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.

Since 1981, Vermont has averaged approximately 25 captives licensed annually. Vermont has licensed 542 captives with 400 currently active. 'We're very pleased with the interest in captive insurance as an alternative risk management tool,' said Elizabeth Costle, Commissioner of BISHCA. 'Vermont's experience, integrity and regulatory consistency is increasingly of value to companies and to the industry as a whole.' Captives licensed in the first quarter of 2002 include: PepsiCo, Tribune Company, MGM Mirage, Abbott Laboratories and U.S. Bancorp.

Vermont closed 2001 with 38 new captives - 37 pure and 1 sponsored - for a total of 527 at year-end. 2002's pace is extremely busy, according to Leonard Crouse, Vermont's Director of Captive Insurance. 'We're seeing strong activity well beyond 1st quarter with some very quality companies expressing strong interest in Vermont.'

With premium volume exceeding $5 billion annually, Vermont's Director of Financial Services Dan Towle is not surprised at the heightened activity. 'Even though there are more choices than ever, Vermont's stable regulatory environment, accessible government officials and world-class professional support services make us the premier onshore domicile of choice,' said Towle.