Vermont increased its number of captive-insurance companies in2011 from the two previous years as the state continues to seegrowth in that industry, capturing six captives that were domiciledelsewhere.

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

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

The top industries licensing captives in the past year inVermont were insurance, hospitals and medical groups, andmanufacturing. 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 insuredand one association captive. The addition of 2011’s newcaptive-insurance licensees brings Vermont’s overall total to 952with 590 active captive-insurance companies, according toBISHCA.

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

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

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