Michael Schirling, Vermont’s Secretary of the Agency of Commerce & Community Development has announced that Ian Davis, 30, of South Burlington will replace Dan Towle as the next Director of Financial Services. The position is responsible for the marketing and business development for the State of Vermont’s Captive Insurance Industry. “This industry has continued to be an important contributor to our economy,” said Vermont Governor Phil Scott. “I have no doubt that Ian will continue the long standing tradition of representing Vermont as the ‘Gold Standard’ in this area.”
Davis has worked most recently as Policy Specialist for the Agency of Commerce & Community Development. Prior to that he held a post as Policy Fellow under the Secretary of Commerce. He obtained his Master’s Degree in Public Administration in 2016 from the University of Vermont. Davis is not new to captive insurance being the son of Lisa Ventriss, the former Vermont Captive Insurance Association (VCIA) President from 1997-2002 and the current President of the Vermont Business Round Table.
Davis replaces Towle, who served in the position for 17 years. Towle is leaving to become the next President of the Captive Insurance Companies Association (CICA) effective April 24, 2017. Davis has been working closely with Towle over the last six months to ensure a smooth transition. Towle’s last day at the State of Vermont was April 7th.
“I am both honored and excited to be representing Vermont as the leading on-shore captive insurance domicile,” said Davis. “The captive insurance industry creates clean, high-paying jobs and employs over 1,600 Vermonters. It also generates significant tax revenue and tourist activity. It is one of Vermont’s best success stories of economic development.”
The captive insurance industry promotion responsibility is housed in the Vermont Agency of Commerce & Community Development. The Director of Financial Services position is responsible for the marketing and promotion of Vermont’s captive insurance companies and risk retention groups. The Director works in close partnership with the Captive Insurance Division at the Department of Financial Regulation and the Vermont Captive Insurance Association.
“I am proud of what I have accomplished during my time at the State,” said Dan Towle. “I know I have left my role at the State in good hands and I am confident Ian will be successful. I encourage our impressive infrastructure of captive experts to reach out and welcome Ian to our industry.”
Captive insurance is a regulated form of self insurance that has been around since the 1960’s, and has been a part of the Vermont insurance industry since 1981, when Vermont passed the Special Insurer Act. Captive insurance companies are formed by companies or groups of companies as a form of alternative insurance to better manage their own risk. Captives are typically used for corporate lines of insurance such as property, general liability, products liability, or professional liability. Growth sectors of the captive insurance industry include professional medical malpractice coverage for doctors and hospitals and the continued trend of small and mid-sized companies forming captive insurance companies.