N.J. captive insurance chief to join Vt. insurance division

Crosby L. Sherman is leaving as chief of captive insurance in the New Jersey Department of Banking and Insurance to become deputy commissioner of the Insurance Division in the Vermont Department of Financial Regulation.

Mr. Sherman, a native of St. Johnsbury, Vt., began his regulatory career in the Vermont agency in the 1980s as an examiner of property/casualty, life and captive insurance companies. Among other things, he oversaw domestic insurer and captive examinations and was involved in the early stages of the Vermont captive domicile.

In a statement Monday, Susan L. Donegan, commissioner of the Vermont Department of Financial Regulation, said, “We are excited to welcome Crosby back home to DFR and look forward to utilizing his vast expertise in the insurance field.”

The commissioner noted that Mr. Sherman has experience in all aspects of insurance regulation, “particularly solvency regulation, which is DFR’s highest priority for consumer protection.”

Mr. Sherman will join the Vermont department July 8.