Vermont has recorded another strong year of captive formation growth in 2022. It is the state’s sixth highest year of growth in its more than 40-year history since passing captive-enabling legislation in 1981.
The state of Vermont licensed 41 new captive insurance companies in 2022 and is home to 639 licensed captives. It remains the largest US domicile for captive insurance and third largest in the world.
The new captives were licensed in 17 different industries including healthcare, construction, and real estate. At least four of Vermont’s new captives in 2022 were formed by companies with international roots, such as Canada, Mexico and Austria.
The state of Vermont has already licensed five new captives in 2023 and has a total of 1288 captive insurance companies to date, with the state expecting continued growth in the coming year.
Governor Phil Scott says: “Vermont has so much to offer, and the captive insurance industry remains a point of pride in our state. We look forward to once again improving our statutes this legislative session so we can continue to be a leading choice for companies in their captive insurance domicile selection.”
Brittany Nevins, captive insurance economic development director at the Department of Economic Development adds: “The captive industry brings in significant and increasing revenue to the state of Vermont and jobs for Vermonters year after year. We are committed in 2023 to continuing our proactive and innovative work to remain a top domicile choice for captive insurance companies worldwide.”
