Captive Review unveils annual industry awards
Vermont Business Magazine For a record sixth time, the State of Vermont has been named Domicile of the Year by Captive Review, a leading London-based trade publication. The award ceremony was held on the eve of the Vermont Captive Insurance Association (VCIA) Annual Conference, North America’s largest captive insurance event. The award is given to the top captive insurance domicile in the world that has “outperformed their competitors and demonstrated the highest levels of excellence in the captive insurance industry.”
“Vermont is a center of excellence in the global captive industry, and the leadership and expertise that is located here has significant impacts across the globe and to our state’s economy,” said Governor Phil Scott. “We are honored that the global captive industry recognizes the great group of hardworking individuals we have both at the state and in the private sector. This award is not only a testament to them, but also the quality companies that choose to domicile in Vermont.”
Vermont is home to nearly 600 active captive insurance companies, making it by far the largest U.S. domicile for captive insurance and third largest in the world. The state continues to lead the U.S. captive marketplace in gross written premium and assets under management, most recently with over $22 billion and $194 billion, respectively. Vermont is also the industry leader in the number of Risk Retention Groups (RRGs), who collectively make up over 60% of all RRG gross written premium.
Dave Provost, Deputy Commissioner of Captive Insurance and Ian Davis, Director of Financial Services accepted the award on behalf of Vermont. In declaring Vermont the winner, the judges commented, “The state continues to impress with its desire not to stand still and rest on its laurels as America’s largest captive domicile.” Vermont edged out finalists Arizona, Cayman Islands and Delaware to win the award.
Source: VT Department of Economic Development 8.12.2019. For more information on Vermont’s captive industry, visit www.vermontcaptive.com.