Vermont's Ian Davis Joining People's United Bank To Lead Captive Practice

Ian Davis, a top Vermont captive insurance official, who earlier disclosed that he would be leaving his position, will join People's United Bank in Burlington next month as its senior vice president—captive insurance relationship manager.

In his new position, Mr. Davis will be responsible for business development, qualification, expansion, and overall relationship management for People's United Bank's captive insurance portfolio.

"We have a long history of expertise in the captive arena. As we look to further enhance services and support for our captive clients, we are fortunate to have Ian lead our Captive Insurance Division and bring his expertise to our clients," Michael Seaver, People United Bank's president of its Vermont division, said in a statement.

Among other things, People's United Bank provides investment management and tailored cash management services to its captive insurance clients.

As earlier reported, Mr. Davis worked for more than 3 years as director of financial services in Vermont's Department of Economic Development, where he has been credited by Vermont captive regulators and others as playing an important role in Vermont's continuing success as a captive domicile.

Mr. Davis recently helped organize Vermont's first captive insurance trade mission to Mexico City. He also was a frequent speaker at both national and international captive conferences.

With 585 captives at the end of 2019, Vermont is the largest captive insurance domicile in the United States and the world's third-largest.