We are delighted that Zurich has chosen to open their captive insurance company in Vermont.
Montpelier, VT (PRWEB) December 21, 2015
Zurich North America has selected Vermont as the domicile for a new sponsored cell captive company, according to the Vermont Department of Financial Regulation. The captive, Hoplite Reinsurance Company of Vermont, is Vermont’s 1,052nd license.
“We are delighted that Zurich has chosen to open their captive insurance company in Vermont,” said Governor Peter Shumlin. “Their strong reputation in the insurance industry is a terrific addition to Vermont’s world-class captive insurance companies.”
“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, 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.”
Sponsored cell captive insurance companies provide the sponsor of the captive program a great deal of flexibility by allowing for individual cells that can be customized to each participant. This type of structure is growing in popularity because of the options and customization it provides. It can also be a good way for smaller companies to access the captive insurance marketplace, because typically the startup cost is less than establishing their own captive.
“Zurich is one of the leaders in the insurance industry and in the captive industry through its broad spectrum of captive services and loss-sensitive solutions,” said Dan Towle, Director of Financial Services for the State of Vermont. “It is a feather in Vermont’s cap when a leading company in the insurance industry choses your state for its domicile.”
Captive insurance is a regulated form of self-insurance that has existed since the 1960’s and has been a part of the Vermont insurance industry since 1981, when Vermont passed the Special Insurer Act. Captive insurance companies are formed by companies or groups of companies as a form of alternative insurance to better manage their own risk. Captives are typically used for corporate lines of insurance such as property, general liability, products liability or professional liability. Growth sectors of the captive insurance industry include professional medical malpractice coverage for doctors and hospitals, and the continued trend of small and mid-sized companies forming captive insurance companies.
About Zurich Captive Services
As a leader in captive services, Zurich draws on more than 25 years of experience to help customers realize the benefits of their captive. Zurich has a broad range of captive solutions in property, casualty and integrated underwriting and innovative programs for corporate life and disability, supply-chain and enterprise risk management (ERM) services.
Zurich Insurance Group is a leading multi-line insurance provider that serves its customers in global and local markets. With more than 55,000 employees, it provides a wide range of general insurance and life insurance products and services. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, including multinational corporations, in more than 170 countries. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872.
In North America, Zurich is a leading commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, specialties and programs sectors through the individual member companies of Zurich in North America, including Zurich American Insurance Company. Life insurance and disability coverage issued in the United States in all states except New York is issued by Zurich American Life Insurance Company, an Illinois domestic life insurance company. In New York, life insurance and disability coverage is issued by Zurich American Life Insurance Company of New York, a New York domestic life insurance company. For more information about the products and services it offers and people Zurich employs around the world, go to http://www.zurichna.com. 2012 marked Zurich's 100-year anniversary of insuring America and the success of its customers, shareholders and employees.