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Vermont licenses 41 new captives in 2011

Vermont licenses 41 new captives in 2011

MONTPELIER, Vt.—Vermont licensed 41 new captive insurance companies in 2011, the sixth year in which the state issued 40 or more new licenses.

Vermont licensed 33 new captives in 2010.

Of the 41 new captives, there were 30 single-parent captives, six risk retention groups, three sponsored captives, one industrial insured and one association captive.

Including captives that shut down in 2011, Vermont had a net addition of 18 captives last year, bringing the total of active captives in the state to 590 at the end of the year.

“Medical malpractice captives and redomestications were a large part of our growth,” said Daniel D. Towle, director of financial services in the Vermont Department of Economic Development. Six of the captives Vermont licensed in 2011, including three RRGs, were redomestications that relocated from onshore and offshore domiciles, Mr. Towle said.

“We've already got a solid start to 2012,” Mr. Towle said, noting that Vermont has licensed two captives already this year and has four applications pending. “We're pleased with the 2011 results and very optimistic for 2012.”

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    MONTPELIER, Vt.—Vermont licensed 33 new captive insurance companies in 2010, down slightly from the prior year when 39 captives were formed, but more than double the 16 set up in 2008.