Vermont
02 January 2018
Reporter: Ned Holmes

UVM Health Network relocates captive insurer to Vermont


The University of Vermont Health Network is set to relocate its captive insurance company from Bermuda to Vermont.

The move comes as a result of a unanimous decision by the board of directors of VMC Indemnity Company, the health network subsidiary, which provides medical malpractice insurance coverage for its medical providers.

As a consequence of the decision, a non-profit corporation will be established to become the UVM Health Network’s captive insurer.

The approval process it seeks from the Internal Revenue Service to operate as a tax-exempt organisation could take up to a year.

The redomestication will have no impact on the providers insured by the plan, or on healthcare cost in Vermont.

John Brumsted, president and CEO of the UVM Health Network and VMC Indemnity Company board member, said: “It is clear we can continue to provide low-cost, predictable insurance coverage to our providers if the company is located in Vermont.”

He added: “We strongly believe in doing business locally whenever possible, so we’re happy that being in Vermont is the best business decision in this case.”

Governor Phil Scott stated: “We’re pleased the UVM Health Network is moving their captive insurance plan home to Vermont, and hope this sends the message loud and clear to more organisations that this is a great place to do business and the best place to domicile captives.”

More news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
South Carolina welcomes 15 new captives
19 January 2018 | Charleston | Reporter: Becky Butcher
The South Carolina Department of Insurance has licensed a total of 15 new captives in 2017
A.M. Best withdraws SARRG ratings
19 January 2018 | Oldwick | Reporter: Ned Holmes
A.M. Best has withdrawn the credit ratings of SARRG, after the company requested to no longer participate in the rating agency’s interactive rating process
Regions Insurance promotes Mike Breedlove
19 January 2018 | Alabama | Reporter: Ned Holmes
Regions Insurance has appointed Mike Breedlove as its new executive vice president of property and casualty operations
Advantage opens Vermont office
18 January 2018 | Vermont | Reporter: Ned Holmes
Advantage Insurance has opened a new office in Vermont to support its growing captive insurance services business
Tennessee captive premiums exceed $1 billion mark in 2017
18 January 2018 | Nashville | Reporter: Ned Holmes
Tennessee-domiciled captive insurance companies exceeded $1 billion in written premiums in 2017 for the first time, according to year-end figures from TDCI
JLT IM hires new senior account manager
17 January 2018 | Vermont | Reporter: Ned Holmes
JLT IM has appointed Jocelyn Lyman as a new senior account manager
National Interstate establishes group captive
17 January 2018 | Ohio | Reporter: Ned Holmes
National Interstate Insurance has launched TowCap Premier, a group rental captive, designed exclusively for the towing and recovery industry