Wilmington moves in to Vermont
–04 January 2008
Wilmington Trust has added Vermont to the list of jurisdictions in which it provides management services for captive insurance companies. The list previously comprised Delaware, Nevada, South Carolina, and the Cayman Islands.
The addition of Vermont is the latest step in Wilmington Trust's expansion of management services for captives. In July 2007 it acquired Charleston Captive Management Company, based in Charleston, South Carolina. It also recently hired an executive, James Tullis, to lead its captive management sales efforts across jurisdictions.
According to recent statistics from the Captive Insurance Company Association, Vermont is home to 717 captives, making it the leading captive jurisdiction in the United States. Hawaii ranks second, and South Carolina, with 119 captives, ranks third.
“Vermont is an important player in the captive insurance management industry,” said William J. Farrell, II, executive vice president and head of Wilmington Trust's corporate client services business. “Bringing our captive management capabilities to the Green Mountain State underscores our commitment to the industry, and reflects our strategy to deliver services to corporate clients in the world's most advantageous business jurisdictions.”
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