Delaware has become one of the largest captive insurance domiciles, ranking sixth in the world.
Delware experienced a 40 percent increase in licesned captives in 2013. By year-end there were 298 licensed captives with 266 being active. In the previous year Delaware had licensed 212 captive insurers, 192 of which were active.
Karen Weldin Stewart, insurance commissioner, said: “The captive bureau is meeting, and even exceeding, its statutory mission of expanding economic development.”
Steve Kinion, director of the captive bureau, reportedly said the growth resulted from industry’s recognition that Delware is a premier captive domicile.
He added: “In 2012 Delaware was the world’s tenth largest and third largest U.S. domicile. While we remain the third largest US domicile, our global reach and presence has significantly increased.”
“One of the attributes of domiciling in Delaware is that captive insurers can take advantage of Delaware’s premier entity laws. No other jurisdiction integrates business and corporate laws with alternative risk transfer like Delaware,” added Stewart.
