The University of Vermont Health Network has completed the process of relocating its captive insurance company from Bermuda to Vermont.
The University of Vermont Medical (UVM) Centre indemnity company board of directors voted unanimously in 2017 to relocate the health network subsidiary that provides medical malpractice insurance coverage for its medical providers.
The network’s captive insurance company was first created and domiciled in Bermuda in 1993.
John Brumsted, president and CEO of the UVM Health Network and a VMCIC board member said: “Our analysis showed that relocating to Vermont had become less expensive than previously anticipated and an attractive option—one that we are happy to embrace”.
He added: “We are pleased to be able to do business locally and be a part of Vermont’s world-class captive insurance industry.”
Vermont governor Phil Scott said: “It’s great to see the UVM Health Network take this step, and to count them among the growing list of academic medical centre and health care captive organisations located in Vermont.”
The governor continued: “Vermont’s financial regulatory team and deep bench of captive professionals are recognised as among the most experienced and knowledgeable in the world, and this move by UVMHN further validates the state’s leadership in this industry.”
