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Zurich North America forms captive insurer in Vermont

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Zurich North America has chosen Vermont to be the domicile for a newly sponsored cell captive insurance company, according to the Vermont Department of Financial Regulation.

The Zurich captive, Hoplite Reinsurance Co. of Vermont, is Vermont's 1,052nd license, the department said Monday in a statement.

Currently, Vermont has 592 licensed captives, with multiple applications in process, Dan Towle, the state's Burlington, Vermont-based director of financial services, said Tuesday in an email.

“Vermont is the leading on-shore domicile, and its reputation as the 'Gold Standard' makes it an attractive choice for us to deliver this product,” Steve Bauman, Zurich's New York-based senior vice president and head of captive services for global corporate in North America, said in the Vermont Department of Financial Regulation's statement.

“It is a feather in Vermont's cap when a leading company in the insurance industry chooses your state for its domicile,” Mr. Towle said in the department's statement.