700th captive insurer established in Vermont
VERMONT ECLIPSES 700 LICENSE MARK FOR CAPTIVES
Brisk Pace Continues for 2004
MONTPELIER - Helmerich & Payne Corporation has established Vermont's 700th
captive insurance company, according to the Vermont Department of Banking,
Insurance and Health Care Administration (BISHCA).
"The key factor in our selection of a captive domicile was the dedication
the state had to the success of its captive industry," said Hans
Helmerich, President, Helmerich & Payne, Inc., and White Eagle Assurance
Company. "Progressive leadership and forward thinking regulation over many
years has made Vermont a leading captive domicile, exemplifying their
commitment to excellence."
Vermont began licensing captive insurance companies in 1981. A testament
to the experience of Vermont's captive officials is that during both
Deputy Commissioner Len Crouse and Director of Captive Insurance Derick
White's tenure Vermont has reached milestone licensed captives 300, 400,
500, 600 and now 700.
"I am proud of what we have accomplished and the quality of the companies
we have licensed in Vermont. We are continuing to experience strong
activity with new applications and I expect 2004 will be another solid
year," said Crouse. Vermont began 2004 with 674 licenses having had a
record year of 77 new captives in 2003.
"This benchmark gives Vermonters a strong sense of pride and achievement
that our commitment to this industry for over twenty years has been heard
loud and clear," said Governor Jim Douglas.
"Rest assured that Vermont will continue to offer a stable regulatory
environment, governmental officials that are accessible, and world-class
professional support services to the next 700 captives as well," added
For more information contact Dan Towle, Director of Financial Services at
802-828-5232 or email email@example.com
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