Vermont achieved one of its top ten highest years of growth in captive insurance formations in 2024, according to the Department of Economic Development.
The state licensed 41 new captive insurance companies last year, bringing the total number of licensed captives to 683, of which 654 are active and 29 dormant.
The new formations represented 16 industry sectors, with real estate, construction, healthcare, and insurance leading the way. Captive formation types included pure (30), sponsored (9), special purpose finance insurer (1), and risk retention group (1).
Sponsored captive companies also saw significant growth, with over 30 new protected cells added in 2024.
Vermont’s global reach was evident in 2024, with new captives originating from France, the UK, and Mexico, among others. The state now hosts over 80 companies with international ownership.
Since enacting its captive enabling legislation in 1981, Vermont has licensed a total of 1,370 captive insurance companies. 2025 has already started strong, with 8 new captives licensed in the first week of January.
“Vermont continues to be a leader in the captive insurance industry and is committed to providing high-quality regulation and service to captive insurance companies that choose to do business here,” says Governor Phil Scott.
Sandy Bigglestone, acting commissioner of the Department of Financial Regulation, adds: “Vermont’s success has been built upon a system of dedicated resources and industry partners sharing the common goal of developing and maintaining captive insurance expertise and advancing standards required to responsibly meet the needs of the industry.”
