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Member, Beacon International Group, Ltd.
MONTPELIER, Vt.Vermont-based captive insurance companies generated a record $11.55 billion in premium volume in 2006, up nearly 6% from 2005, according to the state's captive regulators.
The increase in premium volume in the biggest U.S. captive domicile came as Vermont licensed 37 captives last year, bringing its total to 564 at year-end.
"We are very happy with last year's results," said Len Crouse, deputy commissioner of insurance at the Vermont Department of Banking, Insurance, Securities and Health Administration in Montpelier.
So far, Vermont has licensed eight captives in 2007 and several applications are pending.
The commercial market in many lines may be soft, "but we are seeing a high level of activity and interest" in forming captives, Mr. Crouse said.