The Vermont Department of Financial Regulation licensed 14 new captives since the beginning of 2015.
The newly licensed captives include seven pure, three risk retention groups and one special purpose financial captive, as well as one industrial insured, one sponsored and one association.
Three of the new captives are from the healthcare sector and five have been redomesticated from other domiciles.
Healthcare is still one of Vermont’s best-performing sectors, with 96 hospital and doctors’ groups owning Vermont captives. This makes it the second largest sector for captives in Vermont, behind manufacturing which has 100 captives.
Dave Provost, Vermont’s Deputy Commissioner of captive insurance, said: “This strong start to the year is encouraging. Considering there are more choices than ever to domicile your captive - I am glad that when quality companies evaluate their options that they choose Vermont.”
Dan Towle, director of financial services for Vermont, said: “We strongly encourage existing and new captives to perform proper due diligence when comparing domiciles. It would appear that companies are doing just that, as we are currently experiencing a very large amount of redomestications.”
As well as healthcare and manufacturing, other sectors with newly licensed captives include construction, professional services, non-profit, education, retail, insurance and trucking. Notable captives include PricewaterhouseCoopers, Sycracuse University and Marubeni Corporation and Cummins.
Vermont Department of Financial Regulation, Dave Provost, Dan Towle, North America