This is your home to find news and information related to Vermont’s captive industry. If you have resources you would like featured, please contact ian.davis@vermont.gov.
RIMS Annual Conference
Boston, Massachusetts
This is your home to find news and information related to Vermont’s captive industry. If you have resources you would like featured, please contact ian.davis@vermont.gov.
Boston, Massachusetts
Burlington, VT
Bermuda
Governor Phil Scott signed new legislation into law strengthening Vermont’s financial services industry in a variety of areas. The new law offers an onshore affiliated reinsurance alternative to insurance companies affected by the recent imposition of the Base Erosion Anti-Abuse Tax (BEAT) on reinsurance ceded to offshore affiliates.
Governor Phil Scott signed into law new captive insurance legislation further strengthening Vermont’s captive law in a variety of areas. The recently passed law includes regulatory enhancements for branch captives, as well as the standardization of the state’s annual filing date for annual reports and premium taxes.
“It is critical that we are responsive to the needs of the industry. These improvements to our captive legislation illustrate Vermont’s ongoing commitment to the captive insurance industry, which has been an economic boon for the state.”
Captive Review Magazine, a leading London-based publication for the captive insurance industry, has recently released their annual “Power 50,” “Ones to Watch” and “Hall of Fame” selections, which recognize the most influential individuals in the global captive insurance industry. A record six Vermont-based captive insurance professionals were recognized on the prestigious “Power 50” list, more than any other jurisdiction outside of the European Union.
2017 proved to be another highly successful year for Vermont’s captive insurance industry. The Vermont Department of Financial Regulation reports 24 new captive licenses, bringing Vermont’s total to 1,112, with 566 active captive insurance companies. The new captives were made up of 11 pure captives, 5 sponsored captives, 3 Risk Retention Groups (RRGs), 3 special purpose financial insurers, 1 branch captive and 1 industrial insured captive. New and notable captives include Life Time Fitness, Inc., AAA Northeast, Barclays Group U.S., Inc., and Bright Horizons Family Solutions.
Gov. Phil Scott announced today that the Department of Financial Regulation (DFR) has licensed Vermont’s 1,100th captive insurance company. AssureCap Indemnity, LLC was licensed as a Sponsored Captive Insurance Company. It was formed by Assurance Agency, Ltd., which was recently named the 41st largest insurance broker in the United States by Business Insurance magazine and is now the largest independent insurance brokerage in Illinois. Assurance creates value by minimizing risk and maximizing health for 6,000 businesses and individuals across the country. Headquartered in Schaumburg, Ill., it is a repeated “Best Place to Work” winner.
