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Vermont licensed 26 new captive insurers in 2016, led by growth in the health care sector, according to data released by the state’s Department of Financial Regulation.
The 26 new licensees raise the state’s total licenses to 1,088 from 1,062 at the end of 2015, the department said Tuesday in a statement.
Vermont had 584 active captive insurance companies at the end of 2016, down four from the 588 at the end of the previous year.
The new captives consisted of 15 pure captives, five risk retention groups, three special purpose financial insurers, one sponsored captive, one industrial insured captive and one association captive. They represented sectors including manufacturing, insurance, retail, real estate, construction, financing, lending, leasing, health care and others.
Captives set up in 2016 included several sponsored by well-known companies, including: Lexington, Kentucky-based Tempur Sealy International Inc., which formed a pure captive; Ann Arbor, Michigan-based Domino’s Pizza Franchisees, which formed a risk retention group; and Armonk, New York-based Swiss Re Life & Health America Inc., which formed a special purpose financial insurer.
Eight companies in the health care sector formed new captives in the state in 2016, bringing Vermont’s total in this sector to 101, representing Vermont’s largest industry sector, according to the department.
Two captives were redomesticated from the Cayman Islands and one from Washington, D.C.
“The continued formation of hospitals and doctors’ groups forming Vermont captives has been a very positive trend that we expect to continue,” said Dan Towle, Vermont’s Montpelier-based director of financial services.
The five new RRGs licensed last year brings the state’s active total to 93. Vermont continues to hold a dominant market share with more 60% of all RRG premium volume being written by Vermont companies, according to the department.
“We employ our own examiners which keeps exam costs reasonable for captives and Risk Retention Groups,” said Sandy Bigglestone, Vermont’s director of captive insurance in Montpelier.
Nine captives were dormant at the end of 2016, an increase of one over the eight dormant captives reported at the end of 2015, according to the department.
A total of 495 captives were listed as dissolved at the end of last year, up 29 captives from the end of the prior year.
The Internal Revenue Service on Tuesday called for more information on microcaptives, as its seeks to determine whether the companies are used as tax shelters.