Vt. celebrates 1,000th captive insurance company - WCAX.COM Local Vermont News, Weather and Sports-

Vt. celebrates 1,000th captive insurance company

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It's an industry that employs more than 1,400 people in Vermont, but a lot of people may not even realize its impact. It's called captive insurance. It basically helps businesses insure themselves rather than go through a big insurance company.

Vermont leads the nation in captive insurance companies.

Thursday, the governor announced the state has just added the 1,000th captive insurance company.

"What this celebration represents is good, high-paying jobs in Vermont that are clean, green and extraordinarily important to Vermont's economy," said Gov. Peter Shumlin, D-Vermont.

Cassatt Insurance Group is the latest addition to Vermont. It's made up of nine nonprofit hospitals in Pennsylvania that provide medical liability coverage for more than 1,000 doctors.

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