The State of Vermont and the Vermont Captive Insurance Association (VCIA) are to send a delegation of government, regulatory and industry representatives to Mexico to highlight Vermont’s captive insurance industry.
The initiative was originally planned for March 2020, but was delayed due to the COVID-19 pandemic.
The delegation, which will lead the captive insurance educational forum in Mexico City on 1 March, will hear from panellists including Vermont staff and industry service providers.
Commenting on the event, Vermont Governor Phil Scott, says: “We want to make it clear that Vermont is a global industry leader and we welcome companies from around the world.”
The educational forum will also include educational content and networking opportunities designed for Mexican-based companies that are interested in forming a captive insurance company.
In addition, participants will hear panellists from a Mexican-based captive insurance company América Móvil, licensed in Vermont in 2008. América Móvil is the largest telecom operator in Latin America, headquartered in Mexico City.
“Captive insurance has been a great tool for our company in managing our risk and achieving our broader company goals,” says Santiago Dawson, head of corporate development for América Móvil.
He adds: “I am looking forward to sharing our story with other Mexican companies so they can benefit from this great tool and consider Vermont as their captive insurance domicile.”
The initiative is part of a collaboration with the U.S. Commercial Service, the trade and promotion arm of the U.S. Department of Commerce’s International Trade Administration, and Vermont’s Department of Economic Development via its State Trade and Expansion Program.
Vermont currently has 66 companies licensed with foreign ownership from 23 different countries outside of the US.
Sandy Bigglestone, deputy commissioner of captive insurance at the Vermont Department of Financial Regulation, says: “The goal of the trade mission is to raise awareness about Vermont as a leading domicile for captive insurance, no matter where in the world you are headquartered. We are looking forward to meeting with prospective captive owners and insurance industry professionals during our time in Mexico.”
Kevin Mead, president of the VCIA, adds: “Vermont’s experience and reputation as a captive insurance domicile extends well beyond its borders. While awareness of captive insurance has been increasing, there is great opportunity in Latin America in particular. We are happy to start this type of intentional education and collaboration, the first of its kind in the region.”
