2024 a banner year for Vermont captive formations

41 new captive insurance firms were licensed in 2024

2024 a banner year for Vermont captive formations

Reinsurance

By Abigail Adriatico

The Vermont Department of Economic Development (DED) has announced that captive insurance in Vermont saw significant growth in 2024, reaching a spot on the top 10 highest years of growth since the captive enabling legislation in 1981.

Vermont had licensed 41 new captive insurance companies in 2024, with licensed captives reaching a total of 683. Of those, 654 are active while 29 are dormant. This year so far promises to follow suit, with eight new captives licensed within the first week of January. To date, Vermont has licensed 1,370 captive insurance firms in total.

“Vermont continues to be a leader in the captive insurance industry and is committed to providing high-quality regulation and service to captive insurance companies that choose to do business here,” said Gov. Phil Scott.

Notably, Vermont secured awards from captive insurance publications in 2024. This included the Captive International’s US Domicile of the Year as well as Captive Review’s US Domicile of the Year and International Domicile of the Year.

Apart from this, Department of Financial Regulation (DFR) Acting Commissioner Sandy Bigglestone was voted as the most influential captive insurance professional in the world in Captive Review’s Power 50 Awards. Together with Bigglestone, DFR Director of Captive Insurance Christine Brown has been recognized by Captive International as part of its inaugural Influential Women in Captives issue.

Bigglestone attributed Vermont’s success in the industry to the multiple contributions of those within captive insurance.

“Vermont’s success has been built upon a system of dedicated resources and industry partners sharing the common goal of developing and maintaining captive insurance expertise, and advancing standards required to responsibly meet the needs of the industry,” said Bigglestone.

Around five of Vermont’s new captives in 2024 hailed from France and the United Kingdom, while three were from Mexico. Overall, Vermont has more than 80 companies with international ownership.

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