The US state of Vermont is reporting that forty-five new captive insurance companies were licensed within its borders in 2021, a feat that the state is calling the fourth-highest year of growth within the last four decades.
That figure brings the total number of licensed captives within the state to 620 (589 active, 31 dormant).
According to Vermont, its 52 sponsored cell captives currently host nearly 500 cells and separate accounts, in addition to the licensed captive companies.
The new captives were licensed in 17 different industries, the main industries being healthcare, real estate, manufacturing, insurance, and transportation. At least 5 of Vermont’s new captives in 2021 were formed by companies with international roots, —including Japan, Germany, Russia, the United Kingdom, and Australia.
Brittany Nevins, captive insurance economic development director for the state of Vermont, said: “Not only are new captives forming at a rapid rate, but fewer captives have been dissolving this year than we typically see. We issued 45 new licenses, and only 14 captives were dissolved due to mergers, acquisitions, and other business reasons.
“This speaks to the strength of captive insurance as a long-term risk management tool and is something we expect to continue to see with the continuation of the hard insurance market.”
Phil Scott (R), the governor of Vermont, said in a statement that the state continues to be a global leader in the captive industry.
Governor Scott is no stranger to the insurance industry in Vermont. Last May, he signed an update to new legislation within the state’s insurance statutes to help minimise the number of items before the legislature.
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January 23, 2022 at 09:37PM
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Vermont licensed 45 new captive insurers in 2021 - Reinsurance News
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