Vermont Welcomes Its 700th Captive

September 28, 2004

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 milestone licensed captives 300, 400, 500, 600 and now 700.

Iermont began 2004 with 674 licenses having had 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 twenty years has been heard loud and clear”, said Governor Jim Douglas. “Rest assured that Vermont will continue to offer a stable regulatory environment, governmental officials that are accessible, and world-class professional support services to the next 700 captives as well”, added Douglas.

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