For over 32 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 are as follows:
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 elements that drive 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 options for many organizations. A panel discussion during the conference entitled “Captives 101”, honed in on this important information. It provided basic foundational knowledge and perspective regarding why captives are formed, as well as how the formation process works and what to expect in the first few years of forming a captive.
Growth in the captive market
There has been a great deal of excitement as the industry and captives solutions grow in solving risk management needs. We are seeing captives becoming even more mainstream than they’ve been in the past. 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 conference attendees widely acknowledged that growth is also being fueled by the movement of captives going downstream in the marketplace, as smaller insurance premium accounts evaluate captives as an attractive means to meet their needs. And there has also been a growing interest from specific industry groups, such as healthcare, as their business models change and captive versus traditional approaches becomes more attractive.
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 and collaboration and 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. For more information on our offerings, please visit www.orgig.com
