Vermont added 41 new captive insurance companies last year, bringing the total number of licenses to 952, with 590 active captive insurance companies, according to data released by the Vermont Banking, Insurance, Securities and Health Care Administration.
It was the sixth year that the state surpassed the 40 new captives licensed mark.
Thirty were single parent captives, with six risk retention groups (RRG), three sponsored, one industrial insured, and one association.
“One of the most exciting aspects of 2011 and a perennial key to our success is the high quality of companies that we are privileged to work with,” said David Provost, Vermont’s deputy commissioner of captive insurance. “We’re also seeing the State’s continued investment in staff helping us continue to provide outstanding customer service. That’s very much a part of what keeps Vermont the Gold Standard.”
“This strong year is testimony to our continued commitment to maintain Vermont’s reputation as the Gold Standard of domiciles,” said Governor Peter Shumlin. “While other states continue to falter, Vermont’s stability and support has never wavered. We will continue to address the needs of the industry going forward and will not rest on our laurels.”
The top industries licensing captives in the past year in Vermont were insurance, hospitals and medical groups and manufacturing. Vermont was also busy with activity in risk retention groups which continue to be a growth sector.
“Vermont is the leader in RRG’s and that trend has been a constant. Another area of growth has been in redomestications of existing captives from other states and jurisdictions. We continue to hear that Vermont provides the greatest value for your captive insurance company,” said Daniel Towle, director of financial services.
As 2012 begins, two new captives have been licensed and there are already four applications pending according to Towle. “The overall market may be soft, but it is also very dynamic and we expect good things to come from 2012.”
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