Vermont Captive Insurance Association (VCIA) president Rich Smith has announced his resignation.

Having served as president of the VCIA since 2009, Smith has taken the decision to step down from the post at the beginning of 2022.

Stephanie Mapes of Paul Frank + Collins who serves as VCIA board chair, extended her thanks to Smith for his leadership. “Rich has been a pleasure to work with. He has skillfully led the VCIA with a steady hand during some very turbulent times,’ she said. ‘The VCIA Board truly thanks Rich for his hard work and deep commitment to the Association.’

Commenting on his departure, Smith said: ‘It has been an honour to have worked the past 12 years in the captive insurance industry as part of the great team at the Vermont Captive Insurance Association. Captive insurance is more than an industry sector – it truly is a community that seeks to help each other for the good of the whole. I will miss working with such dedicated and wonderful people and treasure the friendships I have made.

The captive industry is booming with near record licensed granted last year and more terrific results expected this year. the past two years have been challenging with the COVID-19 pandemic, but the next years look extremely bright. For myself, I felt like it was important to refresh – both personally and for the association. I look forward to working with VCIA’s board of directors in a smooth transition in onboarding the new president. My deepest thanks to everyone who provided their time and energy these past years.’

It is understood that the VCIA board of directors has commenced a formal search to focus on identifying VCIA’s next president, with their top priority being to ensure a smooth transition process to aid in the continued success of the organisation.