One of the most respected figures in the captive insurance industry, David Provost, has announced he will retire at the end of the North American summer.

The Deputy Commissioner of the Captive Insurance Division at Vermont’s Department of Financial Regulation (DFR), Provost has more than 30 years experience in captive insurance.

DFR said that the announcement was being made now to ensure a “smooth transition” to new leadership within the department.

Provost is well regarded in the captive industry and in Vermont, with both current Governor Phil Scott and former Governor Douglas paying tribute to him.

“We wish Dave all the best in his future and we thank him for his immeasurable contribution to Vermonters and businesses around the world,” Governor Scott said. “We are committed to appointing a replacement that will maintain the tone and standard Dave has set in Vermont.”

“At the time we charged Dave with maintaining Vermont’s status as a global leader in the industry. We didn’t want to fall behind. Not only did Dave maintain our gold standard, but he’s kept Vermont on a constant upward trajectory as a visible leader and innovator. He’s a true public servant; I’m grateful for his hard work,” Former Governor Scott said.

While he will be missed by many in the captive industry, Provost said the time was right for him to go.

“There’s never really a good time, but the time is right for me.  I’m confident that the bench in the Captive Division will support the next deputy’s success,” Provost said.

On his plans for retirement, Provost said he wants to take up painting and advance his guitar skills. Although he is retiring, he said he plans to still stay involved with the captive industry “in smaller ways”.

“I plan to become a hermit. I’ve been practicing for years,” he joked.