VERMONT APPROVES ZURICH’S FORMATION OF CAPTIVE INSURER  

The Vermont Department of Financial Regulation has approved the formation of a sponsored cell captive, Hoplite Reinsurance Co of Vermont, by Zurich North America, marking the state’s 1,052nd captive licence. “Setting up a sponsored cell captive insurance company in Vermont provides a great opportunity for Zurich to deliver additional loss-sensitive solutions to our customers,” said Steve Bauman, senior vice-president and head of captive services for Zurich’s Global Corporate in North America. “Vermont is the leading on-shore domicile, and its reputation as the gold standard makes it an attractive choice for us to deliver this product.” “We are delighted that Zurich has chosen to open their captive insurance company in Vermont,” said Vermont Gov Peter Shumlin. “Their strong reputation in the insurance industry is a terrific addition to Vermont’s world-class captive insurance companies.”