Vermont, the largest U.S. captive domicile, added 45 captive insurers last year, in contrast to 38 new formations in 2022.
Only 14 captives were dissolved in 2022, taking the state's licensed captives total to 620, a 5.3% increase over 2022.
The new captives originated from 17 industries, including healthcare, property, manufacturing, insurance and transportation, the state's Agency of Commerce & Community Development said in a statement.
Nine of the captive formations were sponsored cell companies. Vermont now hosts 52 sponsored cell captives having a total of nearly 500 cells, the statement said.
The final amount of captives in Vermont consists of 589 active captives and 31 dormant captives, the statement said.
