SB&T Captive Management Company of Burlington, Vt. announced the formation of a new sponsored captive insurance company, American Vista Insurance Company, licensed in that state.
The new company will provide alternative risk management services for Vermont agents and brokers. According to SB&T president and CEO Roger Teese, American Vista was formed to meet growing demand for alternative risk programs as traditional markets harden.
In a sponsored captive, policyholders may utilize “cells” of a captive insurance company, without actually owning the insurance company. This provides insureds and insurance brokers with an advantageous alternative for placing portions of their coverage outside of the traditional marketplace. This sponsored captive is an ideal vehicle for municipalities seeking to place their employee benefits. It may also be utilized by other entities for all property and casualty lines, including workers compensation.
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