18 September 2017Law & regulation

Vermont reaches 1,100 captive license milestone

Vermont’s Department of Financial Regulation (DFR) has announced that it has licensed Vermont’s 1,100th captive insurance company.

AssureCap Indemnity was licensed as a sponsored captive insurance company and is headquartered in Schaumburg, Illinois. It was formed by Assurance Agency, which is now the largest independent insurance brokerage in Illinois. Assurance creates value by minimising risk and maximising health for 6,000 businesses and individuals across the country.

Vermont Governor Phil Scott said he was proud of the milestone and expects even more good things to come. “We are proud to celebrate this significant accomplishment. As we focus on growing Vermont’s economy we continue to value the role the captive industry has in those efforts, so we are not resting on our laurels.  My administration is committed to keeping Vermont at the forefront of serving this industry and keeping Vermont’s reputation as the “Gold Standard” of captive domiciles,” said Gov. Scott.

Daniel Klaras, president of Assurance Agency, said that Vermont was an easy choice.  “We know how important it is to be in an environment that has an established track record with proven experience,” he said. “So when we compared experience, governmental support and the state’s long-standing tradition of quality regulation, we knew Vermont was the place to be.”

DFR Commissioner Michael Pieciak agreed and noted that this is a significant milestone in the state’s financial services history.   “Vermont’s captive insurance law has been called the ‘gold standard’ by trade press for its consistency in keeping pace with the changing needs of the industry over the past 36 years, and it has been used by other domiciles as a model of regulation,” he said. “Vermont is proud of its reputation in the captive world and we’re happy to welcome AssureCap Indemnity to the Vermont captive family.”