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).

"The key factor in our selection of a captive domicile was the dedication the state had to the success of its captive industry," said Hans Helmerich, President, Helmerich & Payne, Inc., and White Eagle Assurance Company. "Progressive leadership and forward thinking regulation over many years has made Vermont a leading captive domicile, exemplifying their commitment to excellence."

Vermont began licensing captive insurance companies in 1981. A testament to the experience of Vermont's captive officials is that during both Deputy Commissioner Len Crouse and Director of Captive Insurance Derick White's tenure Vermont has reached milestone licensed captives 300, 400, 500, 600 and now 700.

I am proud of what we have accomplished and the quality of the companies we have licensed in Vermont. We are continuing to experience strong activity with new applications and I expect 2004 will be another solid year, said Crouse. Vermont began 2004 with 674 licenses having had a record year of 77 new captives in 2003.  

"This benchmark gives Vermonters a strong sense of pride and achievement that our commitment to this industry for over twenty years has been heard loud and clear", said Governor Jim Douglas. "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 700 captives as well", added Douglas.

For more information contact Dan Towle, Director of Financial Services at 802-828-5232 or email dan@thinkvermont.com . Find out more about Vermont's captive insurance industry on the web at: www.VermontCaptive.com .