The Vermont Department of Economic Development (DED) announces that 2025 ranks among the top three growth years for the state’s captive insurance industry since legislation was enacted in 1981. Vermont licensed 51 new captive insurance companies in 2025, bringing its total number of active captives to 707. The state maintains its momentum into the new year, with four additional captives licensed during the opening weeks of 2026. The 2025 figures mark the sixth consecutive year that Vermont has ranked among the top 10 growth years for the domicile. New formations represent a diverse range of approximately 15 industries, led by real estate, manufacturing and healthcare. Formation types for the year include pures, sponsored captives, risk retention groups and special purpose financial insurance companies. Furthermore, sponsored captives added approximately 36 new cells throughout 2025. Lyle Jepson, commissioner of the DED, says: “Vermont’s strength as a global captive domicile lies in its consistency, expertise, and forward-looking approach. Our commitment to sound regulation and high-quality service remains unwavering”. The domicile continues to expand its international footprint, with international ownership now reaching approximately 90 captives. These new formations include owners from Europe, North America and other global markets. Kaj Samsom, commissioner of the Department of Financial Regulation (DFR), comments: “While the industry continues to evolve, Vermont’s foundation is strong. Our experienced regulatory team remains focused on regulatory clarity, innovation, and service. This continuity ensures that captive insurance companies can navigate change with confidence in an increasingly complex risk environment”. Christine Brown, DFR acting deputy commissioner of captive insurance, adds: “Vermont’s success in the captive insurance market is built on decades of regulatory expertise and the dedication of an exceptionally experienced team working in close partnership with industry. Even as leadership evolves, our team’s commitment to consistent oversight, responsiveness, and innovation remains unchanged. This consistency is a key factor in Vermont’s continued position as a preferred domicile for companies across the globe”. The state also remains focused on workforce development through initiatives such as the Vermont Captive Insurance Emerging Leaders programme, supported by the Vermont Captive Insurance Association (VCIA) and the DED. Brittany Nevins, captive insurance economic development director at the DED, says: “Organizations are facing sustained pressure from market volatility, climate-related risks, and capacity constraints. Captive insurance continues to offer a stable, long-term solution, and Vermont’s experience positions us well to support companies as they adapt to these challenges”. Ian Davis, president of the VCIA, concludes: “As we look ahead, we remain focused on thoughtful growth and responsible innovation. Vermont’s collaborative culture and depth of expertise will continue to serve the industry well in the years to come”.
