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Vermont Licensed 26 New Captive Insurance Companies in 2016

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January 27, 2017

Vermont licensed 26 new captive insurance companies in 2016, according to a press release. This brings the total number of captives it has licensed to 1,088. "It's great to see another strong year of growth for captive insurance in Vermont," said Vermont Governor Phil Scott. "This industry has continued to be an important contributor to our economy, and its 2016 growth—particularly in the healthcare sector—along with the national and international awards Vermont has received, reinforces our 'Gold Standard' reputation in this sector."

The new captives by types were made up of 15 pure captives, 5 risk retention groups (RRGs), 3 special purpose financial insurers, 1 sponsored captive, 1 industrial insured captive, and 1 association captive. In 2016, there were eight companies in the healthcare sector to form new captives there. Two captives were redomesticated from the Cayman Islands, and there was one from Washington, DC. New captives represented health care, manufacturing, insurance, retail, real estate, construction, financing, lending, leasing, and other.

The newly licensed healthcare captives bring Vermont's total in this sector to 101, representing Vermont's largest industry sector. The newly licensed captives in the healthcare sector include City MD Group and Affiliated Urgent Care Centers; Prospect Penn, LLC; Evolent Healthcare LLC; Assisted Living and Personal Care Homes; Accountable Health Partners, LLC; The University of Toledo Physicians Clinical Faculty, Inc.; Gravie, Inc.; and Deaconess Health System.

Five new RRGs were licensed, which brings the active total to 93. According to the press release, Vermont holds a dominant share of the RRG market with over 60 percent of all RRG premium volume being written by Vermont companies.

Among the other captives licensed in 2016: Tempur Sealy International, Inc.; Domino's Pizza Franchisees; Swiss Re Life & Health America Inc.; West Marine; National Life Group; United States Hang Gliding and Paragliding Association; and The Brady Corp. The Dutch company, Bechtel Corp., is also included.

Vermont claims many advantages as a domicile, including the ability to keep examination costs reasonable by employing examiners within the Captive Division and the expertise of its staff. It has been selected as the "US Domicile of the Year" for 3 straight years.

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