Captive insurance industry news | VCIA to send representatives to Mexico to highlight Vermont’s captive insurance industry

The VCIA will be sending representatives to Mexico to highlight Vermont’s captive insurance industry

The State of Vermont and the Vermont Captive Insurance Association (VCIA) will send a delegation of government, regulatory and industry representatives to Mexico to highlight Vermont’s captive insurance industry.

This initiative was originally planned for March 2020, but was postponed due to the COVID-19 pandemic.

The delegation, who will chair the captive insurance education forum in Mexico City on March 1, will hear from panelists including Vermont staff and industry service providers.

Commenting on the event, Governor of Vermont Phil Scott, said: “We want to make it clear that Vermont is a global industry leader and we welcome employers from around the world.”

The educational forum will also include educational content and networking opportunities designed for Mexico-based companies interested in forming captive insurance companies.

In addition, attendees will hear a panel from Mexico-based captive insurance company América Móvil, which acquired a license in Vermont in 2008. América Móvil is Latin America’s largest telecommunications operator, headquartered in Mexico City.

“Captive insurance has been a great tool for our company in managing our risk and achieving our broader corporate goals,” said Santiago Dawson, América Móvil’s head of corporate development.

He added: “I look forward to sharing our story with other Mexican companies so they can benefit from this great tool and consider Vermont their captive insurance domicile.”

This initiative is part of a partnership with the US Commercial Services, the trade and promotions section of the US Department of Commerce’s International Trade Administration, and the Vermont Department of Economic Development through its State Trade and Expansion Program.

Vermont currently has 66 licensed companies with foreign ownership from 23 different countries outside the US.

Sandy Bigglestone, deputy commissioner of captive insurance in Vermont’s Department of Financial Regulation, said: “The goal of this trade mission was to raise awareness about Vermont as the leading domicile for captive insurance, regardless of where you are headquartered in the world. We look forward to meeting potential captive owners and insurance industry professionals while we are in Mexico.”

Kevin Mead, president of VCIA, added: “Vermont’s experience and reputation as a captive insurance domicile stretches its boundaries. While awareness of captive insurance has increased, there are great opportunities particularly in Latin America. We are excited to initiate this type of intentional education and collaboration, the first of its kind in the region.”

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