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Member, Beacon International Group, Ltd.
MONTPELIER, Vt.--The Vermont Department of Banking, Insurance, Securities and Health Administration licensed 37 captives in 2006, as new captive formation held steady in the nation's largest domicile.
Last year's 37 formations is the same as in 2005, while 43 captives were licensed in 2004.
Of the 37 captives that were licensed in 2006, 25 were single-parent captives, five were sponsored captives and three were risk retention groups, the department said. Additionally, three association captives and one industrial insured captive were formed.
New captive sponsors include such well-known companies as McGraw Hill Cos., Principal Life Insurance Co. and Starbucks Corp.At year-end 2006, Vermont's captive roster stood at 564, making it by far the largest captive domicile in the United States and the third largest in the world.
"We are very pleased with the results of 2006 and the quality of the captives licensed," said Len Crouse, Vermont's deputy commissioner of insurance.