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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.

Rich Smith
VCIA President

Through the Roof! Vermont Celebrates 1,100th Licensed Captive Insurance Company

The Staup-chartte of Vermont just announced that the Department of Financial Regulation (DFR) has licensed Vermont’s 1,100th captive insurance company. AssureCap Indemnity, LLC was licensed as a Sponsored Captive Insurance Company. It was formed by Assurance Agency, Ltd., which was recently named the 41st largest insurance broker in the United States by Business Insurance magazine and is now the largest independent insurance brokerage in Illinois.

According to the announcement, Assurance Agency, Ltd. President Daniel Klaras said Vermont was an easy choice.  “We know how important it is to be in an environment that has an established track record with proven experience,” he said, “so when we compared experience, governmental support and the state’s long-standing tradition of quality regulation, we knew Vermont was the place to be.”  Amen, Brother!

As most of you know, Vermont is the largest captive insurance domicile in the U.S. and the third largest in the world.  Congratulations to the State of Vermont’s Captive Team! Why would you be anywhere else?

Thank you all very much, and I look forward to hearing from you.


Rich Smith
VCIA President