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Buyers Seek Alternative Risk-Financing

Risk managers dealing with skyrocketing rates for shrinking coverage are opting for captives and other alternative risk-financing mechanisms in record numbers, according to regulators and captive associations.

Leonard Crouse, director of captive insurance for the Vermont Department of Banking, Insurance and Securities in Montpelier, said the captive domicile–the largest in the United States and third-largest worldwide, behind Bermuda and the Cayman Islands–has hit a record high of 40 newly licensed captives so far this year, “and I have on my list 11 pending,” he said. “From all indications it’s going to be a busy, busy fourth quarter. It’s going to be a record year. It’s not a surprise with the hard [insurance] market.”

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