Vermont adds 41 captive insurers in 2022

Vermont added 41 captive insurers last year, compared with 45 new formations in 2021.

Some 22 captives were dissolved in 2022, bringing the state’s total licensed captives to 639, up 3.1% from 2021.

The captives were licensed in 17 different industries, including health care, construction and real estate, the state’s agency of commerce and community development said in a statement.

Six of the captive formations were sponsored cell companies. Vermont currently hosts 59 sponsored cell captives with over 500 cells and separate accounts, the statement said.

The total number of captives in Vermont consists of 608 active and 31 dormant captives.

Five captives have been licensed in the state already in 2023, the statement said.