Courthouse Plaza
199 Main Street
Burlington, VT 05401
ph: 802-863-2375
dir: 802-863-2375

Pioneering captive insurance attorney.

Attorney Kathy Davis has been at the forefront of the captive insurance industry in Vermont and the U.S. for more than 30 years, having begun her practice in 1982 shortly after the Vermont Legislature provided the framework for captive formation. As leader in the industry, she has advised hundreds of captive insurance companies on formation and operational issues. Vermont is the largest U.S. captive domicile and second in the world in terms of assets held by captives.

A leader in the captive insurance industry and a leader in the firm.

Kathy heads Downs Rachlin Martin’s captive insurance practice, which represents traditional insurers as well as more than 100 organized and operating single-parent and group captive insurance companies. Kathy's insurance practice involves all matters raised by the organization, licensing, and initial capitalization of captives and other alternative risk transfer mechanisms, as well as governance issues that arise after commencement of operations. Many of Kathy’s clients are tax-exempt organizations.

Kathy also provides counsel in relation to ongoing regulatory compliance under the federal Liability Risk Retention Act of 1986, the various states' insurance laws, and the wide variety of tax and contract issues that arise in connection with the provision and purchase of insurance and reinsurance. In this capacity, Kathy serves as general counsel to a large number of group captive insurers and maintains a general administrative and corporate practice.


Kathy focuses on transactional documents, including all types of policies and reinsurance agreements and termination or transfer of such agreements. Some of her most recent projects include:  

  • Novations of insurance agreements upon disaffiliation by a hospital within a healthcare system from a Vermont RRG to an offshore-fronted program, including associated collateral transfer.
  • Transfer of a “cell” within a Vermont-sponsored captive to a new pure captive.
  • Negotiation of “fronting” agreements with carriers including Old Republic, CNA, Zurich, Royal Sun Alliance, ACE.  
  • Conversion of an association captive to a sponsored (protected cell) captive.  
  • Transfers of liabilities from a dissolving captive insurer to a liquidating trust (upon sale of parent company, with all insurance liabilities excluded from the sale).  
  • Commutation and Release Agreements with numerous carriers when captives are ready to dissolve and liquidate.
  • Loss portfolio transfer (“LPT”) agreements.
  • Mergers of two captives - Vermont, Bermuda, South Carolina, and Hawaii (in and out of each domicile).
  • Redomestications of captives from one domicile to another.
  • General representation of over 100 captives, as either general counsel or domiciliary counsel. 

Boston University School of Law, J.D., 1982
Middlebury College, B.A., 1978
Phillips Exeter Academy, 1974

Admissions & Clerkships

U.S. District Court, District of Vermont, 1982.

Vermont, 1982

Memberships & Activities
  • Chittenden County Bar Association
  • Vermont Bar Association
  • Serves on the board of directors and as Chair of the Audit Committee of the Union Mutual Fire Insurance Company.
  • Served a six-year term on the board of directors of the National Risk Retention Association, and a past member of the Board of Directors of the Vermont Captive Insurance Association.
Accolades & Awards
  • Listed in Best Lawyers in America for Corporate Law © 2021-2022 
  • Kathy received the AV Preeminent® Peer Review Rating™ from Martindale-Hubbell®, the highest rating possible from one of the oldest and most prestigious lawyer-ranking organizations, and she has been recognized as one of Vermont's top captive insurance attorneys in Chambers USA continuously since 2011.
  • Received, with others, the Vermont Captive Insurance Association’s 2007 Industry Service Award for “her career-long commitment to the growth and vitality of the captive insurance industry within the state of Vermont.”
Community Involvement
  • Vermont YWCA, former board member
  • Champlain Valley Crimestoppers, former board member
Publications & Presentations

Kathy often speaks on topics of interest to captive insurers, including risk retention groups, at national captive insurance conferences.

Also see:

  • Captive Insurance Update: 2014 Issue No. 1 (07/31/2014)
  • Compliance Issues for Captives: State Taxation, Regulation and the Nonadmitted and Reinsurance Reform Act of 2010, DRM Webinar (12/15/2011)
Courthouse Plaza
199 Main Street
Burlington, VT 05401
ph: 802-863-2375
dir: 802-863-2375
Captive Insurance Update Spring 2021
Captive Insurance Updates sidebar graphic

Before sending, please note: Information on is for general use and is not legal advice. The mailing of this email is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Anything that you send to anyone at our Firm will not be confidential or privileged unless we have agreed to represent you. In particular, please note that Downs Rachlin Martin’s Labor & Employment Group exclusively represents employers/management in labor and employment matters. Employees seeking assistance with labor or employment issues should contact a law firm that represents employees and should not provide information about your situation to DRM.

If you send this email, you confirm that you have read, understand and agree to the terms contained herein.