Vermont See Strong Growth, Holds Trade Mission in Mexico

Vermont—the largest domestic captive and risk retention group domicile—reported another strong year of growth in 2022. Vermont licensed 41 new captive insurance companies in 2022, taking the total number of captives in the state up to 639. It was the sixth best year for captive formations in the over 40 years that Vermont has operated as a captive domicile.

“While we are happy to have another year of record growth, we never stop asking ourselves how we can be better,” said Sandy Bigglestone, Deputy Commissioner of Captive Insurance, Department of Financial Regulation (DFR) in a press release. “We are actively looking into how to improve our statutes and internal processes to be most efficient and useful for businesses and look forward to providing the best service to them in the year ahead.”

This is an excerpt, for the complete article subscribe to the Risk Retention Reporter.