Liberty Mutual has now received regulator approval to set up captives in the United States through its Vermont-based Liberty Mutual Management LLC office.
Liberty Sponsored Insurance (Vermont) Inc. will serve as a rent-a-captive facility for businesses seeking an alternative to traditional insurance approaches. It will also provide reinsurance and deductible reimbursement plans. LSIV will operate out of – and receive captive management services from – the company’s newly established captive management office in South Burlington, Vt.
“We have long targeted Vermont for our sponsored captive because it meets two of our key client demands,” said Peter J. Willitts, president of Liberty Mutual Management Services. “First, Vermont protects our participants’ assets with laws similar to those in Bermuda which maintain the legal segregation of assets within the sponsored captive. Second, Vermont regulations allow us to write the types of insurance transactions and lines of business that our clients want us to provide.”
Liberty Mutual’s entry into the on-shore arena expands the captive marketplace in the United States and provides access to the company’s full suite of products domestically and abroad.
“Let me congratulate Liberty Mutual for the establishment of a sponsored captive facility in Vermont,” said Gov. Jim Douglas. “Meeting the complex requirements of Liberty Mutual illustrates the flexibility and strength of Vermont’s captive laws, and we wish them continued growth and success with their Vermont operations.”
Brokers and clients can reach Kathryn Boucher in Vermont at (802) 343-2488 or by e-mail at firstname.lastname@example.org.
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