Vermont Captive Celebrates 1,200th Licensed Captive Insurance Company

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A Vermont captive assists a solid waste management authority in meeting its sustainability goals.

Vermont Celebrates 1,200th Licensed Captive Insurance Company

Vermont licenses its 1,200th Captive Insurance Company

As Vermont reaches another significant milestone for our Captive Insurance industry, we look forward to continuing to grow our reputation as a global leader in this sector and utilize our position to bring more Captives to Vermont," said Governor Phil Scott.

Governor Phil Scott announced today that the Department of Financial Regulation (DFR) has licensed Vermont’s 1,200th captive insurance company. Sustainable Assurance Company was granted a license as a pure Captive Insurance Company on January 1, 2021. It was formed by the Lancaster County Solid Waste Management Authority (LCSWMA).

“As Vermont reaches another significant milestone for our Captive Insurance industry, we look forward to continuing to grow our reputation as a global leader in this sector and utilize our position to bring more Captives to Vermont,” said Governor Phil Scott.

“Vermont licenses captives for top-quality organizations for risk management and risk financing, and regulates them in an appropriate manner, while recognizing the special purpose for which they were created,” said David Provost, deputy commissioner of Captive Insurance at DFR. “Building this industry has been a collaborative effort with state government, local and international businesses and public entities like LCSWMA.”

LCSWMA takes a unique, comprehensive approach to waste management by utilizing waste to energy, landfill, transfer station and household hazardous waste collection to responsibly minimize the environmental impact on the communities they serve. LCSWMA has a broad portfolio of innovative sustainability projects, some in partnership with the private business sector.

With rising premium costs combined with a hardening underwriting market, LCSWMA was having difficulty finding property coverage. LCSWMA worked with captive management company Artex Risk Solutions to start the preliminary research into an appropriate domicile to form their captive. “Along with our captive manager, Artex, we came up with a short list and Vermont quickly rose to the top. Vermont has a rich history, proven experience, and has a great reputation in the industry. We wanted to do it right and partner with the best to make this happen. It was an easy decision for us,” said Robert Zorbaugh, CEO, LCSWMA. “LCSWMA has now become the first and only authority in Pennsylvania to establish a property insurance captive company and this is something we are very proud of.”

“Vermont has worked with private and public sectors, small and large companies, and we had full confidence in Vermont’s ability to regulate the authority to the highest standard,” said Mary Desranleau, senior vice president -- Captives, North America of Artex and head of office for Artex’s South Burlington, Vermont location. “Vermont regulators will lead you in the right direction. The teamwork environment cannot be understated.”

“Vermont regulators are incredibly responsive to the pace and changing needs of the captive companies, and in the reinsurance market this is a must,” said Steve McElhiney, senior vice president and global director of reinsurance for Artex. Steve was named to the Captive Review’s 2020 Power 50 list (#31), which is made up of leaders of the captive industry.

With Vermont beginning another legislative session, DFR Commissioner Michael Pieciak attributes Vermont’s steady and innovative legislative history to today’s success. “The Vermont Legislature has been a constant source of support over the last 40 years, regularly working with us to pass new captive insurance bills that have helped keep Vermont at the forefront of the industry. It is the dedication to meeting the needs of the industry, while improving the quality of regulation, that contributes to Vermont’s reputation as the ‘Gold Standard’ and a model for other domiciles. We are proud of our rich history and are thrilled to welcome LCSWMA to the Vermont captive family.”

About Vermont Captive Insurance

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 commonly used for corporate lines of insurance such as property, general liability, products liability, or professional liability.

To read the full story of LCSWMA journey to domiciling in Vermont, visit the Vermont Captive website.
As Vermont’s Captive industry turns 40 this year, take a look back at history of Captives in Vermont.
For more information on Vermont’s captive insurance industry, visit, call Brittany Nevins at 802-398-5192 or email

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