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Stephanie J. Mapes Director


Office: 802.658.2311

Direct: 802.860.4136

Stephanie Mapes leads the Captive Insurance team. Her practice includes forming and advising clients with respect to pure and association captives, risk retention groups, protected cell captives, reciprocal captives, and other alternative insurance arrangements, including medical stop loss captives. Specifically, Stephanie assists her clients with respect to the captive tax, regulatory and legal ramifications of various transactions, entity structures, contract negotiations, and insurance programs.

Stephanie is a pioneer and recognized leader in the captive insurance industry, serving captive insurance clients and industry trade groups for over 30 years. She has experience in multiple industries and handling insurance solutions for some of the largest Fortune 500 companies and for middle market companies, with captives located in Vermont, New York, Connecticut, Kentucky, Missouri, South Carolina, and Arizona. Many of Stephanie’s captive clients are representative of the health care industry, and more recently, the medical stop loss captive industry. Stephanie’s captive team is complemented by the PF+C Insurance Services group which handles captive insurance claims work, claim audits, reinsurance disputes, policy drafting, and coverage opinions.

Stephanie is a member and Vice Chair of the board of directors of the Vermont Captive Insurance Association (“VCIA”), the largest captive insurance association in the world. She is also a long time member and past chair of the Legislative Committee of the VCIA, and more recently is assisting the VCIA with its strategic planning efforts. She is a member of the Government Affairs Committee of the National Risk Retention Association (“NRRA”) where she monitors and assists with local and national legislation affecting captives and risk retention groups, including initiatives by the National Association of Insurance Commissioners to regulate risk retention groups.

Stephanie is a frequent lecturer at captive insurance conferences, including the annual VCIA conference, and captive forums elsewhere in the U.S. and in Bermuda. She serves on the faculty of the International Center for Captive Insurance Education where she co-teaches a course on risk retention groups. She has also been a guest lecturer at Vermont Law School on the topic of captive insurance and serves on the Boards of Directors for many of the Vermont captive insurance companies represented by PF+C. Stephanie served as President of  Paul Frank + Collins from June, 2014 through June, 2019. Using appreciative process, Stephanie strategically guided the firm through its transition from its first 50 years of success into the next.  With her leadership, the firm is well positioned to blossom into the future, building upon the firm’s powerful strengths and root causes of success, and our ability to truly know and assist our amazing clients with their legal threats and corresponding opportunities in this ever changing world.

How Regulators, Lawyers, and RRGs View the Governance Standards in Vermont, by Christopher Diemel, Managing Editor, Risk Retention Reporter

Professional + Community

Champlain College Board of Trustees, elected Secretary/Clerk, 2007 – 2010 and presently serves as General Counsel to the Board of Trustees

Chittenden County Bar Association

International Center for Captive Insurance Education (“ICCIE”), Faculty and Curriculum Committee, Faculty Member, 2007 – Present; Board of Directors, 2011 – 2014

National Risk Retention Association (“NRRA”), Member, Government Affairs Committee

Vermont Bar Association

Vermont Business Roundtable, Board of Directors 2016 – present; Secretary, 2017

Vermont Captive Insurance Association

  • Board of Directors, 2018 – Present, Board Chair, October 2020 – Present
  • VCIA Conference Committee, past member and past Chair
  • VCIA Legislative Committee, current member, past Chair

Leadership Champlain Alumni, Lake Champlain Regional Chamber of Commerce

Lake Champlain Regional Chamber of Commerce, Member, Board of Directors + Executive Committee


Chambers & Partners (USA) 2007-2016

Representative Captive Experience

Cell Captives; and Cell Participants

Incorporated Cells

Conversions of Existing Captives to Cell Captives

Risk Retention Groups, large and small

Formations and Dissolutions

Mergers, Conversions and Redomestications, both domestic/onshore and involving offshore captives

Transfers of Captive Insurance Company Business; Namely, Loss Portfolio Transfers, Novations and Commutations