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Vermont Update: 24 New Captive Insurer Licenses Issued in 2017

Vermont Flag 480x377
January 10, 2018

Vermont's Department of Financial Regulation has announced that the state’s captive insurance industry experienced solid growth in 2017. The department reported 24 new captive licenses, bringing Vermont's total number of captives to 1,112 with 566 active captive insurance companies.

Vermont's New Captives Makeup
2017

Type

Count

Pure Captives

11

Sponsored Captives

5

Risk Retention Groups

3

Special Purpose Financial Insurers

3

Branch Captive

1

Industrial Insured Captive

1

New captives include Life Time Fitness, Inc.; AAA Northeast; Barclays Group U.S., Inc.; and Bright Horizons Family Solutions. 

Five new healthcare captives were formed in 2017, including Practice Protection Association of America, Inc.; Assurance Agency; Northwell Health, Inc.; Pharma Management Enterprises; and Inspirien Holdings Corp. Health care is Vermont's largest captive insurance industry sector, with a total of 100 active captives.

Three newly licensed risk retention groups (RRGs) bring the active total to 90. Over 60 percent of all RRG premium volume is written by Vermont companies representing a dominant market share. 

"The quality of Vermont's 2017 licensees was outstanding," said David Provost, Vermont's deputy commissioner of captive insurance. "Vermont's focus will always be licensing quality companies and regulating them in an appropriate manner commensurate with their risk."

Sandy Bigglestone, Vermont's director of captive insurance, added that "a significant part of what makes Vermont so attractive is the expertise of our staff when it comes to analysis and examinations, and that we employ our own examiners, which keeps exam costs reasonable for our captive and Risk Retention Groups."

In 2017, Vermont and its captive leadership team earned several awards, including "US Domicile of the Year" for the fourth straight year.

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