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 * Sections
   * Critical Risks
   * Risk Management
   * The Insurance Industry
   * Claims & The Law
   * Workers’ Comp Forum
   * Risk Insiders
   * Sector Focus
   * .
   * Risk Central
   * Power Broker
   * Risk Matrix
   * Risk Scenarios
   * Risk All Stars
   * Theo Award
   * Sponsored Content
   * Branded Webinars
 * Magazine
   * Digital Issue
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   * Subscribe
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   * National Ergo & Ergo Expo
 * Advertise
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NICHOLAS MENDEZ STEPS IN AS NEW CEO OF ONE CALL

The latest people news in the industry today.
By: R&I Editorial Team | January 16, 2025
Topics: People on the Move



One Call has announced the appointment of Nicholas Mendez as its new Chief
Executive Officer, effective from the week of February 10th. Mendez will succeed
the current CEO, Jay Krueger, who will be stepping down but will continue to
support the company until the end of June 2025.

“It is an honor for me to have the opportunity to lead this organization,”
Mendez said. “I’m grateful for the work that Jay and the rest of the leadership
team have done to position One Call for growth. I look forward to working with
the executive team and the talented, passionate colleagues on the next chapter
of the company’s evolution.”

With over three decades of health care experience, Mendez has served in various
roles, including Chairman and CEO of Innovative Renal Care. His diverse
experience spans medical products and devices, chronic disease, consumer-facing
technology, orthopedics and supply chain management. In his new role, Mendez
will also serve on the Board of Directors. &

The R&I Editorial Team can be reached at mediacontact@theinstitutes.org.





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SPONSORED: STATE OF VERMONT



VERMONT’S FUTURE IS GOLDEN

Challenging market conditions are driving insureds to captives. Vermont offers a
reliable domicile.
By: State of Vermont | November 21, 2024

Hard markets in commercial insurance lines have been a problem for years now.
Many lines don’t show signs of softening, though some, like cyber, have ebbed
over the past few years.

High claims volumes and costs have caused carriers to tighten terms and
conditions, introduce new exclusions and increase premiums. A variety of
different risks are included in this market tightening, and it’s affecting both
public and private companies.

As Sandy Bigglestone, deputy commissioner for the State of Vermont’s captive
insurance division, explained, schools, churches and other nonprofits are
contending carriers are “excluding sexual abuse and molestation from coverage
for a lot of these types of entities. These organizations understand the risk
and the public needs to have confidence the organizations are addressing the
risks, so they must have the coverage.”

Though many commercial lines are affected, property has perhaps been hit the
hardest. Increased claims, inaccurate property valuations and other challenges
have caused insurers to tighten their books in recent years. 2024’s spate of
hurricanes will likely make matters worse.

“There continues to be challenges in the commercial market,” Bigglestone said.
“Some companies are coming to us with risks that they say they’ve been
self-insuring on their balance sheet, and why not transfer that to a captive to
receive greater benefits?”


CONSISTENCY AND STABILITY

Sandy Bigglestone, Deputy Commissioner for the State of Vermont’s Captive
Insurance Division

With the commercial insurance market so unstable, companies are turning to
captives to house their exposures. Vermont, a long-time domicile, is getting
increased attention because of their strong reputation and their leadership as
the top domicile worldwide.

“All stakeholders enjoy the stable political and regulatory environment Vermont
has to offer to operate in,” Bigglestone said.

Of course, a lot of consideration goes into deciding whether or not a captive is
the right choice for a particular company. Businesses need to assess their
exposures and their books to make sure they can adequately operate a captive.

There are significant advantages, however. “For low frequency, high severity
risks, captives can access the reinsurance markets directly, so it’s very
attractive for businesses to put a captive in place,” Bigglestone said.

And carriers are more accepting of captives as part of a broader insurance
program.

“Captives are changing the relationship businesses have with commercial
carriers,” Bigglestone said. “Commercial carriers are wanting to see companies
with skin in the game; therefore, the relationships have evolved to be less
transactional and more strategic.”


