Zurich North America has selected Vermont as the domicile for a new sponsored cell captive company, according to the Vermont Department of Financial Regulation. The captive, Hoplite Reinsurance Company of Vermont, is Vermont’s 1,052nd license.
“We are delighted that Zurich has chosen to open their captive insurance company in Vermont,” said Vermont Gov. Peter Shumlin. “Their strong reputation in the insurance industry is a terrific addition to Vermont’s world-class captive insurance companies.”
“Setting up a sponsored cell captive insurance company in Vermont provides a great opportunity for Zurich to deliver additional loss-sensitive solutions to our customers,” said Steve Bauman, senior vice president and head of Captive Services for Zurich’s Global Corporate in North America. “Vermont is the leading on-shore domicile, and its reputation as the ‘Gold Standard’ makes it an attractive choice for us to deliver this product.”
“It is a feather in Vermont’s cap when a leading company in the insurance industry chooses your state for its domicile,” said Dan Towle, director of Financial Services for the State of Vermont.
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