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Member, Beacon International Group, Ltd.
MONTPELIER, Vt.—Vermont licensed 33 new captive insurance companies in 2010, down slightly from the prior year when 39 captives were formed, but more than double the 16 set up in 2008.
The new formations include 19 single-parent captives, nine special-purpose captives, four risk retention groups and one industrial insured captive.
Well-known companies forming captives in Vermont last year include Aetna Inc., Lincoln Financial Group, NBC Universal Inc., Nationwide Financial Services Inc., PricewaterhouseCoopers L.L.P., Procter & Gamble Co. and Towers Watson & Co.
“I am extremely proud of the outstanding performance and leadership that Vermont delivers to the captive insurance industry. As the new governor of Vermont, I will continue to do whatever necessary to keep pace with the needs of this important sector,” Vermont Gov. Peter Shumlin said in a statement.
The new formations brought the total captive tally in Vermont, which is the largest domestic domicile and the world’s third-largest, to 576 at year-end 2010, up from 560 a year earlier.
“It is a nice net gain,” said Dave Provost, deputy commissioner of the Vermont Banking, Insurance, Securities and Health Care Administration.
Growth will continue in 2011, with three captive applications now pending, said Dan Towle, director of financial services.