For over 33 years, the VCIA conference has been providing an opportunity for 1,100 captive professionals to connect, network and learn from others in the industry. And this year’s VCIA conference was no exception. The educational workshops and impactful sessions were just as beneficial if not more as they’ve ever been. Furthermore, the conference continues to offer networking opportunities to meet with clients and key industry players in a face-to-face setting.
Key highlights from the conference
An overview of captive insurance and the industry
As we already know, captive insurance is an alternative to both traditional insurance policies and self-insurance. Captives provide flexibility and control over managing the drivers that impact the total cost of risk. The insurance industry is ever-changing and moving to meet the needs of the marketplace. And because of this, captive insurance options are becoming more and more appealing for many organizations. A panel discussion during the conference entitled “Captives 101”, honed in on this important information. In this interactive session, the panel owners discussed the many benefits of captives, why they are formed, and how they are successfully managed. It also provided insight into how the formation process works and what to expect in the first few years of forming a captive. Aging workforce issues continue to be a challenge for the captive industry as they are for the entire insurance industry. In addition, succession planning has been very top of mind for the next generation of captive specialists and owners.
Growth in the captive market
The captive market continues to increase market share with the growth of captives as an alternative to the traditional insurance market. Market share by the alternative market now exceeds 50% as companies look for better ways to manage expenses and recoup underwriting profits. This can be attributed to the many trends that are developing in the marketplace – including more niche insurance coverages and the growth of cyber cover. And we are seeing captives continue to become even more main stream than they’ve been in the past.
Networking and relationship building
Over 1,000 people attended VCIA’s networking reception and several industry players, including Old Republic, also hosted networking events to foster captive opportunity discussions and build relationships. VCIA continues to provide an excellent venue for connecting and interacting with the industry’s key captive players and clients allowing for idea sharing, collaboration as well as gaining a stronger understanding of market and client needs. Old Republic was a proud sponsor of the conference, and had representatives attending the conference from three strategic operating companies – Old Republic Risk Management, Old Republic Specialty Insurance Underwriters, and PMA Companies.