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BURLINGTON, Vt.—Vermont celebrated three decades as a captive domicile earlier this summer with a 30th anniversary celebration June 22 in Burlington.
Held at Burlington’s historic Union Station, the event drew participants from throughout Vermont’s captive history, including representatives of Charlotte, N.C.-based Goodrich Corp. As B.F. Goodrich Co., the company received Vermont’s first captive charter in 1981 for its First Charter Insurance Co.
Throughout Vermont’s history as captive domicile, the captive industry has enjoyed support in the Legislature and the governor’s office from Democrats and Republicans alike. The anniversary event was no exception, with Vermont Gov. Peter Shumlin, a Democrat who took office in January, and his predecessor, former Republican Gov. Jim Douglas, both there to mark the milestone with the state’s captive industry.
“Gov. Shumlin invited Gov. Douglas because I think he wanted people to know that when it comes to captives (the transition) was seamless,” said Richard Smith, president of the Vermont Captive Insurance Assn.
In another nod to Vermont’s captive history, Mr. Smith noted that Rep. Peter Welch, D-Vt., who recently cosponsored H.R. 2126, the Risk Retention Group Modernization Act, in Congress also has a connection to the state’s anniversary this year.
Then a member of the Vermont Senate, “Congressman Welch was actually at the signing of our captive legislation 30 years ago,” Mr. Smith said. “It just shows how people stay connected.”
Sponsors of the anniversary event included Primmer Piper Eggleston & Cramer P.C., Paul Frank + Collins P.C. and Downs Rachlin Martin P.L.L.C.