Derick White has accepted a position within the captive insurance community in Vermont and will leave his position as Director of Captive Insurance on January 31, 2008. Mr. White has been with the department for the past 15 years.
"We thank Derick for his exemplary service to Vermont," said Governor Jim Douglas. "He has represented the state well and has been a tremendous asset and important contributor to our success in the captive industry."
During White's tenure, nearly 600 companies have been licensed in Vermont. White built a reputation as an industry authority on regulatory matters and was a frequent presenter at captive insurance events across the country.
Peter Raymond, CPA, CFE has been promoted to the Director of Captive Insurance within the Vermont Department of Banking, Insurance, Securities, and Health Care Administration.
Raymond has been an examiner with the department for 16 years. He has been involved in the process of reviewing new captive applications and has been responsible for organizing and directing the operations of the 23-person examination staff.
Prior to joining the Captive Insurance Division, Raymond worked as an Assistant Vice President of a captive management company and with a CPA firm.
"We are pleased to have Peter accept this new role," said Governor Douglas. "His experience will provide for a seamless transition within the Captive Insurance Division."
Sandy Bigglestone, CPA, CFE replaces Raymond as the Director of Financial Examinations. She brings over 10 years experience within the department to the position and previously held the position of Chief Examiner.
"We have a very talent staff and I am excited about this opportunity for Peter and Sandy," said Len Crouse, Deputy Commissioner of Captive Insurance. Raymond joins Crouse as one of the top two regulators in Vermont with a combined 50 years of regulatory experience.
"Len and his team will continue to be the most experienced and qualified captive regulatory staff anywhere and we are committed to providing outstanding service to the industry," said Governor Douglas.
Vermont is the largest captive insurance domicile in the United States and second largest in the world in terms of gross written premium, with $11.55 billion in 2006. Vermont is also home to 44 of the companies that make up the Fortune 100, and 19 of the companies that make up the Dow 30 have Vermont captives.
Learn more at www.VermontCaptive.com