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).
The new captives represent every form available in Vermont with 29 being pure captives. Eight new risk retention groups were formed, with industrial insureds, sponsored, and association and branch captives rounding out the new 2004 licensees. Gross written premium in 2004 is expected to top $10 billion, up from $9.4 billion in 2003.
"2004 was a milestone year, " said Leonard Crouse, Vermont's Deputy Commissioner of Captive Insurance. "I am extremely proud of the quality and quantity of the companies we licensed this past year." Some of the companies in the class of 2004 include Wal-Mart Stores, Best Buy Company, John Deere & Company, USA Hockey, Inc. and Textron, Inc. Fourteen captives were licensed in the final quarter of the year and solid activity is continuing in the new year. "We have an excellent group of applications that will be processed this month," said Derick White, Director of Captive Insurance. "I expect 2005 to be a busy year."
Interest in Vermont as a domicile was very high on several recent recruitment trips. "Vermont's solid reputation for consistent and knowledgeable regulation, world-class professional support services and accessible government officials is at the heart of our continuing success," said Governor Jim Douglas. "We will continue to make sure that we keep pace with the changing needs of the industry and will do whatever it takes to retain our leadership position."
2004 was the 4th best in the 23-year history of captive insurance licensing in Vermont. "We are still seeing continued growth in medical professional liability and in risk retention groups," said Dan Towle, Director of Financial Services. For more information on Vermont's captive industry, visit http://vermontcaptive.com/ or call Dan Towle at 802-828-5232 or email dan@thinkvermont.com .
