Key Takeaways from the 39th VCIA Conference: The Impact on Captives

In this interview, we reflect on the 39th Annual Vermont Captive Insurance Association (VCIA) Conference with Kevin Mead, president of VCIA. Kevin offers a detailed look at the key takeaways from the event, its focus on emerging risks like artificial intelligence and cyber threats, and the vital role of education and networking in driving the captive industry forward. Additionally, we explore how Vermont continues to reinforce its reputation as a leading domicile and the ongoing growth of captive insurance programs.

Reflecting on the 39th Annual Vermont Captive Insurance Association (VCIA) Conference, what key takeaways or unexpected highlights emerged that you believe will have a lasting impact on the captive industry?

Gathering at this year's VCIA conference, organizations and industry leaders demonstrated the strong appetite that continues to grow for captive interest, captive formation, and captive expansion. The key takeaway that was confirmed to me again and again based on conversations I had with attendees was how healthy the captive market is, how important it is to the entire field of risk management, and the flexibility and creativity captive insurance programs provide.

How did the changes to this year's conference schedule, such as the Captive Immersion workshop, resonate with attendees? Were there any specific sessions or events that received particularly positive feedback?

This year's change of schedule was a breath of fresh air. As with most new things, it required some adjustments from the old ways. That said, we examine conference survey input very closely and we take attendees' opinions seriously. Now we're in what VCIA calls a "post-conference phase," and we figure out how to improve next year's conference based on this year's event performance and input.

Regarding education, I'm extremely proud of what VCIA and its speakers and coordinators presented to participants. We work very hard to be the association leader in education, and you can see the results pay off. Introductory sessions were very popular this year because we had over 280 first-time attendees. We're also pleased that the discussion groups were very lively and engaging, especially the two on attracting new leaders to the captive industry and the Toastmasters session for captive public speaking. That was a lot of fun!

With the increasing focus on emerging risks like artificial intelligence (AI) and cyber threats, how did the conference address these issues, and what new perspectives or solutions were shared by industry leaders?

AI and cyber threats were a major ingredient in session content for the VCIA 2024 conference. Three sessions were particularly devoted to these themes, and I think what was very helpful for attendees was that they learned from various industry roles who interact with these threats in different ways. Captive owners, captive managers, actuaries, and a ratings agency provided insights on when cyber coverage is appropriate to captives.

An important perk for attendees is that they can still utilize the conference app until November and download the session slide decks, which is very helpful for those sessions they may have wanted to attend but couldn't. In general, I expect to see more content, case studies, and presentations on how AI and cyber threats relate and coevolve with captive programs.

Networking is a cornerstone of the VCIA conference. Were there any notable partnerships or collaborations that began at this year's event, particularly those involving international attendees or new entrants to the captive industry?

Each year, the VCIA conference is an affirmation of how collegial the captive insurance industry truly is. You really have to be there to experience it. There are business engagements and meetings, of course, but there's a real joy in the air. There's camaraderie among all different industry players, including competitors. We all know the captive industry is booming right now, and so VCIA makes sure there's room for everyone under the tent. In that respect, it was great again to see a surplus of first-time attendees and close to 300 captive owners build out their networks.

As Vermont continues to be recognized as a leading domicile, how did this year's conference reinforce Vermont's position, and were there any new initiatives or announcements that further bolster the state's reputation in the captive insurance space?

It was just reported that Vermont has domiciled 31 additional captives so far this year, and so the pace continues for Vermont as the worldwide leader. I will let the Vermont Department of Financial Regulation (DFR) and Sandy Bigglestone, deputy commissioner of captive insurance, share any announcements they may have, but it was clear from the event how accessible the Vermont regulatory team is and how they are considered and trusted as industry leaders. Christine Brown, director of captive insurance, was on an excellent panel regarding property in captives. Jim DeVoe-Talluto, assistant director of captive insurance, was involved in a captive feasibility session. And, of course, Sandy Bigglestone gave what we think is kind of a keystone presentation with the Situation Room.  

The 20th-Anniversary International Center for Captive Insurance Education (ICCIE) Celebration was a significant milestone during the conference. How did attendees respond to this event, and what does it signify for the future of captive education and professional development?

The 20th-anniversary ICCIE celebration was a hit! We nearly reached max capacity, but I'm happy to say there was room for everyone. ICCIE Executive Director Mitch Cantor was able to provide a few remarks and express his gratitude for the incredible support ICCIE receives. We thought it was very appropriate to host this special event since VCIA hatched the idea, designed and built the ICCIE business model back in 2000. It is now remarkable to see the worldwide reach it has and how crucial it is to educating people new to captive insurance and also seasoned professionals. It's clear that there's a growing need for captive education, which ICCIE will continue to supply, as well as VCIA.

Looking ahead, what lessons learned from this year's conference will inform your planning for future VCIA events, and are there any areas where you see potential for growth or innovation in the coming years?

Next year's our 40th-anniversary conference! It's going to be a big one. We plan to make it even more special than usual. We are already in brainstorming stage of how we can deliver that to attendees. You will have to check back in with me at the start of the new year to hear our developments!

(Photos Courtesy of VCIA)