Vermont Licensed 41 Captives in 2022 as Captive Count Grew to 639

Vermont licensed 41 new captive insurance companies in 2022, bringing the domicile's total number of captives to 639, up from 620 in 2021.

In a statement, Vermont captive officials said the state's 639 licensed captives include 608 active captives and 31 dormant captives.

The 41 new captive formations in 2022 make it Vermont's sixth-highest year of growth in its 41-year history as a captive insurance domicile.

"Vermont has so much to offer, and the captive insurance industry remains a point of pride in our state," Vermont Governor Phil Scott said in the statement.

The newly licensed captives came from 17 industries, primarily health care, construction, and real estate. In addition, at least four of the new Vermont captives were formed by companies with international roots, including Austria, Canada, and Mexico.

Vermont captive regulators said they are proud of the growth and will continue to work to ensure that the growth will continue.

"We are actively looking into how to improve our statutes and internal processes to be more efficient and useful for businesses and look forward to providing the best service to them in the year ahead," Sandy Bigglestone, Vermont's deputy commissioner of captive insurance in the Department of Financial Regulation, said in the statement.

Vermont has already licensed five new captives so far this year, and the state's regulators said they expect growth to continue.