The State of Vermont licensed 24 new captives in 2017, bringing its total to 1,112, with 566 active captive insurance companies.
The new captives included 11 pure captives, five sponsored captives, three risk retention groups (RRGs), three special purpose financial insurers, one branch captive and one industrial insured captive.
Some of the new and notable captives include Life Time Fitness, AAA Northeast, Barclays Group US, and Bright Horizons Family Solutions.
2017 also showed continued growth in the healthcare sector, which represents the largest industry sector in Vermont for captive insurance, with 100 active captives and five new captives formed.
This included Practice Protection Association of America, Assurance Agency, Northwell Health, Pharma Management Enterprises and Inspirien Holdings.
Three of the new licenses were RRGs, bringing the active total to 90.
The quality of Vermont’s 2017 licensees was outstanding,” said David Provost, Vermont’s Deputy Commissioner of Captive Insurance. “Vermont’s focus will always be licensing quality companies and regulating them in an appropriate manner commensurate with their risk.”
Ian Davis, Vermont’s Director of Financial Services said that “the new licensing activity in 2017 reflected a wide diversity of lines being written and industries served, highlighting our state’s ability to evolve and meet the risk management needs of the market. We are not resting on our laurels and are already off to a great start in 2018.”
Sandy Bigglestone, Vermont’s Director of Captive Insurance, noted that “a significant part of what makes Vermont so attractive is the expertise of our staff when it comes to analysis and examinations, and that we employ our own examiners, which keeps exam costs reasonable for our captive and Risk Retention Groups.”
Vermont Governor Phil Scott stated: “It’s great to see another strong year of growth for captive insurance in Vermont. This industry continues to be an incredible example of how our state can support growth in important business sectors. As my Administration focuses on growing the economy and making Vermont more affordable, we recognize the important role the captive industry plays in those efforts and remain committed to strengthening our ‘Gold Standard’ reputation.”
Vermont, Captives, Licenses, Healthcare, RRGs, David Provost, Ian Davis, Phil Scott, Barclays, North America