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).

Thirteen were pure captives, with seven risk retention groups, two industrial insured captives and one association. That brings the total licensed in 2003 to 58, a pace that if maintained would eclipse last year's record total of 70 new licensees. Governor Douglas, 'I am pleased to see the number of companies forming their captives in Vermont . I remain committed to making Vermont the best place in the world to have your captive insurance company.' 'I continue to be impressed by the number of high caliber programs that we are working with,' said Leonard Crouse, Vermont 's Deputy Commissioner of Captive Insurance. 'We have been seeing a large volume of quality risk retention groups, medical malpractice captives and formations for terrorism coverage.' Each quarter of 2003 is setting records and the pace continues to be very brisk. 'We continue to have a strong pipeline,' said Derick White , Director of Captive Insurance. '2003's pace is not slowing down one bit.' Interest in Vermont as a domicile continues to be very high. ' Vermont 's solid reputation for strong and consistent regulation, world-class professional support services and accessible government officials is at the heart of our continuing success,' said Dan Towle, Vermont 's Director of Financial Services. 'The Captive Insurance Division is also doing an outstanding job keeping pace with applications and our turn-around has been very timely.' Among the new licensees are Continental Airlines, the Roman Catholic Diocese of Pittsburgh , Memorial Sloan-Kettering Cancer Center , Marvin Lumber and Cedar Co ('Marvin Windows'), Growmark, and Boston Scientific. The fourth quarter will be a busy one for Vermont with government officials traveling a great deal in the final quarter of the year. Vermont will continue to reach out to the marketplace and present educational Seminars in San Antonio , Texas and Boston , Massachusetts . Vermont will also be exhibiting at several major conferences including the World Captive Forum and the National Workers Compensation and Disability Conference. Vermont will also attend the National Risk Retention Association Annual Fall Conference, and IBC's Executive Forum on Captives. 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 .