Vermont Reaches Captive Goal
By Caroline McDonald
NU Online News Service, Dec. 31, 1:05 p.m. EST?The captive domicile of Vermont met its expectations for 2002, licensing 70 captives, said the state's captive regulator.
Leonard D. Crouse, director of captive insurance for the Vermont Department of Banking Insurance and Securities said the state licensed 70 new captives and lost 14 captives, bringing the total number of new captives in the state to 56. Last year the state licensed 38 captives.
Mr. Crouse said that of the captives licensed in 2002, one is an independent insured, 41 are pure captives, 11 are risk retention groups and three are sponsored captives. He said that medical malpractice issues led to the high number of risk retention groups licensed in 2002.
He expects that 2003 will hold "more of the same" for the captive market. In fact, he projected that the state will license 25 captives by the end of the first quarter.
"It's going to be unbelievable," he said. "Who knows where it will end?"
Mr. Crouse said the Vermont captive department is looking to add at least three additional examiners in 2003. "It's locked in my budget for July," he said. "We just have to keep up with what we're doing. The worst thing we can do is fall behind. So we'll get support where we need it. That's one of the reasons people come here."
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