Vermont licensed 38 new prison insurance companies by 2020 and sees continued growth among the ongoing tough market, the state's Department of Economic Development said on Tuesday.
However, 34 prisoners closed in 2020, bringing the total number of active prisoners to 564, up from 559 in 2019 and 558 in 2018, and only two fewer than the 566 active prisoners at the end of 2017, according to the department's figures.
Vermont licensed 11 new prisoners in the fourth quarter of 2020 alone, Brittany Nevins, chief economic development officer for insurance, said in the statement.
“The market that began to harden in 2019 continued rapidly throughout 2020 and now until 2021
The new formations consisted of 25 pure prisoners, seven sponsored prisoners, two special insurance companies, a risk container group, an ag Ency captive, an affiliated reinsurance company and an industrial insured prison, Nevins said via email.
The new prisoners were licensed in health care, real estate, manufacturing, insurance, transportation, technology, construction and professional services, according to the statement.
Hard market conditions, especially in commercial real estate insurance, affected the number of prison formations in the construction and real estate sector, said Dave Provost, Deputy Commissioner for Prison Insurance, in the statement.
"Nearly one-third of the new formations in the past year had parents from these industries, with price and availability usually noted as driving forces for the prisoner," said Provost.
Companies that started prisoners in the state included the University of Southern California, State Street Bank, Saputo Inc. and Blackstone Group.
At least six of Vermont's 38 new prisoners by 2020 were formed by companies with international roo
Vermont is now home to 589 licensed prisoners, compared to 585 licensed prisoners at the turn of the year. 2019, according to Business Insurance & # 39 ;s latest ranking.