Vermont is a national and global leader as a domicile for captive insurance, ranking among the top-three captive domiciles worldwide, and is home to a variety of innovative financial companies.
Since 1981, Vermont has been a global leader in captive insurance: the state is #1 in the world in assets under management and ranks third worldwide in the number of active captive insurance companies.
Nearly half of all companies on the Fortune 100 and Dow 30 have chosen Vermont as their captive insurance domicile (self-funded insurance subsidiaries for non-insurance companies). Vermont’s captive infrastructure of brokers, managers, and accountants is sophisticated and diverse, with 21 approved captive management firms. The state’s infrastructure is further complemented by the largest captive insurance trade association in the world, the Vermont Captive Insurance Association. Vermont is fortunate to have unparalleled government support for the captive insurance industry which provides resources for the ongoing formation and future needs of captive operations. For more information, visit VermontCaptive.com.
Vermont has a long history in the finance and insurance industries that continues to evolve. National Life Group, a Fortune 1000 company, was founded in Vermont’s capital 168 years ago and remains a center of innovation and activity. Vermont’s small market size allows for strong relationships but also makes room for big players–small investment companies like Edward Jones (a “Best Place to Work in Vermont” according to Vermont Business Magazine rankings) coexist with Morgan Stanley’s 50+ member Vermont location. Financial institutions state-wide set deep roots. Vermont’s many credit unions take their community relationships very seriously, often providing significant charitable funding for local initiatives as well as investing in local businesses. National Life Group of Montpelier recently announced its new Main Street Grants program, offering funding for Vermont neighborhoods for community development initiatives.
Vermont also offers microinvesting opportunities that match small investors with local startup businesses and charitable organizations. Vermonters like our state’s small scale, and want to know their investments help their neighbors. The Vermont Community Loan Fund and the Vermont Community Foundation offer opportunities for investors to contribute to Vermont nonprofits and make grants and loans to local businesses and organizations. Milk Money offers small startups access to local investors to raise initial capital for their businesses.
Venture capitalists call Vermont home too. The unusual and very successful Road Pitch and Peak Pitch are the brainchildren of FreshTracks Capital, a venture capital firm based in Shelburne. In fact, since Vermont is home to so much innovation, and since many financial transactions can now be managed remotely, financial professionals can conduct businesses effectively from locations that suit their lifestyle. The migration of financial service practitioners to Vermont is on the rise.
KEY FACTS AND FIGURES
Finance and insurance firms in Vermont
U.S. captive insurance domicile (top 3 worldwide)
Billion in captive insurance assets under management
[Source: Vermont Department of Labor Economic & Labor Market Information, Vermont 2020: Comprehensive Economic Development Strategy]
REPRESENTATIVE VERMONT COMPANIES IN FINANCE AND INSURANCE
|AM Peisch & Company||8721 Accountants||Southern||White River Junction||45|
|The Bank of Bennington||6021 Banks & Trusts||Southern||Bennington||57|
|BlueCross BlueShield of Vermont||6321 Health Insurance||Central||Montpelier||425|
|Choice Strategies||6282 Financial Advisers||Northwest||South Burlington||120|
|Citizens Bank||6021 Banks & Trusts||Northwest||Burlington||160|
|Community National Bank||6021 Banks & Trusts||Northeast||Newport||125|
|Gallagher, Flynn & Co., LLP||6282 Financial Advisers; 8721 Accountants||Northwest||South Burlington||72|
|Heritage Family Credit Union||6061 Credit Unions||Southern||Rutland||175|
|KeyBank||6021 Banks & Trusts||Northwest||Burlington||100|
|Mascoma Savings Bank||6021 Banks & Trusts||Southern||White River Junction||215|
|Merchants Bank||6021 Banks & Trusts||Northwest||South Burlington||295|
|Morgan Stanley||6211 Stock Brokers||Northwest||Burlington||85|
|National Bank of Middlebury||6021 Banks & Trusts||Central||Middlebury||101|
|National Life Group||6311 Life Insurance; 6321 Health Insurance||Central||Montpelier||800|
|New England Federal Credit Union||6061 Credit Unions||Northwest||Williston||195|
|North Country Federal Credit Union||6061 Credit Unions||Northwest||South Burlington||75|
|Northfield Savings Bank||6021 Banks & Trusts||Central||Barre||164|
|One Credit Union||6061 Credit Unions||Southern||Springfield||47|
|Passumpsic Savings Bank||6021 Banks & Trusts||Northeast||Saint Johnsbury||110|
|Patrons Co-operative Fire Insurance Company||6321 Health Insurance; 6331 Property/Casualty Insurance||Central||Middlebury||72|
|People’s United Bank||6021 Banks & Trusts||Northwest||Burlington||876|
|People's Trust Company||6021 Banks & Trusts||Northwest||Saint Albans||110|
|Primmer Piper Eggleston & Cramer||8111 Lawyers||Northwest||Burlington||86|
|River Valley Credit Union||6061 Credit Unions||Southern||Brattleboro||48|
|TD Bank||6021 Banks & Trusts||Northwest||Burlington||180|
|Union Bank||6021 Banks & Trusts||Northeast||Morrisville||190|
|Union Mutual Companies of Vermont||6331 Property/Casualty Insurance||Central||Montpelier||87|
|The Vermont Agency||6282 Financial Advisers; 6411 Insurance Agents||Northwest||Burlington||45|
|Vermont Federal Credit Union||6061 Credit Unions||Northwest||Burlington||120|
|Vermont Mutual Insurance Group||6331 Property/Casualty Insurance||Central||Montpelier||240|
|Vermont State Employees Credit Union||6061 Credit Unions||Central||Montpelier||176|
|Vermont Student Assistance Corporation||6282 Financial Advisers||Northwest||Winooski||249|