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25 years and beyond VCIA conference celebrates a quarter-century of captive regulation By Michael J. Moody, MBA, ARM With the conference title of “25 Years and Beyond,” the Vermont Captive Insurance Association (VCIA) is set to present its 2006 annual conference August 8 - 10. While it will be the 21st annual educational and networking event, it marks the 25th anniversary of the Green Mountain State’s involvement in the captive movement as the premier U.S. captive domicile. (For more information about VCIA and to register for the conference, go to www.VCIA.com.) According to Molly Lambert, president and chief operating officer of the VCIA, “This year’s conference is about what is and what can be.” The Conference will attract between 1,200 and 1,300 attendees from around the globe. And in addition to the 18 formal educational seminars and roundtables, the conference will have over 90 industry exhibits for the attendees to enjoy. But these statistics are only part of the story. Consistency and predictability Lambert points out, “It is all about consistency and predictability.” She notes that these two traits are at the root of all business success, and they have helped Vermont maintain its focus on the captive industry. The sectors involved with the captive industry in Vermont have gone far beyond state government today, says Lambert. It is now into insurance, banking, accounting, legal, to name just a few. While consistency and predictability are in short supply within the insurance industry due in large part to the cyclical nature of the business, Vermont has been a model of these qualities. And as Lambert points out, “Any successful business model demands predictability. It demands consistency and stability.” Corporations strive to find these traits to maintain a successful operation, thus the appeal of captive insurance companies. As a result, Vermont has been able to take advantage of companies’ desires to reduce their volatility by using captives for their risk transfer needs. The VCIA Conference is a key component in the state’s commitment to the whole concept of consistency and predictability. Conference details Among other things, a successful conference depends on the selection of a good agenda, and the VCIA conference is no exception. Lambert notes that selection of appropriate topics requires “a lot of hard work by good and faithful conference committee members as well as staff members.” Among the topics at this year’s sessions are “Captives and Capital Markets Working Together—Past, Present, Future,” “Financial Modeling—A Glimpse at Tomorrow,” “The Future of Reinsurance and Alternative Markets,” “Learning from the Past for a Powerful Captive/RRG in the Future,” and “Planning for Tomorrow: Benchmarking Your Captive’s Investment Strategies.” Most of this year’s sessions are forward looking presentations “rather that a simple status report,” says Lambert. Lambert also points with pride to the quality of the presentations at the conference. The VCIA goes the extra mile with regard to presentations. Every session has a coordinator who oversees the progress of the material. In addition, Lambert says, “There is a captive owner advisor who advises on the content of each session.” A design consultant also advises on the PowerPoint portion of the presentation. Finally, she says, there is a content advisor who examines the content to assure it is topnotch. “By the time the attendees see the sessions, they have been vetted by at least four filters.” Despite this meticulously planned presentation, Lambert notes that there still is ample opportunity for presenters to have interaction with the attendees. “We are very big on interaction,” she says, and notes that up to one-third of the presentation time is allocated for interaction. One of the ways that interaction is achieved is via polling the participants during the presentation. This provides immediate feedback and is an excellent method to drive home important presentation points. One of the important changes this year to the conference, according to Lambert, is the addition of an intensive four-hour captive “101” session on Tuesday afternoon. This is an “everything you need to know about captives” session that will provide critical background information and set the stage for the next two days. Lambert says that while it adds an extra one-half day to the educational agenda, it was important so that all of the sessions the following two days can then be intermediate level or above. She notes that this will “assure that those that come to the conference year after year can gain as much as the less experienced participants.” She believes that this will result in a higher level of educational value for all attendees. The other important part, and a signature of the VCIA Conference, is the networking opportunities. Lambert says, “Any time you are developing a trusted relationship, the value of networking is critically important.” Among the networking opportunities are the opening reception at the ECHO (Vermont’s lake aquarium and science center), a reception with the exhibitors and the closing reception at the Shelburne Farms (a former Vanderbilt property located on the shores of Lake Champlain). As officials inVermont have found out, and Lambert has confirmed, “Success is not a matter of good luck, but rather a matter of hard work.” The VCIA conference is one of the ways that Vermont has maintained its competitive edge and leadership position within the world captive community. And for the most part, the entire state is behind the effort. “The captive industry holds a special position here,” says Lambert. She goes on to say that the captive industry is a perfect match for the values of the state in terms of environment and it continues to create additional jobs for the people who live here, and the conference is an important part of the state’s leadership role. At the end of the day, Lambert points out, “This year’s conference is certainly about celebrating 25 years of hard work and success; but more important, the conference is a platform to launch the next 25 years of success.” * |
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