Vermont Captive: Press Releases

Regulator Named to Head State’s Captive Insurance Division in Vermont

Feb 29, 2008

MONTPELIER - When long-time regulator Leonard Crouse, CFE, retires as Deputy Commissioner of the state's Captive Insurance Division in June, David F. Provost, CFE, will step up to the post. Provost is an Assistant Chief Examiner in the Division who has risen in the ranks under Crouse's leadership since 2001. He has a total of 18 years in the captive insurance field in both the private and regulatory arenas. He has handled client advisory services, accounting, systems management, program development, marketing, captive formation, licensing and regulation. He previously served as Assistant Regional Director for AIG Insurance Management Services, and managed accounts and systems at Sedgewick Management Services (US) Ltd., and Johnson and Higgins Services, Inc. He has served as Treasurer of the Vermont Captive Insurance Association and has been an energetically involved and well-spoken figure in the captive industry.
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Long-time Captive Insurance Regulator to Retire

Jan 17, 2008

MONTPELIER - Leonard Crouse, Vermont Deputy Commissioner of Captive Insurance and a fixture in the state's captive insurance industry for 18 years, has announced his plans to retire effective June 1st of this year.
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2007 Brings Another Year of Solid Growth

Jan 16, 2008

MONTPELIER – The State of Vermont licensed 32 new captive insurance companies in 2007 as it passed the 800-license milestone, according to data released by the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA).
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Derick White to Take Position in Private Sector

Nov 26, 2007

MONTPELIER – Derick White has accepted a position within the captive insurance community in Vermont and will leave his position as Director of Captive Insurance on January 31, 2008. Mr. White has been with the department for the past 15 years.
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Vermont Passes New Captive Legislation - Expands securitization options

Jun 12, 2007

BURLINGTON - Vermont Governor James Douglas has signed into law new legislation that will enable the Green Mountain State to allow for securitized transactions by captive insurers. The bill was signed into law before more than one hundred members of Vermont's captive insurance community. Securitization using a reinsurance captive is a way for companies to optimize their balance sheet by transferring certain risks to the capital markets. Growth in this area has been driven by life insurance companies looking for a way to finance life insurance reserves.
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Vermont Licenses Its 800th Captive

Apr 20, 2007

MONTPELIER - Mount Kisco Medical Group, one of New York State's largest medical groups has become Vermont's 800th captive insurance company, according to the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA).
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Vermont's Top Captive Regulator is Honored for Contributions to Industry

Apr 9, 2007

MONTPELIER, Vt. - For over 30 years Leonard Crouse has been a leader in insurance regulation and has been credited as a key figure in advancing the captive insurance industry.
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2006 BRINGS ANOTHER YEAR OF STEADY GROWTH IN CAPTIVE INDUSTRY

Jan 11, 2007

MONTPELIER –"Steady and sustained growth," is how Vermont officials described 2006's final tally for captive insurance as 37 new captive insurance entities were licensed, officials announced today.
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MILLIMAN OPENS VERMONT BRANCH OFFICE

Jun 8, 2006

MONTPELIER – Milliman, Inc. has announced the establishment of a branch location in South Burlington. They are the first large actuarial firm to have a physical presence in Vermont. The company opened the office on June 1, 2006. The manager of the Vermont branch office, Chris Kogut, ACAS, MAAA, will report directly to Milliman's Boston office.
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2005 Busy for New Captives

Jan 27, 2006

MONTPELIER -- The year 2005 closed with 37 new captives licensed bringing the total number of captive licenses issued to 754, according to data released by the Vermont Banking, Insurance, Securities and Health Care Administration (BISHCA).
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Delta Launches Service between Atlanta and Vermont

Dec 1, 2005

ATLANTA, Dec. 1, 2005 – Delta Air Lines' customers now have more choices than ever when traveling between the Midwest or New England and the many destinations served via the airline's Atlanta hub. Today, Delta Connection carrier Atlantic Southeast Airlines began offering daily non-stop service between Atlanta and two new Wisconsin destinations – Madison and Green Bay – as well as daily non-stop service between Atlanta and Springfield, Mo., and Burlington, Vt.
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ARTHUR J. GALLAGHER LAUNCHES CAPTIVE MANAGEMENT OFFICE

Jun 27, 2005

MONTPELIER - International insurance broker Arthur J. Gallagher & Company has established a captive management office in South Burlington. The Arthur J. Gallagher Captive Services (Vermont) will provide captive products and services to single parent, group and association captives, rent-a-captives and risk retention groups.
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Vermont is Home to Liberty Mutual's First On-Shore Rent-A-Captive

Mar 3, 2005

BOSTON - Liberty Mutual has taken a significant step in its overall captive operations by establishing an on-shore captive insurance facility. Liberty Sponsored Insurance (Vermont), Inc. (LSIV) will serve as a rent-a-captive facility for businesses seeking an alternative to traditional insurance approaches. It will also provide reinsurance and deductible reimbursement plans.
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Liberty Mutual Launches Captive Management Office

Feb 1, 2005

MONTPELIER - Liberty Mutual Captive Services has announced the establishment of Liberty Mutual Management (Vermont) LLC in South Burlington. The company gained approval to open the Vermont office on January 20.
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2004 TOPS 700 CAPTIVE MILESTONE

