SOBC Sandell has formed a Vermont captive manager, SOBC Services Company Limited (SOBC SCL).
The new captive manager, which received regulatory approval from the Vermont Department of Financial Regulation (DFR), will focus on managing Vermont captives that are in run-off.
SOBC SCL will begin by working with the company’s recent acquisition in the state, American Safety Captive Insurance Company.
According to SOBC Sandell CEO Stephanie Mocatta, the company are “delighted to have worked with the Vermont DFR to gain regulatory approval as a captive manager”.
Mocatta added: “This enables us to provide both more cost-effective and also better services specifically focused on a successful run-off.”
Rick Ecklord, director of Sandell Re, said: “We are particularly pleased with this expansion of SOBC Sandell into Vermont.”
He continued: “We believe this will be a significant market for us in terms of both potential acquisitions of captives in run-off as well as outsourced specialist run-off management of captives. We look forward to expanding our presence in Vermont.”
