The
Vermont Captive Insurance Association (VCIA)’s 25th Annual
Conference has broken all attendance records. The
event, which is being staged in
Burlington, has attracted between 1250
and 1300 delegates from 41
US states and
eight countries, according to Molly Lambert, president of the VCIA.
The event has also attracted a record 93 exhibitors.
In an opening speech
by Vermont Governor Jim Douglas, delegates heard that 42 of the
Fortune 100 and 19 of the Dow 30 now have captives domiciled in
Vermont.
The
Vermont captive industry
has licensed more than 750 captives since its inception in 1981 and
generated US$10bn in premium last year. It also accounts for 65% of
the total risk retention group (RRG) premium in the
US.
To keep up with the
growth of the domicile, the Vermont Department of Insurance,
Securities and Banking and Health Care Administration appointed two
new captive examiners in 2005, and expects to hire two more this year,
according to
Douglas.