Jan 11, 2005

MONTPELIER -- The year 2004 closed with 43 new captives licensed bringing the total number of captive licenses issued to 717, according to data released by the Vermont Banking, Insurance, Securities and Health Care Administration (BISHCA).
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VERMONT ECLIPSES 700 LICENSE MARK FOR CAPTIVES

Sep 22, 2004

MONTPELIER - Helmerich & Payne Corporation, an energy-oriented company engaged in contract drilling, primarily in the U.S. and South America has established Vermont's 700th captive insurance company, according to the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA).
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ACE USA Announces Vermont Office

Aug 5, 2004

MONTPELIER - ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, has announced the opening of its new ACE Captive Solutions office in Burlington. It is the first reinsurance risk company to establish a presence in Vermont specializing in the alternative risk market. The office will specialize in providing alternative risk-taking and financing structures to customers worldwide.
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Vermont Licensed Captives Close to 700

Jul 15, 2004

MONTPELIER - Vermont licensed 21 new captives in the first half of 2004 with six new Risk Retention Groups bringing the total of licensed captives to 695, according to data released by the Vermont Banking, Insurance, Securities and Health Care Administration (BISHCA). The majority of the total are pure captives with one industrial insured and one association captive rounding out the new 2004 licensees.
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2003 Sets New Record For Licensed Captives

Jan 16, 2004

MONTPELIER -- The year 2003 closed with another all-time record of 77 new captives licensed, eclipsing last year's record of 70 bringing Vermont's total of licensed captives domiciled in Vermont to 674, according to data released by the Vermont Banking, Insurance, Securities and Health Care Administration (BISHCA).
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Captive Licensing Activity Remains Brisk

Oct 17, 2003

MONTPELIER -- The third quarter of 2003 was a busy one as the Captive Division issued 23 new captive licenses, bringing Vermont 's total to 656 domiciled in Vermont , according to data released by the Vermont Banking, Insurance, Securities and Health Care Administration (BISHCA).
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Captive Licenses on Pace for Record Year

Jul 28, 2003

MONTPELIER -- If the first six months are any indication, 2003 will break all records for new captive insurance licensees with 37 new captives approved from January to June. Last year 26 captives were licensed in the first half of the year.
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Vermont Approaches 600 Licensed Captives

Jan 8, 2003

MONTPELIER - 2002 marked an all-time record with 70 new captives and a total of 597 licensed captives domiciled in Vermont, according to data released by the Vermont Banking, Insurance, Securities and Health Care Administration (BISHCA), breaking the previous record of 51 new licenses in 1987.
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Captive Insurance Licenses on Pace for Record Year

Jul 1, 2002

MONTPELIER - The first half of 2002 saw 26 new captives licensed in Vermont setting a record pace, according to the Department of Banking, Insurance and Health Care Administration (BISHCA). Since 1981, Vermont has averaged approximately 25 captives licensed annually.
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Captive Insurance Posts Best 1st Quarter Ever

Apr 15, 2002

MONTPELIER - The first quarter of 2002 saw 15 new captives licensed in Vermont setting a record pace, according to the Department of Banking, Insurance and Health Care Administration (BISHCA). The announcement was made at the 2002 RIMS Conference in New Orleans.
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Vermont Captive Insurance Business Booming

Jan 7, 2002

MONTPELIER - 2001 will go down as another banner year with 38 new captives licensed in Vermont, according to Vermont's Department of Banking, Insurance, Securities and Health Care Administration. 'Vermont will continue to lead the industry as the premier onshore domicile,' said Governor Howard Dean, M.D. in making the announcement. 'Despite more domicile choices than ever, Vermont's stable regulatory environment, accessible government officials, and world-class professional support services make us the right choice for growing numbers of companies.'
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Vermont Eclipses 500 Mark for Captives

Sep 5, 2001

MONTPELIER -- The Roman Catholic Diocese of Brooklyn has established Vermont's 500th captive insurance company, according to the Vermont Department of Banking, Insurance and Health Care Administration (BISHCA). BISHCA has also announced the licensing of captive insurance companies, 501, 502 and 503 respectively. All of the new companies are single parent "pure" captives. Vermont began licensing captive insurers in 1981. "This benchmark gives Vermonters a strong sense of pride and achievement that our commitment to this industry for the past twenty years has been heard loud and clear," said Governor Howard Dean, M.D. in making the announcement. "Rest assured that Vermont will continue to offer a stable regulatory environment, governmental officials that are accessible, and world-class professional support services to the next 500 captives as well." Vermont is presently experiencing strong activity with new applications for captive formation. "We have been extremely busy meeting with some very quality companies and we continue to see an even greater level of interest than in previous years. This could be one of our strongest years yet," said Leonard Crouse, Vermont's Director of Captive Insurance. Vermont's Director of Financial Services says he is not surprised at the current rate of growth for new captive formations. "In this industry a domicile need to be flexible, responsive and innovative. Our consistent and responsive approach to captive insurance has help build a twenty year track record and the 500th license has given us something to celebrate," said Daniel Towle. Towle can be reached at 802-828-5232 or email dan@thinkvermont.com.