Last week I spoke about the generalized optimism present at the World Captive Forum from the domiciles that were both presenting and exhibiting.  For this week, I am going to expand on why the Green Mountain state has ‘Reasons to be Cheerful.’ 

Firstly, the numbers.  Another top 10 year in 2022 for Vermont with 41 new captive formations and a current total of 639 licenses.  Additionally, the state hosts 59 sponsored cells with an individual count of over 500. Of which over 40 were new this year. Vermont’s Governor Phil Scott said of the achievement: “Vermont has so much to offer, and the captive insurance industry remains a point of pride in our state.”  It is also worth pointing out the range of activities that Vermont-based captives support: Healthcare, construction and real estate all featuring heavily.  And Vermont stretches its wings a little too, with new captives being formed by entities based in Canada, Mexico, and Austria.

Secondly, stability.  While there has certainly been a ‘changing of the guard’ the knowledge and strength within the DFR remains unparalleled.  Be sure to watch out for details of our March webinar when some of the new leaders with the DFR (who, bluntly, are not that new at all!) will be sharing answers to the questions you need answered.

Thirdly, the VCIA.  We are expanding and planning for the future – a future where we play an expanded role to match the growth that we are seeing in Vermont and beyond, and the increased demand around the industry for the quality education, networking and information unavailable elsewhere.

So, in fact, there are many reasons to be cheerful about the state of the captive industry and especially the state of the industry in Vermont. By my count it’s up to ‘Reasons to be Cheerful – Part 3.’  Added bonus points for anyone that can tell me the name of the under-appreciated band that produced a song with that title in 1979! Check it out below, and always feel free to reach out to me.