The Vermont Department of Economic Development (DED) has recently revealed that 2024 marked a record-breaking year for growth, positioning it among the top ten highest growth years since the introduction of captive insurance legislation in 1981.
In 2024, Vermont welcomed 41 new captive insurance companies, bringing the total number of licensed captives in the state to 683.
This includes 654 active captives and 29 dormant ones. The momentum continues into 2025, with eight new captives already licensed in the first week of January. To date, Vermont has licensed a total of 1,370 captive insurance companies.
“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,” added Governor Phil Scott.
In 2024, Vermont earned several prestigious accolades from leading captive insurance publications. It was named US Domicile of the Year by Captive International, and both US Domicile of the Year and International Domicile of the Year by Captive Review.
Additionally, Sandy Bigglestone, Acting Commissioner of the Department of Financial Regulation (DFR), was recognised as the #1 most influential captive insurance professional in the world in Captive Review’s Power 50 Awards. Bigglestone, along with Christine Brown, DFR’s Director of Captive Insurance, was also featured in Captive International’s inaugural “Influential Women in Captives” issue.
Furthermore, Vermont’s Captive Insurance Emerging Leaders (VCIEL) initiative, developed by the Vermont Captive Insurance Association (VCIA) and the Department of Economic Development (DED), received recognition for its efforts to attract young professionals to the captive insurance industry.
For the second consecutive year, the initiative was shortlisted in the Next Gen Initiative category at the Captive Review US Awards.
“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,” commented Bigglestone.
Vermont’s global impact was underscored by its 2024 licensing figures, with at least five of the new captives originating from international markets, including France, the United Kingdom, and Mexico. The state is home to more than 80 companies with international ownership.
These new captives span a diverse array of 16 different industry sectors, with the largest contributions coming from real estate, construction, healthcare, and insurance, as well as several conglomerates operating across multiple sectors.
The breakdown of formations includes 30 pure captives, 9 sponsored captives, 1 special purpose finance insurer, and 1 risk retention group. Cell formations, a growing trend, continue to keep pace with the overall increase in licensed captives.
Alongside the new captives, Vermont’s 69 sponsored captive insurance companies saw continued growth, adding over 30 new protected cells in 2024. Sponsored captives remain a popular structure, offering businesses a licensed insurance vehicle with a proven framework for managing their own risks via protected cells.
“We are finding commercial property insurance continues to tighten as a result of increased natural disasters,” said Brittany Nevins, Captive Insurance Economic Development Director, DED.
“This has resulted in a rise in captive insurance companies in the real estate industry to mitigate these property coverage challenges and provide greater long-term stability and relief.”
In the coming year, the Vermont Captive Insurance Association (VCIA) will celebrate its 40th anniversary. To mark this milestone, the Association is launching a special 40th anniversary campaign, which includes a rebranding initiative and a new website. The celebrations will feature exclusive events throughout the annual conference in August.
“We look forward to celebrating this milestone year with the industry with an eye to exciting developments in the future,” noted Kevin Mead, CEO, VCIA.
