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Vermont was the second state in the United States to enact captive legislation, but is by far the onshore captive leader. In 1981, USA Risk Group’s Chairman, H. Lincoln “Linc” Miller, Jr. was one of several visionaries who worked with Vermont policymakers to introduce and implement captive insurance legislation. This legislation has stood the test of time and has been emulated by virtually every other onshore domicile.

The legislation has been amended, simplified and expanded virtually every year over the past 15 years to keep pace with the ever changing insurance environment and the growing needs of our client base. In addition to a strong in-state infrastructure of captive managers, auditors, actuaries, attorneys, banks and other service providers, the Vermont Insurance Department has approximately 30 full time staff dedicated to overseeing the state’s licensed captives. This allows for a knowledgeable and business friendly oversight of the captive industry.

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Vermont is the leading captive onshore domicile and the 3rd largest worldwide. In terms of numbers:

Vermont has issued over 850 captive licenses and has almost 600 active captives.
Vermont captives write in excess of $15 billion in gross written premium and have over $68 billion in capital and surplus.
Vermont has more (approximately 80) risk retention groups than any other state.
Almost 1/2 of the S&P 100 companies, and approximately 2/3 of the Dow Jones index companies, have captives domiciled in Vermont.

Vermont has shown a willingness to adapt to changes and allows captives to be formed as single parents, industrial insureds, associations, risk retention groups, branch, sponsored or special purpose financial captive insurance companies. Additionally, captives can be organized as stock companies, mutuals, not for profit or as reciprocal entities. Although most Vermont captives write related business, the statutes do allow controlled non-affiliated business. USA Risk Group is the 3rd largest captive manager in Vermont with 40 captives under management. We have 2 offices in the state: our head office in Berlin, which is close to the Insurance Department and a second location in Burlington, allowing easy access to the airport.