Vermont continues its reign as leader in the captive insurance world. Commissioner Susan L. Donegan last week granted a license for the 1,000 captive insurance company in the state. Gov. Peter Shumlin made the formal announcement at a press conference held Oct. 10, 2013, at the Statehouse. The newest captive, Cassatt Insurance Group, is a group of nine independent non-profit hospitals in southeastern Pennsylvania that share the risk in providing medical liability coverage for 1,200 physicians.
Cassatt President and CEO Eric Dethlefs said Vermont was an easy choice. Its reputation for governmental support, attention to detail, customer service and proven experience continues to be superior.
Commissioner Susan Donegan noted that this is a milestone in the state’s financial services history.
The state of Vermont has more captive insurance companies that any other state in the union and is considered the “gold standard” by industry leaders around the world and is often used by other domiciles as a model of regulation. It is third largest in the world behind Bermuda and the Cayman Islands.
Captive insurance companies employ more than 1,400 Vermonters and have generated almost $350 million in taxes and fees since 1981.