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Member, Beacon International Group, Ltd.
Vermont has issued its 1,000th captive insurer license, announcing Thursday that the state’s Department of Financial Regulation has licensed Cassatt Insurance Group Inc.
The new captive was formed by a group of nine independent nonprofit hospitals in southeastern Pennsylvania. The group will use the sponsored captive in sharing medical liability risk for 1,200 physicians.
“Vermont’s understanding of captive insurance, its receptiveness to sensible innovation and the professionalism of the regulatory leadership here make it the domicile of choice for Cassatt,” Eric W. Dethlefs, president and CEO of Cassatt RRG Holding Co., said in a statement explaining the group’s choice of Vermont as its captive domicile.
The group already operates Vermont-domiciled Cassatt Risk Retention Group, and it expects the two alternative risk transfer entities to be affiliated, providing a flexible structure that “will allow us to respond to changes in the health care marketplace, resulting from mergers and other affiliations among hospitals, by enabling Cassatt to join forces with other health care providers in ways that were not available to it before,” Mr. Dethlefs said in his statement.
Vermont’s Department of Financial Regulation also announced it recently licensed two additional captives, bring total new formations in Vermont this year to 16.
Vermont enacted its Special Insurer Act, allowing the formation of captive insurers in 1981.
BURLINGTON, Vt. — The Vermont Captive Insurance Association recognized several captive industry participants Wednesday for their contributions to the industry and the association with annual awards presented during the opening general session of this year's VCIA conference.