18 April 2017Analysis

Vermont names Director of Financial Services to replace Towle

The State of Vermont has named Ian Davis at the next director of financial services, to succeed the outgoing and soon-to-be Captive Insurance Companies Association (CICA) president, Dan Towle.

In this role, Davis will be responsible for the marketing and business development for Vermont’s captive insurance industry.

Davis previously served as policy specialist for the Agency of Commerce & Community Development. Prior to this, he held the position of policy fellow under the Secretary of Commerce.

He is also the son of Lisa Ventriss, the former Vermont Captive Insurance Association (VCIA) president from 1997-2002 and the current president of the Vermont Business Round Table.

The announcement was made by Michael Schirling, Vermont’s Secretary of the Agency of Commerce & Community Development.

“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.”

Davis replaces Towle, who held his position for 17 years. Towle’s last day was on April 7, and he will assume the role of president of CICA on April 24.

Davis commented: “I am both honoured and excited to be representing Vermont as the leading on-shore captive insurance domicile. 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.”

Towle added:  “I am proud of what I have accomplished during my time at the State. I know I have left my role at the State in good hands and I am confident Ian will be successful. I encourage our impressive infrastructure of captive experts to reach out and welcome Ian to our industry.”

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