The numbers are just in and Vermont rocked it last year with the number of new captives licensed in 2020. Vermont licensed 38 new captive insurance companies in 2020, bringing the state’s total number of licensed captives to 589. A “normal” good year for Vermont in terms of new captives is usually between 20-25; so, 2020 was a banner year.
Sure, the hard market in the traditional insurance industry helped drive the surge, but let’s give credit where credit is due: Brittany Nevins, Vermont’s new captive insurance economic development director!
OK, she had some help from the all-star line-up at Vermont’s Department of Financial Regulation. You know the crew: Dave Provost, Sandy Bigglestone, Christine Brown, Dan Petterson, and the wonderful team in the Captive Division. And she might have had help from Vermont’s vaunted captive insurance service providers and captive managers who helped facilitate this blistering pace. But Brittany jumped right into the job, and without missing a beat, picked up right where Ian Davis (her very successful predecessor now at Peoples United Bank) left off. In a year when everything else was less than ideal, it is nice to celebrate a huge success!
Don’t forget to see Brittany and the DFR team in action next Wednesday during VCIA’s Annual Legislative Day, held online this year. On January 27th, VCIA Members will hear updates from DFR and ask probing questions; attend a presentation kicking off the 40th anniversary of the captive industry in Vermont; and have a chance to hear from the new leaders in the State of Vermont and ask them probing questions as well!
And if all that hasn’t got you interested; the State of Vermont is providing an exclusive Legislative Day giveaway: all registrants will be entered for a chance to win an awesome Lake Champlain Chocolates Gift Basket – so what are you waiting for!