Vermont boosts number of captives

Vermont added 38 new captive insurers last year, compared with 41 new formations in 2022.

Thirteen captives were dissolved in 2023, bringing the state’s total licensed captives to 659 at year’s end, up 3.1% over 2022, the Vermont Agency of Commerce and Community Development said in a statement Wednesday. The total consists of 632 active and 27 dormant captives.

The captives were licensed in 13 different industries, including manufacturing, insurance and real estate.

Six of the captive formations were sponsored cell companies. Vermont currently hosts 62 sponsored cell captives and over 30 cells were added in 2023.

At least seven of the new formations last year have international roots in Chile, Germany and the United Kingdom.

Nine captives have been licensed in Vermont already this year, the agency said.