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Vermont licensed 24 new captive insurers in 2017, again led by growth in the health care sector, according to data released by the state’s Department of Financial Regulation on Tuesday.
The 24 new licensees raises the state’s total licenses to 1,112 from 1,088 at the end of 2016, according to the department.
Vermont had 566 active captive insurers at the end of 2017, down 18 from the 584 at the end of the previous year.
The new captives comprise 11 pure captives, five sponsored captives, three risk retention groups, three special purpose financial insurers, one branch captive and one industrial insured captive, according to the department. New notable captives include Life Time Fitness Inc., AAA Northeast, Barclays Group U.S. Inc. and Bright Horizons Family Solutions.
Vermont continued to see growth in the health care sector, with five new captives formed in 2017. New health care captives included Practice Protection Association of America Inc., Assurance Agency, Northwell Health Inc., Pharma Management Enterprises and Inspirien Holdings Corp. Health care represents Vermont’s largest industry sector for captive insurance, with 100 active captives.
And the University of Vermont Health Network announced last month that it would move its captive to Vermont from Bermuda. The network’s board of directors unanimously approved the move of VMC Indemnity Co. Ltd., a captive that provides medical malpractice insurance coverage.
Risk retention groups account for three of the new licenses, bringing the active total to 90. RRGs domiciled in the state represent more than 60% of all RRG premium volume.
Vermont Gov. Phil Scott signed legislation Monday to amend the state’s captive law by adding agency captives and expanding dormant captive status to all captives.