Vermont has licensed five new captives in the third quarter of 2023, taking the state’s total number of new licences for the year to 27.
The five new captives for Q3 include: Corrugate Country Insurance Corporation, Blue Canary Inc, 1920 Risk Assurance Inc, Steelshield Insurance Company, and RVC RE, LLC.
Captive Intelligence understands Corrugate Country Insurance Corporation is owned by Wisconsin-based shipping and packing supplies company Uline, while Blue Canary is owned by Alabama-based coal mining company, Warrior Met Coal.
Corrugate Country Insurance Corporation is managed by Strategic Risk Solutions (SRS), 1920 Risk Assurance is managed by Marsh, and RVC RE, LLC is manged by Artex.
Blue Canary and Steelshield Insurance Company are both managed by Aon.
Of Vermont’s 27 new captives registered in 2023 to date, 20 are pure captives, five are sponsored structures, one is an association captive, and one is a risk retention group (RRG).
According to Captive Intelligence’s data on the number of captives in each major domicile, at the end of 2022 Vermont had reached number one with 639 active captives at year-end.
In August, Captive Intelligence published a long-lead highlighting that the state is notresting on its laurels after taking top spot, with a focus on “quality over quantity” and a continued recruitment drive both within the regulator and across the local industry.