Expansion and evolution: the key themes at VCIA 2024
As the Vermont Captive Insurance Association (VCIA) gears up for its annual conference, a central theme has already emerged: expansion.
According to Kevin Mead, chief executive of the VCIA, this year’s conversations will likely revolve around how established captives are broadening their scope.
“The thread that seems to be running through a lot of things on the educational side is expansion,” Mead noted to Captive International. He points out that many captive insurance entities, originally created to address specific crises such as medical malpractice or catastrophic weather events, are now looking to widen their risk profiles. This reflects a growing sophistication among risk managers who are increasingly exploring the broader potential of their captives.
The captive market, once considered an alternative approach to risk transfer, is now firmly embedded in mainstream risk management discussions. “It’s a safe prediction to say that we’ve kind of crossed that Rubicon from being alternative...to being generally accepted as a risk management tool,” said Mead.
The growth of the VCIA conference itself mirrors the expansion within the industry. Mead told Captive International that the association hit 1,000 registered participants even before the end of July, signalling steady growth compared to previous years. This increase contrasts with the post-pandemic surges seen at earlier conferences, suggesting that VCIA’s robust performance last year has set a strong baseline for continued growth.
“We’re predicting that we are level to up slightly,” Mead reflected, adding that the association has recovered well from the challenges posed by the pandemic.
This year’s conference is not just about business as usual; it’s also about enhancing the attendee experience. Mead emphasised the inclusion of new elements aimed at making the event more engaging and inclusive.
“We’ve decided to add some more what I would term fun elements to the conference,” he says, highlighting activities such as a yoga session, a fun run, and an early arrivals reception hosted by the Emerging Leaders Group. The event also features an LGBTQ+ and allies reception and will proudly host ICCIE for their 20th- anniversary celebration.
Overall, the 2024 VCIA conference is poised to be a dynamic event, reflecting both the expansion of the captive insurance sector and the association’s commitment to providing a rich and varied experience for its attendees. As Mead concluded, this year’s conference is set to be “very successful,” continuing the legacy of growth and innovation that has come to define the VCIA.
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