Vermont
09 January 2018
Reporter: Ned Holmes

Vermont welcomes 24 new captives in 2017


The Vermont Captive Insurance Division licensed 24 new captive insurance companies in 2017, in comparison to the 26 that it licensed in 2016.

The 24 captives included, 11 pure captives, five sponsored captives, three risk retention groups (RRGs), three special purpose financial insurers, one branch captive and one industrial insured captive.

The healthcare sector continued to grow last year, with five new healthcare captives formed taking the total to 100 active healthcare captives.

With an active total of 90 RRGs, Vermont continues to hold a dominant market share with over 60 percent of all RRG premium volume being written by Vermont companies.

The state now has a total of 1,112 domiciled-captives, 556 of which are active.

Ian Davis, Vermont’s director of financial services, said: “The new licensing activity in 2017 reflected a wide diversity of lines being written and industries served, highlighting our state’s ability to evolve and meet the risk management needs of the market.”

Vermont governor Phil Scott added: “It’s great to see another strong year of growth for captive insurance in Vermont. This industry continues to be an incredible example of how our state can support growth in important business sectors.”

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A.M. Best has withdrawn the credit ratings of SARRG, after the company requested to no longer participate in the rating agency’s interactive rating process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