The University of Vermont Health Network is to move its captive insurance company from Bermuda to Vermont.

The cost of the move is expected to be between $35,000 and $50,000, and the state of Vermont will collect about $50,000 annually in premium taxes.

John Brumsted, chief executive officer of UVM Health Network, said part of the reason for the change was to do business locally where possible, adding: “So we’re happy that being in Vermont is the best business decision in this case.”

The decision was taken by the directors of the VMC Indemnity Company, the health network subsidiary that provides medical malpractice insurance coverage for its medical providers.

In a statement, the UVM Health Network said the change in location will have no impact on the providers insured by the plan, or on the cost of healthcare in Vermont.