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.”