Vermont, the unofficial U.S. capital for captive insurance companies, is reviewing its PR account promoting the state for that key economic sector with an RFP process this month.
Thanks to a 1981 state law, some of the country's largest corporations, including Wal-Mart, Wells Fargo and Starbucks, have Vermont-based captive insurance companies created to insure risks from their operations, in lieu of using an outside insurance company. It has licensed nearly 950 of such corporations, adding 32 last year.
The sector has become one of the state's leading economic development but faces competition from havens like Bermuda and rising challenges from Delaware and Utah.
Vermont wants a firm to tackle various communications efforts to reach risk managers, Fortune 1000-type firms, lawyers, accountants and insurance trade media to promote the state's policies friendly to captive insurance companies.
While proposals are due by May 28, firms must send a letter of intent to bid by May 17.
Burlington-based Shark Communications has handled the work in the past.