28 June 2021USA analysis

VCIA meets with British Consulate delegation to discuss opportunities for collaboration

The Vermont Captive Insurance Association (VCIA) has met with a delegation from the British Consulate to discuss opportunities for cooperation between the UK and Vermont’s captive insurance industry.

The VCIA met with Peter Abbott, Her Majesty’s Consul General at the British Consulate General Boston, and members of his team. The meeting was facilitated through Brittany Nevins, director of captive insurance for Vermont’s Department of Economic Development, and included Christine Brown, deputy director of captive insurance for Vermont’s Department of Financial Regulation.

Although there has been talk about London exploring the possibility of bringing forward new legislation to attract captives, the VCIA is not believed to have discussed this issue with Consul Abbott. There was, however, discussion about opportunities for collaboration between London-based insurtechs and Vermont’s captive community.

Abbott was making several virtual visits throughout the New England states to meet with leaders from key industries in each of the states. “Naturally, captive insurance interested them the most out of all of Vermont’s industries,” said Rich Smith, the VCIA’s president.

Smith added: “We gave them the fascinating history of captive insurance in Vermont as well as discussed possible trade cooperation between the UK market and Vermont captives. And although there is already much collaboration between the US captive industry and the London insurance world, it is always good to strengthen these ties.”

There are believed to be around ten UK companies with captives in Vermont, including AstraZeneca.