Press Releases
Feb 27, 2013
Leading National Law Firm Anderson Kill & Olick Concludes NRRA Not Intended to Apply to Captive Insurance Companies
Leading national law firm Anderson Kill & Olick (AKO) concludes NRRA not intended to apply to captive insurance companies. The law firm publishes a white paper in the Bloomberg BNA Daily Tax Report affirming that captives should not change domiciles based on NRRA... MORE [+]
Feb 7, 2013
New Jersey Congressman and Co-Author of NRRA Affirms Dodd-Frank is Not Applicable to Captive Insurance
U.S. Congressman Scott Garrett (R-NJ), the co-author and one of the principal sponsors of the Nonadmitted and Reinsurance Reform Act (NRRA) of the Dodd-Frank Act addressed the Speaker of the U.S. House of Representatives on February 6 to state unequivocally that the legislation was never intended to apply to captive insurance... MORE [+]
Jan 16, 2013
2012 Steady For New Vermont Captive Insurance Formations
The State of Vermont licensed 32 new captives in 2012 finishing with strong showings by the construction and manufacturing sectors which each had five new licensees, according to data released by the Vermont Captive Insurance Division... MORE [+]
Jan 7, 2013
U.S. House Subcommittee Chair, Judy Biggert, Affirms Dodd-Frank is Not Applicable to Captive Insurance Industry
The outgoing Chairman of the Subcommittee on Insurance of the Committee on Financial Services in the House of Representatives has reaffirmed that the Nonadmitted and Reinsurance Reform Act (NRRA), which is part of the Dodd-Frank Act was never intended to apply to captive insurance... MORE [+]
Nov 15, 2012
Coalition Launched to Address NRRA Confusion on Captive Insurers
A new coalition of the captive insurance industry has been formed under the leadership of the Vermont Captive Insurance Association (VCIA) to push for legislative language that would clarify that the intent... MORE [+]
Sep 18, 2012
Captive Review Magazine Announces 2012 Captive Insurance Awards: Vermont Wins Top U.S. Domicile
The State of Vermont has been awarded the top U.S. Domicile for “excellence in captive insurance services.” The award was presented by Captive Review Magazine during the inaugural U.S. Captive Services Awards on Monday September 10, at the Fairmont Hotel in Chicago. MORE [+]
Apr 16, 2012
Vermont's Captive Insurance Industry Off To Best Start Since 2005
First quarter licensure of new captive insurance companies is off to a strong start with eight new captive licenses in 2012, according to data released by the Vermont Department of Financial Regulation (formerly BISHCA). Vermont’s legislature has also passed new captive insurance legislation that has been signed into law by Vermont Governor Peter Shumlin. MORE [+]
Mar 22, 2012
Vermont Prominent in Captive Review Magazine's Most Influential List
The March 2012 edition of Captive Review Magazine features their ranking of the 50 “most influential people in the captive industry” and according to those contributing to the international poll Vermont has some considerable influence. MORE [+]
Jan 10, 2012
2011 Very Strong for Vermont Captive Insurance Licenses
2011 was the 6th year Vermont surpassed the 40 new captives licensed mark with 41 new captive insurance companies bringing the total number of licenses to 952 with 590 active captive insurance companies. Thirty were single parent captives, with six risk retention groups (RRG), three sponsored, one industrial insured, and one association. MORE [+]
Nov 8, 2011
Captive Insurance Industry Experts Continue to Weigh In on Nonadmitted and Reinsurance Reform Act: No Captive Insurance Impact
The McIntyre White Paper Report on the new federal Nonadmitted and Reinsurance Reform Act (NRRA), part of the recently passed Dodd Frank Act, continues to garner agreement among captive insurance industry experts concluding that the law has no applicability to captive insurance. The white paper was prepared by the law firm of McIntyre and Lemon, PLLC of Washington, DC. MORE [+]
Oct 14, 2011
Nonadmitted and Reinsurance Reform Act: No Captive Insurance Impact
The new federal Nonadmitted and Reinsurance Reform Act (NRRA), often referred to as the Dodd Frank Act, has no applicability to captive insurance. That is the conclusion of an independent white paper prepared for the Vermont Captive Insurance Association (VCIA) by the law firm of McIntyre and Lemon, PLLC of Washington, DC. MORE [+]
Jun 8, 2011
Vermont’s Captive Insurance Industry Celebrates 30th Anniversary
The 30th anniversary of the signing of Vermont’s captive insurance legislation will be celebrated in Burlington on June 22 led by Governor Peter Shumlin at a reception in the historic Union Station on Burlington’s waterfront. The event is co-hosted by the State of Vermont and the Vermont Captive Industry Association (VCIA). MORE [+]
May 19, 2011
Vermont Strengthens Captive Insurance Legislation
Legislation passed by the 2011 session of the Vermont Legislature and signed into law by Governor Peter Shumlin expands Vermont’s captive laws, to include allowing cells within a sponsored cell captive to be formed as incorporated protected cells. The bill was signed into law before a group of industry supporters on May 11. MORE [+]
Apr 21, 2011
Vermont Captive Insurance Company Formations Start Strong
Vermont licensed 7 new captives in the first quarter of 2011 which is the strongest start since 2005, according to the Department of Banking, Insurance, Securities and Health Care Administration (BISHCA). The 7 new captives consisted of 4 single-parent, 2 risk retention groups and a special purpose captive. MORE [+]
Mar 22, 2011
New Captive Insurance Legislation Proposed for Vermont
After a strong 2010 with the licensing of its 900th captive insurance company, the State of Vermont is proposing changes to the Captive Insurance law in the Legislature as part of its annual enhancements to its captive statute. The proposed bill expands Vermont’s captive laws, to include allowing cells within a sponsored cell captive to be formed as incorporated protected cells. MORE [+]
