Vermont has licensed five pure captives and one risk retention group (RRG) since July this year, according to David Provost, deputy commissioner of the captive insurance division at Vermont’s Department of Financial Regulation.
The five pure captives included Idem Indemnity Inc, the captive of Brady Corporation; Global Risk Management Services, the captive of Sunex/Liquid Combustion Technologies; Sleep Insurance, the captive of Tempur Sealy International; Mainland VT Insurance Company, the captive of Beacon Capital Strategic Partners; and finally Northeast Casualty Insurance Company, the captive of Clean Harbors.
In addition, Vermont welcomed Hospitality Risk Retention Group, the RRG of Domino’s Pizza.
The six new licences bring the total number of captives domiciled to 1077, with approximately 590 active companies.
Provost said: “We have an active pipeline of companies in various stages of the licensing process, from the initial discussion to filed applications. As of 4 November, we have eight applications in process.”
This year marked the 35th anniversary of Vermont's captive insurance legislation being signed into law.
