role. I would encourage any interested member to contact VCIA leaders, staff, or any of its board members and become part of the process. 

Coming out of our strategic planning efforts, we are poised to expand our goals to better serve our members throughout the United States and the world. VCIA will always have an inherent focus on Vermont. I feel that VCIA can remain Vermont-centric while also leading the way throughout the industry, regardless of geography. VCIA has always been a key resource for the industry and will continue to take steps to expand the available resources to further cement VCIA as the first place to go for anything captive industry related. 

VCIA has the benefit of access to the preeminent experts in the captive industry. Continuing to serve as a strong advocate for the industry will remain a key part of our mission. In the near future, efforts to maintain a proactive approach to regulatory initiatives will be a priority. Serving in this capacity will allow VCIA to shape discussions of issues important to the industry rather than reacting to the actions of others. 

Mr. Gadapee is pictured above. (Photo courtesy of VCIA.)