Burlington, Vt.–The Vermont captive market remains strong despite the soft market, Vermont Gov. James Douglas observed during opening remarks at the Vermont Captive Insurance Association’s (VCIA) 23rd annual conference here yesterday. Gov. Douglas also pledged the state’s ongoing support, even with a statewide “belt tightening” in effect.

“The market is hurting, but not here,” he said, noting that 2007 was a good year, with 32 new captives licensed and some needed legislative changes for captives. In a press conference, he complimented the captive department’s “seamless” integration of new regulator David Provist, deputy commissioner of captive insurance, who took over on June 1 for Leonard Crouse, now a partner at Towner Management Group’s Vermont office.

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