VERMONT WELCOMES ITS 700TH CAPTIVE:

Helmerich & Payne Corporation, an energy-oriented company engaged in contract drilling, primarily in the U.S. and South America, has established Vermont’s 700th captive insurance company, according to the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA). “The key factor in our selection of a captive domicile was the dedication the state had to the success of its captive industry,” said Hans Helmerich, president, Helmerich & Payne Inc., and White Eagle Assurance Company. Vermont began licensing captive insurance companies in 1981. During both Deputy Commissioner Len Crouse and Director of Captive Insurance Derick White’s tenure. Vermont has reached milestones in licensed captives of 300, 400, 500, 600 and now 700. Vermont began 2004 with 674 licenses after a record year of 77 new captives in 2003. “This benchmark gives Vermonters a strong sense of pride and achievement that our commitment to this industry for over 20 years has been heard loud and clear,” Gov. Jim Douglas said.