Vermont is the world’s top domicile for captive insurance with 678 licensed captive insurance companies.
Businesses and nonprofit organizations from all over the United States, South America, Asia and Europe set up their captives here because of Vermont’s decades-long expertise in helping entities manage and self-insure risk with the support of state government and highly-skilled regulators. One of those 678 captives is MJ Student-Run Insurance Company, Ltd. at Butler University in Indianapolis.
Butler University is a private school with about 5,700 undergraduate and graduate students. The Lacy School of Business at Butler University established its captive in 2017 with the goal of providing students with hands-on experience in insurance and running a business.
Butler University Professor Tom Faulconer (center) in Burlington
On November 7th Butler students and faculty, including Professor Tom Faulconer, made the trek from Indiana to Vermont. Faulconer teaches Butler’s undergraduate and graduate students about the captive industry. While here they conducted their first annual board meeting in Vermont since redomesticating their captive insurance company from Bermuda to Vermont a year ago.
“Our captive is different in that it has both a profit and an educational basis,” explains Faulconer.
Faulconer says giving Butler students an opportunity to run a captive puts them at a competitive advantage when they enter the working world.
“A student who is familiar with, and even worked in, a captive upon graduation is a student with a true differentiator when it comes to other risk management and insurance (RMI) graduates,” says Faulconer. “Having the ability to say ‘I worked in leadership’ of a captive is quite a credential to have at any stage of an RMI career.”
While in the Green Mountains, the Butler contingent heard from Vermont Department of Financial Regulation and Department of Economic Development staff and regional service providers. They also attended a mixer at Switchback Brewing in Burlington with students and staff from Champlain College, St. Michael’s College, Vermont State University, and the University of Vermont.
The mixer was the creation of Vermont Captive Insurance Emerging Leaders (VCIEL). As part of the Vermont Captive Insurance Association, and in partnership with the Vermont Department of Economic Development, VCIEL is working to raise awareness about captive insurance and support the development of professionals in the region. VCIEL hopes this event will be the start of yearly collaboration between Butler University, the state of Vermont, and Vermont schools to create risk management and captive insurance curriculum.
“Getting more students excited about, and interested in, a career in captives is a win for them and a win for Vermont,” says Brittany Nevins (below on left), founding Chair of the VCEIL and the Vermont Captive Insurance Economic Development Director. “Captive insurance offers a rewarding career path with lots of opportunity for personal and professional growth and, as the top domicile in the world, Vermont can put those new graduates right to work.”
Stephanie Meunier is one of the Vermont education leaders who attended that mixer. She is the Co-op Education Director at the University of Vermont’s Grossman School of Business. She says in Fall 2025, UVM plans to connect students interested in captive insurance with professionals and employers in the field as part of their curriculum.
“Attending this event was an excellent opportunity to share our launch efforts and establish connections with employers, the Vermont Captive Insurance Association, and the Vermont Agency of Commerce and Community Development while gaining insights from Butler University's experience,” says Meunier. “As the largest captive domicile globally, Vermont presents unique career opportunities in this often-overlooked industry. We look forward to building relationships that enrich the Grossman School of Business Co-op Program and deepen students' real-world experiences.”
Butler’s Professor Faulconer says the more collaboration, the better.
“Butler has a solid program built and I am hoping that we can partner with universities in Vermont and elsewhere to provide assistance in developing curriculum so that we can produce more RMI employment-ready graduates,” he says. “Providing top quality RMI education – at any institution or entity – will only decrease turnover which decreases expenses, enhance customer relationships and result in a better bottom line.”