Vermont Licenses Its 700th Captive Insurer

NU Online News Service, Sept. 23, 11:03 a.m. EDT?An energy-oriented company engaged in contract drilling, primarily in the U.S. and South America, has established Vermont's 700^th captive insurance company, the Vermont Department of Banking, Insurance, Securities and Health Care Administration said.[@@]

Hans Helmerich, president, Helmerich & Payne Inc. and White Eagle Assurance Company, said in a statement that the key factor in the company's selection of a captive domicile was Vermont's dedication to the success of its captive industry.

He noted that "progressive leadership and forward-thinking regulation over many years has made Vermont a leading captive domicile, exemplifying their commitment to excellence."

Vermont began licensing captive insurance companies in 1981. According to the Department of Insurance, Vermont's captive officials Len Crouse, deputy commissioner, and Derick White, director of captive insurance, have helped the domicile set several milestones for licensing captives?300, 400, 500, 600 and now 700.

"We are continuing to experience strong activity with new applications, and I expect 2004 will be another solid year," Mr. Crouse said.

Vermont began 2004 with 674 licenses, having added a record 77 new captives in 2003.

"This benchmark gives Vermonters a strong sense of pride and achievement that our commitment to this industry for over twenty years has been heard loud and clear," said Governor Jim Douglas.

He added that Vermont will "continue to offer a stable regulatory environment, governmental officials that are accessible, and world-class professional support services to the next 700 captives as well."

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Vermont Licenses Its 700th Captive Insurer

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