Vermont has licensed 12 new captive insurance companies in 2018 and has more applications in process.
Of the new captives licensed, nine were pure captives, two were risk retention groups (RRGs), one was a group captive and one was a sponsored entity.
In terms of industry, three were healthcare captives, two were manufacturing, two were retail, one was prof service, one was real estate, one was entertainment, one was energy, and one was non-profit.
The applications in the process include two more RRGs and a sponsored entity.
Speaking at the Vermont Captive Insurance Association 2018 Annual Conference, David Provost, deputy commissioner of the state’s Captive Insurance Division, said: “We are having a good year, we have licensed a dozen captives already which normally at this time of year means more are on the way.”
“There are opportunities in the captive market across the board right now. We aren’t focussed on one area.”
