Vermont has added 15 new captives in the first quarter of 2024, taking the total number in the domicile to 669.
The state is known as the largest captive domicile in the US, followed by Utah and North Carolina, holding 439 and 311 respectively.
Since 1981, Vermont has licensed a total of 1,330 captive insurance companies.
According to a recent statement from the Vermont Department of Economic Development, 2023 marked a strong year for captive insurance in the state, with the formation of 38 new captives.
The division further adds that 2024 is already off to an even stronger start.
Christine Brown, director of captive insurance at Vermont Department of Financial Regulation, says: “Companies continue to face challenges placing insurance, and find they are better able to negotiate when they have a captive that can take on higher retentions and fill gaps in coverage.
“A captive gives its owner options, and allows for greater control over underwriting and claims management, ultimately resulting in better risk management practices to create positive outcomes.”
