Vermont hails 2025 captive growth
The Vermont Department of Economic Development (DED) has announced that 2025 ranks among the top three growth years in Vermont’s captive insurance industry since captive legislation was enacted in 1981, marking six consecutive years (2020–2025) among the top ten growth years and underscoring Vermont’s sustained leadership and stability amid global market change.
In 2025, Vermont licensed a total of 51 new captive insurance companies, bringing the total number of active captives to 707. Early indicators suggest continued momentum, with 4 new captives licensed in the opening weeks of 2026.
“Vermont’s strength as a global captive domicile lies in its consistency, expertise, and forward-looking approach,” said Department of Economic Development commissioner Lyle Jepson. “Our commitment to sound regulation and high-quality service remains unwavering.”
Throughout the year, Vermont continued to receive national and international recognition for excellence in captive insurance regulation and industry leadership, including being named International Domicile of the Year by Captive Review for a fourth consecutive year, reinforcing the state’s visibility and influence in the global captive insurance market. These honours reflect the depth of experience within the Department of Financial Regulation (DFR), its collaborative partnership with DED, and the strength of Vermont’s broader captive community, including the Vermont Captive Insurance Association (VCIA).
“While the industry continues to evolve, Vermont’s foundation is strong,” said DFR Commissioner Kaj Samsom. “Our experienced regulatory team remains focused on regulatory clarity, innovation, and service. This continuity ensures that captive insurance companies can navigate change with confidence in an increasingly complex risk environment.”
Vermont’s global reach remained a defining characteristic of the captive sector in 2025, with new formations representing a diverse mix of domestic and international owners across Europe, North America, and other key markets. With international ownership now at approximately 90, Vermont’s long-standing reputation as a trusted, well-regulated domicile in an increasingly global risk environment is firmly established. Vermont’s regulatory framework, depth of expertise, and consistent approach continue to attract multinational companies seeking stability, transparency, and credibility in the international marketplace.
“Vermont’s success in the captive insurance market is built on decades of regulatory expertise and the dedication of an exceptionally experienced team working in close partnership with industry,” said Christine Brown, DFR acting deputy commissioner of captive insurance. “Even as leadership evolves, our team’s commitment to consistent oversight, responsiveness, and innovation remains unchanged. This consistency is a key factor in Vermont’s continued position as a preferred domicile for companies across the globe.”
New captives licensed during the year represented roughly 15 industries, with the leading sectors being Real Estate, Manufacturing, and Healthcare. Formation types included Pures, Sponsored Captives, Risk Retention Groups, and Special Purpose Financial Insurance Companies. Additionally, sponsored captives added approximately 36 new cells during the year.
“Organisations are facing sustained pressure from market volatility, climate-related risks, and capacity constraints,” said Brittany Nevins, captive insurance economic development director at DED. “Captive insurance continues to offer a stable, long-term solution, and Vermont’s experience positions us well to support companies as they adapt to these challenges.”
Workforce development and industry engagement also remained priorities. Industry initiatives such as the Vermont Captive Insurance Emerging Leaders program, an initiative of the VCIA and supported by the Vermont DED, continued to strengthen the talent pipeline and support Vermonters pursuing careers in captive insurance, helping ensure the industry’s long-term vitality.
“As we look ahead, we remain focused on thoughtful growth and responsible innovation,” said Ian Davis, president, VCIA. “Vermont’s collaborative culture and depth of expertise will continue to serve the industry well in the years to come.”
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