Vermont Hosts Captive Insurance "Road Show" on March 27 in Burlington

Winding country road through Vermont's Green Mountains

March 22, 2024 |

Winding country road through Vermont's Green Mountains

The Vermont Captive Insurance Association (VCIA) is organizing its biannual educational event, dubbed the "Road Show," which is scheduled for March 27 at the Hilton Burlington Lake Champlain Hotel in Burlington, Vermont. This event aims to provide insights into captive insurance as a risk financing tool and is specifically tailored for prospective captive insurance companies. The Road Show has been conducted in over 20 cities, including internationally in Mexico City.

"This event is a great opportunity for Vermont businesses dealing with an insurance challenge to consider captive insurance as a possible long-term solution," said Vermont Governor Phil Scott. "Vermont is the center of excellence for the industry, and it is important for Vermont employers to know that captive insurance could save them money, give them greater control, and ensure stable access to coverage during volatile times."

The event will feature two main components. First, there will be an in-depth exploration of the fundamentals of captive insurance and the advantages of domiciling in Vermont. Following this, three captive owners will share their experiences and formation stories. Among the captive owners are Vermont-based organizations; the University of Vermont Health Network; employee-owned multinational manufacturing company, Carris Reels, Inc.; and Missouri-based multinational construction company, Alberici Corporation.

Captive insurance is a regulated form of self-insurance that has existed since the 1960s 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 individual companies or groups of companies, nonprofits, and government entities as a form of alternative insurance to better manage their own risk. Many industries commonly utilize captive insurance for lines of insurance coverage such as property, cyber, workers compensation, general liability, products liability, or professional liability.

"Carris Reels is a 100% S-ESOP, employee-owned company. Safety is our number one corporate value, and it has been for many years. It has always been our goal to have employees take ownership of safety in the workplace," said David Fitz-Gerald, CFO and vice president of Carris Reels, Inc. "With the formation of our captive insurance subsidiary in 2023, employees now own safety—literally and figuratively. The safer we are, the more employees stand to gain. It's not just a slogan: There's ownership in everything we do.™"

With 659 active captive insurance companies licensed in Vermont, the state has emerged as a leading captive insurance domicile, surpassing other established domiciles such as Bermuda and the Cayman Islands. Vermont attributes this to the regulatory expertise of its captive insurance regulatory division, the support of the legislature, the strength of the VCIA, and the infrastructure of service providers in the region.

Captive Insurance Economic Development Director Brittany Nevins said, "Vermont companies have the benefit of having world renowned expertise right here in our state and it's important that we educate here whenever possible as it could have great benefits to local companies and organizations that could have a ripple effect on our economy."

"We haven't hosted this event in 7 years, and we look forward to educating Vermont and the region about captive insurance," said Kevin Mead, CEO of VCIA.

Panelists at the VCIA Road Show will include the following.

  • Mr. Mead, CEO of VCIA
  • Sandy Bigglestone, deputy commissioner of the Captive Insurance Division, Vermont Department of Financial Regulation (DFR)
  • Christine Brown, director of the Captive Insurance Division, Vermont DFR
  • Ms. Nevins, captive insurance economic development director of the Vermont Department of Economic Development
  • Zaw Win, director of captive insurance/business law at Downs Rachlin Martin
  • Kim Frasca, senior account executive at AON
  • Mr. Fitz-Gerald, CFO and vice president of Carris Reels, Inc.
  • Sunil Eappen, president and CEO of the University of Vermont Health Network
  • Melinda Young, vice president of Risk Management at Alberici Corporation

The Road Show is scheduled for March 27 at the Hilton Burlington Lake Champlain Hotel in Burlington, Vermont, from 1:00 p.m. to 5:30 p.m., with a networking reception included. Registration fees are $35 for VCIA members and $50 for nonmembers, with students invited to a complimentary luncheon prior to the event. For further details and registration, interested individuals can visit

For additional information on Vermont's captive insurance industry, individuals can visit, contact Ms. Nevins at (802) 398–5192, or email [email protected].

March 22, 2024