NU Online News Service, July 21, 2:30 p.m. EDT

The State of Vermont's captive insurance sector reported a strong first half of 2010, licensing 17 new captive insurance companies and surpassing 2009 half-year numbers as the state nears its 900-license milestone, officials said.

This year's new captive insurance companies include 15 "pure" captives--four of which are special purpose financial captives--and two risk retention groups, according to data released by the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA).

Dan Towle, Vermont's director of financial services, said that Vermont is happy with the growth as well as the high interest in prospective captive formations. "It's fair to say this is as deep a pipeline as we've had in some time," he noted. "Last year was a great year--we're ahead of that."

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.