Jan 12, 2011
Vermont Licensed 33 New Captive Insurance Companies in 2010
Captive Insurance formations continue despite the soft market as the State of Vermont licensed 33 new captive insurance companies in 2010 and surpassed the 900-license milestone, according to data released by the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA). MORE [+]
Aug 10, 2010
Vermont Captive Insurance Surpasses 900 License Mark
The State of Vermont has issued its 900th captive insurance company license to Lincoln Financial Group, according to the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA). MORE [+]
Jul 20, 2010
Vermont’s Captive Sector Strong So Far In 2010
The State of Vermont’s captive insurance sector has had a good first half of 2010, licensing 17 new captive insurance companies as the state approaches the 900-license milestone, officials said. MORE [+]
Jun 9, 2010
Long-time Vermont Captive Insurance Regulator Leaving
Peter Raymond, a fixture in Vermont's captive insurance industry for 22 years, has announced his plans to leave his state regulatory position and take a job outside of the captive insurance sector. MORE [+]
May 20, 2010
The Front Man
Dan Towle, director of financial services for the state of Vermont, has been a mainstay of the Vermont captive insurance industry for the last dozen years, representing the No. 1 U.S. domicile around the world. MORE [+]
Jan 7, 2010
2009 Captive Growth Strong Despite Weak Economy
MONTPELIER – The State of Vermont licensed 39 new captive insurance companies in 2009 as it approaches the 900-license milestone, according to data released by the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA). MORE [+]
May 27, 2009
Governor Douglas Signs Legislation to Build on Vermont’s Lead in the Captive Insurance Industry
Burlington, Vt. – Vermont Governor Jim Douglas has signed into law a bill that will enhance the regulation and expansion of the captive insurance industry in Vermont, a key provider of revenues and jobs for the state. MORE [+]
May 27, 2009
Statement of Vermont Governor Jim Douglas On New Captive Insurance Law
As our state tackles budget and revenue challenges, my administration continues to recognize how critical the captive insurance industry is to Vermont and the need to continue investing in our infrastructure and innovating in our regulation. MORE [+]
Jan 16, 2009
2008 Brings Steady Year Of Growth
MONTPELIER, Vt. – The State of Vermont licensed 16 new captive insurance companies in 2008, according to data released by the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA). MORE [+]
Feb 29, 2008
Regulator Named to Head State’s Captive Insurance Division in Vermont
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. MORE [+]
Jan 17, 2008
Long-time Captive Insurance Regulator to Retire
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. MORE [+]
Jan 16, 2008
2007 Brings Another Year of Solid Growth
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). MORE [+]
Nov 26, 2007
Derick White to Take Position in Private Sector
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. MORE [+]
Jun 12, 2007
Vermont Passes New Captive Legislation - Expands securitization options
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. MORE [+]
Apr 20, 2007
Vermont Licenses Its 800th Captive
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). MORE [+]
Apr 9, 2007
Vermont's Top Captive Regulator is Honored for Contributions to Industry
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. MORE [+]
Jan 11, 2007
2006 Brings Another Year Of Steady Growth In Captive Industry
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. MORE [+]
Jun 8, 2006
Milliman Opens Vermont Branch Office
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. MORE [+]
Jan 27, 2006
2005 Busy for New Captives
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). MORE [+]
Dec 1, 2005
Delta Launches Service between Atlanta and Vermont
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. MORE [+]
Jun 27, 2005
Arthur J. Gallagher Launches Captive Management Office
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. MORE [+]
Mar 3, 2005
Vermont is Home to Liberty Mutual's First On-Shore Rent-A-Captive
BOSTON - Liberty Mutual has taken a significant step in its overall captive operations by establishing an on-shore captive insurance facility. MORE [+]
Feb 1, 2005
Liberty Mutual Launches Captive Management Office
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. MORE [+]
Jan 11, 2005
2004 Tops 700 Captive Milestone
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). MORE [+]
Sep 22, 2004
Vermont Eclipses 700 License Mark For Captives
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). MORE [+]
Aug 5, 2004
ACE USA Announces Vermont Office
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. MORE [+]
Jul 15, 2004
Vermont Licensed Captives Close to 700
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). MORE [+]
Jan 16, 2004
2003 Sets New Record For Licensed Captives
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). MORE [+]
Oct 17, 2003
Captive Licensing Activity Remains Brisk
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). MORE [+]
Jul 28, 2003
Captive Licenses on Pace for Record Year
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. MORE [+]
Jan 8, 2003
Vermont Approaches 600 Licensed Captives
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. MORE [+]
Jul 1, 2002
Captive Insurance Licenses on Pace for Record Year
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. MORE [+]
Apr 15, 2002
Captive Insurance Posts Best 1st Quarter Ever
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. MORE [+]
Jan 7, 2002
Vermont Captive Insurance Business Booming
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. MORE [+]
Sep 5, 2001
Vermont Eclipses 500 Mark for Captives
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. MORE [+]