Ian Davis Leaving Vermont Economic Development Post for Private Sector

Ian Davis, one of Vermont's top captive insurance officials, will leave his position next month as director of financial services in the state's Department of Economic Development to take a private sector job in the captive insurance industry.

Vermont regulators who have worked with Mr. Davis, who has been in his current position for 3 years, said he played an important role in Vermont's success as a captive domicile.

"Ian has been a tremendous asset and important contributor to our state's success in the captive insurance industry," Joan Goldstein, commissioner of the Vermont Department of Economic Development, said in a statement.

"Ian quickly learned the nuts and bolts of the captive industry and made himself invaluable to the captive community," added Dave Provost, deputy commissioner of the Vermont Captive Insurance Division.

Mr. Davis's accomplishments also were applauded within the captive insurance industry.

"Ian Davis epitomizes all the qualities that keep Vermont in the vanguard of the captive insurance industry," Richard Smith, president of the Vermont Captive Insurance Association, said in a statement.

Mr. Davis, in a statement, said that he is "immensely proud of all that has been accomplished together during my tenure and leave knowing that Vermont's captive industry is in a very strong position for continued success."

Among other things, Mr. Davis played a significant role in expanding Vermont's global captive insurance presence. For example, most recently, he helped organize Vermont's first captive insurance trade mission to Mexico City. He also was a frequent speaker at both national and international captive insurance conferences.

Until a permanent successor is found, Tim Tierney, director of business recruitment and international trade in the Vermont Department of Economic Development, will serve as interim director.

With its passage of captive legislation in 1981, Vermont is one of the oldest US captive domiciles and has grown significantly since then. With 585 captives at the end of 2019, Vermont is the largest captive domicile in the United States and the world's third largest.

(Photo of Mr. Davis, above, is courtesy of the Vermont Department of Economic Development.)