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Captive Insurance Industry Growth in 2015 Doubles from 2014 for Vermont

Attendees Applauding
January 13, 2016

Vermont licensed 33 new captive insurance companies in 2015, more than double the 16 captives licensed in the previous year, a state press release indicates.

The new captives included 12 pure captives, 7 risk retention groups (RRGs), 7 sponsored captives, 4 special purpose financial insurers, 2 industrial insured captives, and 1 association captive, according to the press release. There were 11 redomestications, which came from the following jurisdictions: South Carolina (3), Arizona (3), Bermuda (2), Cayman Islands, Nevada, and Kentucky.

The press release stated that the newly licensed healthcare captives include Emergency Medicine Specialist; SIHO Holdings, Inc.; Physician Insurance, a Mutual Company; Shields Health Care Group, Inc.; Multi-­County Physicians Insurance Association; Long-­Term Care Facilities; and Doctors and Surgeons National Corporation.

Other captives in what the press release called the "class of 2015" include PricewaterhouseCoopers LLP; Cummins, Inc.; Marubeni Corporation; Willis Management (Vermont), Ltd.; National Life Insurance Company; Wilbur-­Ellis Company; Zurich Insurance Group; and 17 universities/colleges.

The new licensees in 2015 bring Vermont's overall total licenses to 1,062, with 588 active captive insurance companies. An active pipeline of prospective captive insurance companies is already under way for 2016, the press release stated, with one new license already recorded in 2016 and three more applications currently in process.

Read the press release.

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