Vermont’s captive sector reports strong growth and development

The diversity in the new captives is also notable, spanning 13 industries with manufacturing, insurance, and real estate leading. The formations varied, including pure (24), sponsored (6), agency (1), association (2), special purpose finance insurer (3), and risk retention groups (2). Additionally, Vermont’s 62 sponsored captive insurance companies witnessed growth in new protected cells, exceeding 30 in 2023. Sponsored captives offer a structured licensed insurance vehicle for companies to manage their risks via protected cells.