The Department of Financial Regulation (DFR) announced it had licensed Sustainable Assurance Company as a pure Captive Insurance Company last month.
The new insurer was formed by the Lancaster County Solid Waste Management Authority (LCSWMA), bringing the amount of licensed captive insurance companies in Vermont to 1200.
Governor Phil Scott said: “As Vermont reaches another significant milestone for our Captive Insurance industry, we look forward to continuing to grow our reputation as a global leader in this sector and utilise our position to bring more Captives to Vermont.”
With rising premium costs combined with a hardening underwriting market, LCSWMA was having difficulty finding property coverage. LCSWMA worked with captive management company Artex Risk Solutions to start the preliminary research into an appropriate domicile to form their captive.
Robert Zorbaugh, CEO, LCSWMA said: “Along with our captive manager, Artex, we came up with a short list and Vermont quickly rose to the top. Vermont has a rich history, proven experience, and has a great reputation in the industry.
“We wanted to do it right and partner with the best to make this happen. It was an easy decision for us. LCSWMA has now become the first and only authority in Pennsylvania to establish a property insurance captive company and this is something we are very proud of.”
David Provost, deputy commissioner of Captive Insurance at DFR added: “Vermont licenses captives for top-quality organisations for risk management and risk financing, and regulates them in an appropriate manner, while recognising the special purpose for which they were created.
“Building this industry has been a collaborative effort with state government, local and international businesses and public entities like LCSWMA.”
