Some good news for Vermont was announced right before the New Year a week ago: the University of Vermont Health Network will move its captive from Bermuda to Vermont!
The network’s Board of Directors unanimously approved the move of VMC Indemnity Co. Ltd., a captive that provides medical malpractice insurance coverage, according to a statement by the six-hospital system issued Friday. UVM Health Network established their captive back in the late 80’s, when Vermont’s captive insurance industry was just getting off the ground, and one of the few domiciles that made sense for many healthcare captives was Bermuda.
A nonprofit corporation will be established to become the network’s captive insurer and it will seek approval from the Internal Revenue Service to operate as a tax-exempt organization. The UVM healthcare system has more than 1,000 physicians and 2,000 nurses and other clinicians in Vermont and New York.
Needless to say, we are very pleased to have VMC Indemnity redomesticate to Vermont!
Thank you and I look forward to hearing from you.