17 January 2014Analysis

Vermont governor congratulates captive sector

Governor Peter Shumlin extended his congratulations to the Vermont Captive Insurance Division and shared the state’s positive results during the Vermont Captive Insurance Association’s Legislative Day. He announced that 2013 saw 29 new captive come to the domicile.

He said: “2013 was a terrific year for captives in Vermont. I want to personally congratulate the Division for their hard work and welcome all of the new captives to the gold standard of domiciles.”

The new captives came from a diverse group of industries including healthcare, construction and transportation. 16 pure captives came to Vermont along with two industrial insured, three risk retention groups, three sponsored and five special purpose financial insurers.

Dave Provost, Vermont’s deputy commissioner of captive insurance said: “the quality of the 2013 licensee was outstanding. We’re very pleased to have them join the hundreds of excellent companies that have already chosen Vermont.”

Dan Towle, Vermont’s director of financial services, added: “the continued formation of hospitals' and doctors' groups setting up captives in Vermont has been a very positive trend that we expect to continue. Hospitals maintain a high interest in forming their captives on-shore and in Vermont.”