Vt. Captives Having Banner Year
The hard market in general, and availability problems for medical practitioners in particular have led to a record half-year in 2002 for the Vermont captive insurance market.
Vermont to date has licensed 28 captives, “a record first and second quarter,” said Leonard Crouse, director of captive insurance for the Vermont Department of Banking, Insurance and Securities, in Montpelier.
Vermont also has eight applications “in-house that are pending, and we probably have four or five meetings set up in the next two or three weeks,” for new captives, he said.
Mr. Crouse said that the trend now is toward the formation of group captive programs “because of the market being so hard and the plight of the medical business, doctors and hospitals.”
Of the 28 captives licensed, five are risk retention group captives and the rest are pure captives, he said.
Vermont closed 2001 with 38 new captives–37 pure captives set up by organizations, and one group or sponsored captive–for a total of 527 at year-end, according to the department.
Companies forming new captives in the first half of 2002 included Compass Bank, Electronic Data Systems, National Union Fire Insurance Company of Pittsburgh (see related story) and Premera Blue Cross.
“These are busy, busy times,” Mr. Crouse added.
Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, July 29, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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