Vermont Reports 41 New Captives in 2011

Vermont increased its number of captive-insurance companies in 2011 from the two previous years as the state continues to see growth in that industry, capturing six captives that were domiciled elsewhere.

The state released its figures Jan. 10, stating that in 2011 Vermont licensed 41 new captive-insurance companies, according to data released by the Vermont Banking, Insurance, Securities and Health Care Administration (BISHCA).

Last year the state announced it licensed 33 new captive-insurance companies in 2010, down from the 39 it licensed in 2009.

The top industries licensing captives in the past year in Vermont were insurance, hospitals and medical groups, and manufacturing. Vermont also had activity in risk-retention groups, which continue to be a growth sector, BISHCA says.

Of those licensed in 2011, there were 30 single-parent captives, six risk-retention groups, three sponsored, one industrial insured and one association captive. The addition of 2011’s new captive-insurance licensees brings Vermont’s overall total to 952 with 590 active captive-insurance companies, according to BISHCA.

Daniel Towle, director of Financial Services for the state, tells NU that Vermont is seeing a surge of growth, which he says is the result of its established reputation as a domicile. He notes that of the 41 captives formed, two were in the energy industry, six in health care, five in manufacturing, 11 in insurance and four were religious institutions.

He adds that there were six redomestications to Vermont, from both onshore and offshore domiciles.

As 2012 begins, two new captives have been licensed, and there are already four applications pending, according to Towle. “The overall market may be soft, but it is also very dynamic, and we expect good things to come from 2012,” he says.

 

Top Story

Room to grow: Moody's sees solid growth, competition in E&S sector

With AIG and Lloyd's leading the way, E&S market players can look forward to more growth as the economy improves.

Top Story

You'll never guess the 10 states with the rudest drivers

Turns out rude drivers don't live only in New York and LA. In fact, just a few of them do.

More Resources

Comments

eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone
         
Close

Advertisement. Closing in 15 seconds.