Vermont licensed 33 new captives last year, bringing the state’s total of licensed captives to 911, according to the Department of Banking, Insurance, Securities and Health Care Administration.
The new captives formed include 19 pure captives, nine special purpose financial captives, four new risk retention groups and one industrial insured captive.
“It is very gratifying to see the growth in new licenses in 2010,” said Dan Towle, director of financial services. “We are continuing to see companies take control of their own risk by forming captive insurance companies, despite the soft commercial insurance market,” he added.
Some of the companies that formed captives in the state last year include NBC Universal, PricewaterhouseCoopers, Aetna, Procter & Gamble, Crowe Horwath, Towers Watson and Nationwide Financial Services.
Captive insurance companies formed by the healthcare industry to ensure their unique risk continue to be one of Vermont’s fastest growing sectors. New healthcare captives in the class of 2010 include those formed by: EmblemHealth, Albert Einstein Healthcare Network, a group of Midwestern Physicians, Nursing Homes & Home Healthcare Agencies, and a group of New Hampshire Hospitals. “Vermont will not rest on its laurels and we remain committed to being the gold standard of domiciles,” said Gov. Peter Shumlin. “Vermont is aggressively pursuing new opportunities to expand the captive industry. While some of our domestic competitors have reduced their commitment to promoting and regulating captives, Vermont is investing in this valuable sector of our economy.”
Vermont is the largest captive insurance domicile in the U.S. and the third largest in the world, with an excess of $17 billion in gross written premium estimated in 2010.
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