OK, that was weird…. 2019 is here and 2018 seems like a strange dream. 2018 was one of the most “interesting” years in my brief (well, not so brief anymore) and wondrous life. That being said, we have a lot on our plates this year and I am looking forward to working with you to further advance the captive insurance canon!
2018 proved to be another highly successful year for Vermont’s captive insurance industry with 25 new captive licenses added, bringing its total to 1,137 with 558 active captive insurance companies. Over the past ten years or more, the average number of new captives licensed yearly in Vermont has been roughly 25, regardless of the marketplace. This steady figure highlights the resiliency of both the captive marketplace and Vermont as a domicile.
The new captives were made up of 12 pure captives, 3 sponsored captives, 4 Risk Retention Groups (RRGs), 2 special purpose financial insurers, 1 branch captive and 2 industrial insured captives. As usual, a healthy mix of sizes, types and industries, ranging from healthcare, manufacturing and financial services to religious institutions, entertainment and nonprofits. As David Provost, Vermont’s Deputy Commissioner of Captive Insurance, always says, Vermont’s focus will always be licensing quality companies, not chasing numbers.
Don’t forget that January 23rd this year is VCIA’s annual Legislative Day at the State House in Montpelier, Vermont’s capital. It’s a full day of meeting and hearing from Vermont’s political leaders on the captive industry and issues facing the State broadly. Go to www.vcia.com and register today!
Thank you and I look forward to hearing from you.