Vermont Captive Insurance Leader Crouse to Retire

January 22, 2008

Leonard Crouse, Vermont deputy commissioner of Captive Insurance
and a fixture in the state’s captive insurance industry for 18 years, has announced his plans to retire effective June 1.

For more than 30 years Crouse has been a nationally recognized leader in insurance regulation and has been credited as a key figure in advancing the captive insurance industry both nationally and in Vermont.

“We thank Len for his extraordinary and exemplary service to Vermont, and wish him well,” said Governor Jim Douglas. “Len has been a credit to the state, and has been a tremendous asset
and important contributor to our success in the captive industry. He set the bar high for Vermont and we are fortunate to have time to conduct a thorough search for a worthy successor.”

The Captive Insurance Division is housed in the Vermont Department of Banking, Insurance, Securities & Health Care Administration (BISHCA). The deputy position oversees the Captive Insurance Division and is responsible for the administration and regulation of captive insurance companies and risk retention groups.

BISHCA Commissioner Paulette Thabault said the division is staffed to “maintain the regulatory continuity and momentum” as it seeks a new director.

Thabault said the search is already underway.

Crouse has served as deputy commissioner of the captive unit since May of 2003. Prior to his appointment, he was Vermont’s director of Captive Insurance since May of 1990, and before that was chief examiner of the Property and Casualty Division of the Massachusetts Insurance Department.

“I am very grateful for the opportunity to have served the people of Vermont,” said Crouse. “As I head toward retirement on June 1, I feel very good about the position of the captive industry in Vermont and its future success. I have worked very happily and very hard in this role for a very long while. It’s just time to go. ”

During Crouse’s tenure, nearly 600 companies have been licensed in Vermont and he became recognized as a leading authority in the industry. He has written a number of articles for various trade publications, served on several committees of the National Association of Insurance Commissioners and was a frequent presenter at captive insurance events across the country.

Last year he was honored for his contributions to advancing the captive insurance industry with the 2007 Distinguished Service Award presented at the Captive Insurance Companies Association International Annual Conference.

A captive insurer is a company that is owned or controlled by its policyholders.

Vermont is the largest captive insurance domicile in the United States and second largest in the world in terms of gross written premium, with $13 billion in 2007. 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.

Source: BISHCA

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