Vermont reports increase in captives

Vermont, the largest U.S. captive domicile, added 45 captive insurers last year, compared with 38 new formations in 2020.

Only 14 captives were dissolved in 2021, taking the state’s licensed captives total to 620, a 5.3% increase over 2020.

The new captives came from 17 industries, including health care, real estate, manufacturing, insurance and transportation, the state’s Agency of Commerce & Community Development said in a statement.

Nine of the captive formations were sponsored cell companies. Vermont now hosts 52 sponsored cell captives with a total of nearly 500 cells, the statement said.

The total number of captives in Vermont consists of 589 active captives and 31 dormant captives, the statement said.

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