Vermont officials, who licensed 16 new captive insurers last year, about half the number in 2007, said they are focused on “aggressively” growing the sector this year.
David Provost, Vermont's deputy commissioner of captive insurance, said 2008 “was a slower year for captive growth due to economic conditions.” He added, “We continue to see interest in forming quality captives with activity across all lines of business.”
The soft market, the uncertainty created by proposed financially burdensome IRS regulations (since withdrawn), and the current economic conditions were the drivers that slowed formations in 2008, officials said.
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