Vermont Captive Regulator David Provost Announces Retirement

David Provost, Vermont's long-time top captive insurance regulator, will retire at the end of this summer, the Vermont Department of Economic Development announced on May 25.

Mr. Provost's accomplishments as the deputy commissioner of the Captive Insurance Division in the Vermont Department of Financial Regulation have been widely recognized.

"We wish Dave all the best in the future, and we thank him for his immeasurable contribution to Vermonters and businesses around the world," Vermont Governor Phil Scott said in a statement.

"On a professional level, Dave has been an active champion of the captive industry, always advocating for doing the right thing, and his influence is going to have a lasting impact," Dan Towle, president of the Captive Insurance Companies Association, said in the statement.

Mr. Provost entered the captive insurance field in July 1989 when he joined broker and captive manager Johnson & Higgins to handle captive management issues. In 2008, then Vermont Governor James Douglas appointed Mr. Provost to the role of deputy commissioner of the Captive Insurance Division.

During Mr. Provost's years as Vermont's top captive insurance regulator, Vermont experienced tremendous growth as a captive domicile. In 2021, Vermont had 620 licensed captives, making it by far the largest captive domicile in the United States.

Mr. Provost has received numerous awards as a captive regulator, including the Distinguished Service Award the Captive Insurance Companies Association presented him earlier this year.

Mr. Provost said in a statement that he has thoroughly enjoyed his time as a top captive regulator. "I've learned something new or met someone new nearly every day. I've thoroughly enjoyed hearing the stories of how a captive has helped the insured organizations survive, thrive, save money, even save lives," he said.

Plans are being made for retirement recognition events to provide captive insurance professionals the opportunity to celebrate Mr. Provost's contributions to the industry.

An announcement on who will succeed Mr. Provost as deputy commissioner will be made in the coming weeks.