Vermont Added 41 New Captives in 2011

Vermont added 41 new captive insurance companies last year, bringing the total number of licenses to 952, with 590 active captive insurance companies, according to data released by the Vermont Banking, Insurance, Securities and Health Care Administration.

It was the sixth year that the state surpassed the 40 new captives licensed mark. Thirty were single parent captives, with six risk retention groups (RRG), three sponsored, one industrial insured, and one association. “One of the most exciting aspects of 2011 and a perennial key to our success is the high quality of companies that we are privileged to work with,” said David Provost, Vermont’s deputy commissioner of captive insurance. “We’re also seeing the State’s continued investment in staff helping us continue to provide outstanding customer service. That’s very much a part of what keeps Vermont the gold standard.”