The Vermont Captive Insurance Association will be hosting the world’s largest captive insurance conference this week. The event will gather together insurance executives from all over the world in Burlington, Vermont. The conference aims to expand the knowledge of the industry as well as introduce new practices, standards and prospective legislations that could affect the worldwide industry. Executives will be met with a series of seminars and will participate in forums throughout the course of the event.
Vermont is home to some of the most favorable laws in terms of captive insurance companies. The state boasts of the largest captive insurance industry in the nation and accounts for the third largest in the world. Indeed, the state has become a beacon for the entirety of the industry, exemplifying how successful captive insurance companies can be.
Captives are subsidiaries of major insurance companies, established as a form of risk management. The entire purpose of a captive is to finance the risk of its parent company, allowing the insurer to have some control over its losses. Captives have been known to insure the risk of policyholders at times, but the majority of these companies exists solely to protect their parent companies.
_________________________Random Quotes to Remember ~ “The best investment is in the tools of one’s own trade.” – Benjamin Franklin
The event will be held at the Sheraton Hotel and Conference Center and will spill over into the Davis Center at the University of Vermont. The event will begin Tuesday and will come to an end Thursday of this week.