BALANCING BUREAUCRACY

With 76 global domiciles, companies have a lot of options when it comes to
selecting a captive partner. “Captive insurance domiciles compete globally for
the business,” Bigglestone said. “If you were to put all 7,000-plus captive
insurance companies around the world, all in New York, it wouldn’t have the same
economic impact as 700 captives in Vermont does. The captive insurance industry
is very important to our state and we will continue to support it in any way we
can.”

Businesses should look for domiciles that balance a need for quality regulations
with a process that isn’t overly bureaucratic and is seamless for business
owners to navigate.

“Companies are attracted to an environment with quality regulatory standards and
a stable regulatory environment,” Bigglestone said. “Vermont sets the regulatory
standard in terms of financial analysis and examinations.”

In addition to quality regulations, firms will want to seek out a domicile that
is agile enough to license captive insurance companies that fit their unique
needs. It is important that a domicile have firm but fair regulation and the
experience to consider new ideas and implement them. Companies must consider a
variety of factors when choosing a domicile and not everyone will be the right
fit for every company.

“You have to consider the captive owner and the industry sector that that owner
operates in, as well as the insurance risks that are going into the captive
program,” Bigglestone said. “Captive laws and regulations have to have a
reasonable degree of flexibility to accommodate all the varying needs of owners
and then impose rules based on the merits of each captive program.”

She added that creativity is a critical part of the process: “The ability to vet
concepts and ideas with trusted individuals is key to having quality standards,”
Bigglestone said. “And it can make captives appealing to insureds who are tired
of commercial carriers not meeting the needs of the business, and who desire
more control over their insurance programs.”

“When you think about the commercial marketplace, commercial insurers are
supposed to operate in each jurisdiction in a competitive manner. Commercial
carriers often look the same. They sell auto coverage to anyone with a driver’s
license. The rules and regulations imposed upon commercial insurance companies
are designed to be more formulaic for that reason,” Bigglestone said.

“Uniform regulatory standards apply to commercial carriers for the protection of
the policyholders. These are standards all insurance regulators focus on, and
standards captive insurance regulators need to understand, but with a
specialized focus.”


A QUALITY DOMICILE BUILT FOR THE FUTURE

A combination of experience, regulatory standards and talent make Vermont a top
domicile for companies looking to form a captive. The longevity of licensing
captive insurance companies for over forty years is a testament to the quality
work they’ve provided in the past and will continue to provide for many years to
come.

Vermont’s reputation has helped the state attract and retain top captive talent,
ensuring the businesses it serves are in good hands. The state has 32 employees
dedicated to captives, and their average employee retention is 15 years. The
Vermont Captive Insurance Association, the largest captive insurance trade
organization, also helps companies connect with professional services needed to
make their captive successful.

“There’s a whole host of service providers with proven expertise right here in
Vermont,” Bigglestone said.

Taken together, Vermont’s resources, expertise and talent make it a prime
domicile. They’ve been on a growth trajectory over the last few years and that’s
unlikely to change anytime soon. Companies can trust their captive will be in
good hands when they choose Vermont.

“Vermont has always competed on quality,” Bigglestone said. “We do have a
mission and that hasn’t changed in over 40 years. It’s to maintain a system, or
domicile that attracts quality business to Vermont, to promote our reputation in
the industry, and to uphold a regulatory framework to protect the solvency of
the companies that choose to place their business here.”

To learn more, visit: www.vermontcaptive.com





This article was produced by the R&I Brand Studio, a unit of the advertising
department of Risk & Insurance, in collaboration with State of Vermont. The
editorial staff of Risk & Insurance had no role in its preparation.

The State of Vermont, known as the “Gold Standard” of captive domiciles, is the
leading onshore captive insurance domicile, with over 1,200 licensed captive
insurance companies, including 48 of the Fortune 100 and 18 of the companies
that make up the Dow 30.







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