Strong showing at Vermont
Light losses in the last two years have left the captive industry with significant capital, according to the chairman of TigerRisk Partners in the UK, Hugo Crawley.
Speaking during a panel discussion hosted by the Vermont Captive Insurance Association (VCIA) 2021 conference, he estimated that $14billion of new capital had come into the market over the period.
“In the last 18-24 months there has been a significant amount of capital raised in the industry. I think everyone was anticipating that there would be much greater losses in the market than has actually been the case,” he said.
The discussion was one of many hosted during VCIA’s 36th annual conference, held again this year online. About 500 attended, including 70 panelists. Keynote speakers included eynote Speakers Michael Pieciak, commissioner of the Vermont Department of Financial Regulation and Hank Watkins, regional director & president for Americas at Lloyd’s, who discussed the implications of systemic risk.
During the conference, the association presented two awards to members: Mike Meehan of Seattle-based Milliman and former VCIA treasurer of was chosen for the 2021 Industry Service Award; and Sandi Prescott of captives investment specialist Performa won the Captive Crusader Award for remarkable dedication, contributions and support for the association.
The VCIA has also recently announced several new board members, including two captive operators: Joe Carter, vice president, business development and UE experience at United Educators, a reciprocal risk retention group and Gail Newman, vice president of risk management for childcare provider Bright Horizons. Both will join the board in October.