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Member, Beacon International Group, Ltd.
BURLINGTON, VT.—Advance registration at this year's annual conference of the Vermont Captive Insurance Assn. stood at 1,000 at the end of last week, with another 75 to 150 expected to register onsite.
“We're very pleased with the numbers,” VCIA President Richard Smith said during a gathering of Vermont captive leaders Tuesday.
Mr. Smith said attendees at this year's conference represent 41 states and six countries, adding that 25% are captive owners.
As of Tuesday Vermont had licensed 21 new captives so far this year, with another license ready to be signed and two more applications close to approval, according to David F. Provost, deputy commissioner in the Captive Insurance Division of the Vermont Department of Banking, Insurance, Securities and Health Care Administration.
“We continue to have this huge pool of applicants that are just waiting in line,” said Dan Towle, director of financial services for the Vermont Department of Economic Development. Vermont licensed 33 captives in 2010 and Mr. Towle said, “I'd be surprised if we don't exceed last year's numbers.”
Mr. Towle said Vermont is also seeing a regular flow of captives redomesticating to the state. “Every year we probably get three to five redomestications,” he said. “I'd say in the past six months I've never seen so many inquiries from existing captives about redomesticating to Vermont—from onshore or offshore.”
“What they're finding is a lot of the other domiciles are more expensive than they originally thought,” said Derick White, president of Strategic Risk Solutions (Vermont) Ltd. and chairman of this year's VCIA conference.