Speaking on the occasion of the Vermont Captive Insurance Division Day, Vermont governor, Peter Shumlin indicated that 32 new captive licenses had been issued in 2012.
The figure is slightly down on 2011 numbers, when 41 captives were licensed by the state, and comprises 28 pure captives, three sponsored captives and one risk retention group. While two captives have already been licensed in 2013.
Companies licensing captives included Deutsche Bank, Tyco and Allstate. The figures also showed a growing trend in non-profit captive formation.
Shumlin said: “we’re very pleased with the results for 2012. We will remain committed to preserving Vermont’s captive leadership role in 2013 with a priority on clarifying the ambiguities in the federal Dodd-Frank legislation, which have caused undue confusion for the captive insurance industry.”