Incoming CICA president Towle was “tremendous asset” to Vermont’s success


Dan Towle, Vermont’s outgoing Director of Financial Services and soon-to-be president of the Captive Insurance Companies Association (CICA) witnessed the licensing of over 600 captives during his tenure, more than half of all the captives licensed in Vermont’s history.

Since becoming Director in November 1999, captive insurance premium tax revenue in Vermont had increased by 237 percent and gross written premium has increased by 655 percent.

“Dan has been a tremendous asset and important contributor to our state’s success in the captive insurance industry. His work and commitment to the advancement of the industry demonstrates the impact state employees can have on Vermont’s economy,” said Vermont Governor Phil Scott. “We are deeply grateful to Dan for his exemplary service to Vermont over the years and wish him the very best.”

During his 17 years in his position, Towle has been a key figure in advancing the captive insurance industry in Vermont and beyond.

He has been responsible for promoting Vermont to captive insurance companies and risk retention groups, working closely with the Captive Insurance Division at the Department of Financial Regulation and the Vermont Captive Insurance Association.

Deputy Commissioner of Captive Insurance, David Provost, added: “Dan’s passion, optimism and enthusiasm for his work, along with his savvy marketing instincts have helped shape Vermont into the gold standard of domiciles.

“Dan has been a tremendous asset to me personally by helping me send a consistent message about Vermont. He will be missed, however, CICA has always been a strong partner and Dan will continue to be an asset for Vermont as he serves the global captive insurance industry.”

Towle is due to leave State Government on April 7, and will be accepting his new role at CICA on April 24.

Towle said: “I am very grateful for the opportunity to have served the State of Vermont. I feel incredibly positive about the position of Vermont within the captive industry and its future success. I am proud of our growth and all that we have achieved together.

“I am fortunate to have worked alongside some of the most talented individuals in all of captive insurance, including legends, Len Crouse and David Provost. I am thankful for the knowledge and insight they and fellow leaders in the broader captive insurance industry have passed down to help shape my own understanding and experience.”

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