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David White
Why Vermont? edHEALTH’s Captive Management Leader Explains the Benefits
Oct 7

Inquiring minds want to know: Why is edHEALTH’s stop-loss subsidiary, Educators Health Insurance Exchange, based in Vermont? David White, Vice President for American International Group’s (AIG’s) U.S. Captive Management Services, filled us in. “Vermont was one of the first states in the nation to establish captive-enabling legislation, and as a result, the regulators have deep expertise in the industry,” he said. “Vermont state employees are helpful to the captive industry, offering support, guidance, and a quick turnaround.”

Vermont’s responsive and business-friendly philosophy helps promote a captive insurer’s agility. “When a captive wants to make a material change to its business plan, state regulators and captive managers work together to get it done,” said David. New lines of business, changes in investment policy, increased stop-loss limits, and service provider changes all require regulatory approval. edHEALTH’s Captive Subscribers Advisory Committee decided to assume more risk a couple of years ago, and AIG, edHEALTH’s Captive Manager, worked with the Vermont regulators to facilitate that change. “The Vermont Captive Insurance Association (VCIA) recently appointed Tracy Hassett (edHEALTH’s president) to its Board, and that’s beneficial to edHEALTH’s business needs as her active involvement increases edHEALTH’s visibility to the Vermont regulators,” said David.

David White is a Certified Public Accountant and an Associate in Captive Insurance. He joined AIG in 2001, having become familiar with the captive industry when he audited captive insurers at his previous KPMG position. The AIG staff of over 20 professionals provides day to day management services to over 100 captive clients, including edHEALTH.

“I am proud of the day to day accounting and reporting services that my fellow AIG employees, Joe Percy and Abigail Donze, provide to the edHEALTH organizations,” said David. “Their reporting has been accurate and on time which helps keep us compliant and running smoothly.” In 2017, AIG also assumed financial accounting services for our parent company, edHEALTH LLC. For both entities AIG prepares quarterly financial statements and annually coordinates with outside independent auditors to make sure the financials are correct. Their staff also participate in board meetings, issue monthly invoicing, and because the captive is regulated, completes compliance reporting for the state of Vermont.

“David White has been an important asset to our school members/owners and the Board,” said edHEALTH president, Tracy Hassett. “He and his team helped us launch the captive, and have been true partners in helping us manage the organization.”

“edHEALTH is one of my favorite clients because it is a nonprofit that helps higher education institutions reduce their faculty and staff health insurance costs, improves schools’ bottom lines, and promotes employee health,” said David. “edHEALTH approaches challenges creatively, such as their frequent all-member virtual meetings during the pandemic; population health initiative for high-risk patients; and popular Walking Challenge. Its smart and strategic approach to bending the healthcare cost curve and promoting member school collaboration provides a real service to the higher education industry.”

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