RiverStone at VCIA – 60 Seconds Interview with Marcy Van Stee and John Bauer
There were nearly 100 companies exhibiting at VCIA, featuring the newest product and service developments for Captive professionals, what do you think RiverStone, being a new member, brought to the table?
Marcy: As a run-off specialist, I think RiverStone brought a new perspective on exit strategies for Captive owners. We have a lot of experience in whole or partial liability transfer and in reinsuring selected liabilities. We have a proven track record of working with regulators, and a culture of compliance, which makes RiverStone a safe pair of hands not only for captive owners, but also for policyholders, and regulators.
From a regulatory and legislative perspective, where do you think the biggest challenge lays within the Captive world and how can RiverStone help?
John: Two challenges stand out to me. First, I think captives are still seen as this niche that many people, including people experienced within insurance, don’t quite understand. Second, many captive owners are not “insurance people,” so to speak. Because we are an insurance company and have been engaged with other stakeholders (including regulators), we can help bridge some gaps that may exist. We can work with captive owners in navigating the insurance and regulatory landscape as they seek solutions to issues they are encountering, and we can work with regulators and legislators applying our experience and expertise in the more traditional insurance space to captive insurance.
And the biggest opportunity?
John: Our biggest opportunity relates to shaping the conversation and influencing the landscape around captives and captive regulation. Being part of Fairfax brings instant credibility, and being a run-off specialist allows us to explain what we can do with a certain authority. We can draw upon our background to explain where we can add value with respect to captive insurance. As we contribute to the captive industry and make connections within it, we can be seen as a “safe pair of hands” to policyholders and policymakers alike.
The VCIA experience is designed to educate new captive industry professionals, can you give us an overview of RiverStone’s contribution?
Marcy: Matt Kunish, RiverStone’s Chief Business Development Officer, had the opportunity to be part of a panel discussion centred on run-off and exit strategies for Captives. This is a timely topic and RiverStone is uniquely positioned to provide guidance and expertise as many captive owners are starting to consider exit strategies.
What sets VCIA apart from other industry events?
John: Despite its size (over 1000 attendees), the conference is very accessible for a newbie. The other attendees and conference staff are friendly and eager to assist. People want to engage with you, and the exhibit hall was an excellent example of that. It was a hive of activity! Plus, there was a nice mix of educational and networking sessions to ensure there is something for everybody.
Marcy: VICA brings together a myriad of professionals related to the captive space in a very supportive and collaborative manner.
And finally, tell us something we don’t know about Burlington VT
John: If you like craft beer, Burlington is one of the great hubs of American craft beer production. Also, there is a lot more to Vermont craft beer than Heady Topper (although Heady Topper is quite good).
Marcy: Burlington has a vibrant Al fresco summer dining scene!